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Page 1 of 2 <br /> <br />DATE: July 27, 2015 <br /> <br />TO: EDA Chair and Commissioners <br />Jill Hutmacher, Executive Director <br />Patrick Klaers, EDA Secretary <br /> <br />FROM: Sue Iverson, EDA Treasurer <br /> <br />SUBJECT: Preliminary 2016 EDA Budgets <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 year- <br />end reserve balance of $271,963; but the EDA and City Council need to identify dependable, <br />reoccurring revenue for EDA activities in the future as the primary funding source of revenues <br />from the Round Lake Road TIF District will be done at the end of 2015. The other main reason <br />the EDA General Fund is in good condition is because of the transfers of Conduit Fees from <br />Presbyterian Homes in 2011 and 2012 and General Fund transfers for 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 />$140,000 per year range. <br /> <br />NEW BUSINESS – 4A <br /> <br /> <br />MEMORANDUM <br />