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ARDEN HILLS SPECIAL EDA MEETING—NOVEMBER 26, 2012 2 District and the conduit debt fees will not be ongoing. For this reason, a new source of funding needs to be identified for this fund. Director of Finance and Administrative Services Iverson explained that the EDA General Fund was absorbed into the Planning Budget in 2008, but in looking back, that probably was not the right thing to do. She noted that the EDA is a separate authority, and it should have had its own budget; however, the EDA was not meeting regularly and the EDA Budget was not being closely monitored at that time. Director of Finance and Administrative Services Iverson discussed the three TIF Districts in the City. She noted that Cottage Villas is in TIF District #3 and that as of February 1, 2010, the City no longer has any obligations to pay the development and that only administrative costs have been planned for 2013. Presbyterian Homes is located in TIF District #4 and no increment has been received at this time since the district has not generated any income. She noted that the only budget in this fund is for administrative charges. She explained that Round Lake Office, TIF District#2, will decertify on December 31, 2015. EDA President Grant stated that the Round Lake revenues are smaller than he would expect. Director of Finance and Administrative Services Iverson explained that revenues regarding Round Lake fluctuate with the market value, and with the new exclusion, values decreased even more. Additionally, there was a tax appeal in 2012 on that property. She explained that when there is an appeal, the County withholds thirty percent of the revenue. When this appeal was settled in court, all the back taxes (plus interest) were taken out of the funds withheld by the County. EDA Commissioner Holden questioned what types of costs constitute the EDA expenditures. Director of Finance and Administrative Services Iverson stated that personal services includes a percentage of the salaries and benefits of the Community Development Director, the City Administrator, and the Director of Finance and Administrative Services. Materials and supplies include any office supplies, such as postage. She noted that other services and charges include consultant fees, auditing, memberships (EDAM, Rotary, North Metro Chamber, and St. Paul Chamber), and IT-related expenses, such as the Springbrook software. Capital outlay includes Gateway Signs. EDA Commissioner Holden inquired about the expenditure related to Gateway Signs since a sign has not been installed at this time. Director of Finance and Administrative Services Iverson stated that a $65,000 transfer was made for Gateway Sign expenditures out of the PIR Fund, and so far, only $5,050 has been used for costs incurred. She noted that the remainder of those funds will stay in the EDA reserves until it is spent and more money is needed. EDA Commissioner Holden questioned if a work plan has been created for the EDA. I�