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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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EDA GENERAL <br />Function: Economic Development <br />Supervisor: Community Development Director <br />Fund#: 250 <br />Activity#: 47300 <br />Activity Scope <br />This Special Revenue Fund accounts for general administration activities that are not <br />specific to any individual Tax Increment Financing (TIF) District, as well as activities <br />associated with the Economic Development Commission and Economic Development <br />Authority. <br />Objectives <br />1. Review operating budget and identify a sustainable funding source. <br />2. Continuing working with EDC to establish a business retention program. <br />3. Plan for the future of Gateway sign(s). <br />Issues <br />1. Consistent administration of the City's policies, plan, ordinances, guidelines, <br />statutes, etc. <br />2. Promotion of industrial property available. <br />Measurable Workload Data <br />None developed at this time. <br />Budget Commentary <br />The revenue to this fund has been primarily from excess increment and interest <br />income in the past years with transfers from the General Fund from 2008 - 2011. <br />A transfer was made in 2012 and 2013 for the Conduit Debt revenue received in <br />2011 and 2012 from the Presbyterian Homes project. The tax increment excess <br />funding source is gone as the Round Lake District Expires at the end of 2015. <br />Historically the EDA has always been its own fund, but in 2008, the salary and <br />benefit costs for this activity were transferred to the General Fund in the Planning <br />Department. At that time, there was a negative fund balance and a transfer from <br />the General Fund was set up to correct the negative balance and fund Gateway <br />signs, 2012 and 2014 have budgeted transfers from the PIR fund. As previously <br />stated, transfers had been routine from 2008 through 2012. With the 2012 budget, <br />the salary and benefit costs were transferred back to the fund as before. An <br />administrative charge was also established in 2008 and all funds are charged back <br />for overhead costs associated with Administration, Finance and Administrative <br />Services, and Government Building departments in the General Fund. Other costs
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