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<br />. <br /> <br />. <br /> <br />. <br /> <br />c.-B <br /> <br />REVIEW AND ADOPT 2007 ECONOMIC DEVELOPMENT AUTHORITY <br />OPERATING BUDGET <br />By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />Attached for your review and consideration is the 2007 Proposed Economic Development <br />Authority Budget. This is the same budget that was presented at the time of the EDA Levy <br />adoption in December. <br /> <br />The fmancing source for these operations is interest earnings and property taxes from the EDA <br />levy. Tax Increment interest earnings were previously allowed to be transferred as a funding <br />source, but legislation changed the laws in 1998. <br /> <br />This budget includes expenditures for salary costs of various levels of city staff, professional <br />services for outside consulting services such as those offered by Mike Mulrooney. And <br />allowances for economic development programs including participation in the business expo, <br />annual business appreciation day and entry signs into the City. <br /> <br />Also attached to this case is a resolution amending the 2006 activity. This is primarily a <br />"housekeeping" item and is done on an annual basis. The projections through the end of the year <br />are based on actual activity. <br /> <br />Staff Recommendation: <br /> <br />Approve attached Resolution #07 -0 I-XXX Adopting the 2007 Economic Development Authority <br />Operating Budget; . <br /> <br />And <br /> <br />Approve attached Resolution #07-01-XXX Amending the 2006 Economic Development <br />Authority Operating Budget. <br /> <br />Council Action: <br /> <br />Motion to recommend Council adopt Resolution #07-01- XXX Adopting the 2007 Economic <br />Development Authority Operating Budget, <br /> <br />And <br /> <br />Motion to recommend Council adopt Resolution #07-01-XXX Amending the 2006 Economic <br />Development Authority Operating Budget. <br /> <br />CC: 01l9!07 <br /> <br />-81- <br />