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ARDEN HILLS EDA MEETING—APRIL 28, 2014 2 A. 2014-15 EDA Work Plan Secretary Klaers reviewed the 2014-2015 work plan with the EDA. He discussed how some projects can cross over and involve the EDA, City Council, and EDC. EDA Commissioner Holmes recommended the EDA meet twice a year instead of quarterly. EDA President Grant and EDA Commissioner McClung agreed with this suggestion. MOTION: EDA President Grant moved and EDA Commissioner McClung seconded a motion to approve the Consent Agenda as presented. The motion carried unanimously (5-0). MOTION: EDA Commissioner McClung moved and EDA Commissioner Werner seconded a motion to cancel the July EDA meeting. The motion carried unanimously (5-0). 4. NEW BUSINESS A. EDA 2015 General Fund Budget Parameters Treasurer Iverson stated that the EDA is a blended component unit of the City of Arden Hills which makes EDA Funds Special Revenue Funds of the City. Annually, the City is required by the State to set budgets for the General Fund and all Special Revenue Funds (which includes all the EDA Funds). These EDA Funds are: EDA General Fund EDA Revolving Loan Fund EDA TIF District#2 Round Lake EDA TIF District#3 Cottage Villas EDA TIF District#4 Presbyterian Homes Treasurer Iverson stated that overall the EDA General Fund is in good financial condition for 2014 with an estimated reserve balance of$208,166. She noted that the EDA and City Council do need to identify dependable, reoccurring revenue for EDA activities in the future as the primary funding source of revenues from the Round Lake Road TIF District will be done in 2014. The main reason the EDA General Fund is in good condition for at least 2014 is because of the transfer of Conduit Fees into this fund for operating expenses. Treasurer Iverson commented that expenses for economic development related activities are going to exist regardless of whether they are in the City General Fund budget or if they are in the EDA General Fund budget. Today, these economic development expenses for Personal Services and for Other Services/Charges are estimated to be in the $100,000 per year range.