Agenda - Economic Development Authority - 08/10/2023

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4. 3. Economic Development Authority (EDA) Meeting Date: 08/10/2023 Primary Strategic Plan Initiative: Promote economic growth and development. Title: Consider Recommendation for Approval of 2024 EDA Budget Purpose/Background: The purpose of this case is to formulate a recommendation to the City Council on the proposed 2024 EDA Budget. The EDA Budget and Levy are utilized for a variety of business retention and expansion efforts that promote the growth of employment and tax base in the City of Ramsey. Key investments in the EDA Budget include, but are not necessarily limited to: 1. Community and Economic Development Marketing Efforts 2. EDA Sponsored Events (Biz Network, Biz Expo, Biz Appreciation) 3. Business Retention, Expansion and Recruitment 4. Professional Services to supplement Staff on development projects (TIF Analysis, Legal, Environmental, Land Acquisition, Hwy 10, COR Infrastructure, W. Armstrong Infrastructure, etc.) 5. Training (Initial EDFP Certification for CD Director Hanson and containing education for EDFP certification) Notification: The EDA Meeting has been properly noticed. Time Frame/Observations/Alternatives: The 2024 EDA Budget has been increased (5.45%) from $87,610 to $92,390. The increase is due to the requested training for the NDC Economic Development Finance Professional (EDFP) training for Community Development Director Stephanie Hanson. This is a one-time expense. Economic Development Manager Sullivan has completed the training and has his EDFP Certification. Review by City Council The City Council reviewed the overall 2024 Budget and Levy at Work Sessions and will continue to refine the budget. It is possible that these, and future discussions, could impact the final EDA Budget. The City Council is scheduled to adopt the preliminary budget on September 26, 2023. Funding Source: The EDA Budget is supported by the EDA Levy. The EDA Levy is collected as part of the City's property tax and counts towards the City's overall Tax Levy. Recommendation: Staff recommends the budget as currently proposed Outcome/Action: