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Page 1 of 2 <br /> <br />DATE: April 27, 2015 <br /> <br />TO: EDA Chair and Commissioners <br />Jill Hutmacher, EDA Executive Director <br /> <br />FROM: Patrick Klaers, EDA Secretary <br />Sue Iverson, EDA Treasurer <br /> <br />SUBJECT: EDA 2016 General Fund Budget Parameters <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 />City’s General Fund and all Special Revenue Funds (which includes all the EDA Funds). <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 2015 with an estimated reserve <br />balance of $271,325; but the EDA and City Council need to identify dependable, reoccurring <br />revenue for EDA activities as the recent primary funding source of revenues (from the Round <br />Lake Road TIF District) expires in 2015. The fund balance being projected at the end of the year <br />includes money (approximately $80,000) that is intended to be used for the Gateway Signs <br />program. <br /> <br />Most of the expenses for economic development related activities are going to exist regardless if <br />they are in the City General Fund budget or if they are in the EDA General Fund budget. The <br />majority of the economic development expenses are for Personal Services and Other <br />Services/Charges which are estimated to be in the $133,000 per year range. In 2015, the EDA <br />budget includes a $30,000 transfer from the General Fund to help finance EDA operating <br />expenses. <br />NEW BUSINESS – 3B <br /> <br /> <br />MEMORANDUM <br />