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07-27-15-EDA
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07-27-15-EDA
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7/24/2015 9:58:56 AM
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Page 2 of 2 <br /> <br />The fund balance being projected at the end of the year includes funds that are intended to be <br />used for the Gateway Signs program (approximately $70,000). Tax revenues are likely the only <br />reoccurring source of funding for EDA activities. Given this situation, it may be appropriate to <br />start slowly. The City Council approved $30,000 in tax revenues for the EDA as part of the 2015 <br />budget and, based on long-term cash flow projections, staff is recommending $60,000 in tax <br />revenues for the 2016 budget. This amount can be adjusted in future years as needed. <br /> <br />A transfer was done from the General Fund for 2015 and being recommended for 2016, but there <br />is an option to do an EDA levy. The advantage to a levy is that you can separate out the funds <br />being levied for EDA activities when presenting the budget, but it would still be part of the <br />City’s overall levy amount. The key issue here would be the transparency on where we are <br />spending the funds. The Commissioners discussed this EDA levy possibility last year and <br />decided to recommend a General Fund transfer to fund this budget. <br /> <br />Staff is looking for Council input on this item. Attached are the preliminary budget revenues and <br />expenditures for the funds showing a transfer from the General Fund for the EDA Operating <br />Fund. The EDA will review the final budget at its October meeting. <br /> <br /> <br /> <br /> <br />
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