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Fa.. CASE# <br /> <br />REVIEW AND ADOPT 1999 ECONOMIC DEVELOPMENT OPERATING BUDGET <br /> By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />Attached for your review and consideration is the 1999 Proposed Economic Development <br />Budget. <br /> <br />The financing sources for these operations include transfers from the tax increment districts and <br />interest earnings. Due to changes in the laws during 1998, transfers from tax increment districts <br />has been calculated at 5% to recognize administrative charges that are paid through each tax <br />increment district. Ordinance #93-17 states that the Economic Development Fund will be the <br />fund where administrative transfers, in an amount not to exceed ten percent of available <br />increments received during the remaining life of each district, will be recorded from the Tax <br />Increment Fund. Thus, administrative expenditures such as legal, staff time, etc. that are spent <br />on Tax Increment projects are recorded in this fund. <br /> <br />This budget includes A lump-sum expenditure amount under the operating transfers line item. It <br />is intended that this amount will be distributed to appropriate line items during the 1999 year via <br />a budget amendment resolution. <br /> <br />Staff Recommendation: <br /> <br />Approve attached Resolution #99-03-XXX <br />Operating Budget; <br /> <br />Adopting the 1999 Economic Development <br /> <br />Council Action: <br /> <br />Motion to recommend Council adopt Resolution #99-03-XXX Adopting the 1999 Economic <br />Development Operating Budget, <br /> <br />Review Checklist: <br /> <br />City Administrator <br />Finance Officer <br /> <br />CC: 03/23/99 <br /> <br /> <br />