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NEW BUSINESS 4A <br /> <br /> <br />MEMORANDUM <br /> <br />DATE: April 28, 2014 <br /> <br />TO: EDA Chair and Commissioners <br />Patrick Klaers, EDA Secretary <br /> <br />FROM: Sue Iverson, EDA Treasurer <br /> <br />SUBJECT: EDA 2015 General Fund Budget Parameters <br /> <br /> <br /> <br />Background/Discussion <br /> <br />The EDA is a blended component unit of the City of Arden Hills which makes EDA Funds <br />Special Revenue Funds of the City. Annually we are required by the State to set budgets for the <br /> <br /> <br />These EDA Funds are: <br /> <br /> EDA General Fund <br /> EDA Revolving Loan Fund <br /> EDA TIF District #2 Round Lake <br />EDA TIF District #3 Cottage Villas <br />EDA TIF District #4 Presbyterian Homes <br /> <br />Overall, the EDA General Fund is in good financial condition for 2014 with an estimated reserve <br />balance of $208,166; but the EDA and City Council need to identify dependable, reoccurring <br />revenue for EDA activities in the future as the primary funding source of revenues from the <br />Round Lake Road TIF District will be done in 2014. The main reason the EDA General Fund is <br />in good condition for at least 2014 is because of the transfer of Conduit Fees into this fund for <br />operating expenses. <br /> <br />Unless the EDA and City Council decided to change priorities, the expenses for economic <br />development related activities are going to exist regardless if they are in the City General Fund <br />budget or if they are in the EDA General Fund budget. Today these economic development <br />expenses for Personal Services and for Other Services/Charges are estimated to be in the <br />$100,000 per year range. <br /> <br />12 <br />Page of <br /> <br />