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ARDEN HILLS EDA MEETING – APRIL 27, 2015 5 <br />the State to set budgets for the City’s General Fund and all Special Revenue Funds (which <br />includes all of the EDA Funds). 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 />Treasurer Iverson commented that overall, the EDA General Fund is in good financial <br />condition for 2015 with an estimated reserve balance of $271,325. However, the EDA and City <br />Council need to identify dependable, reoccurring revenue for EDA activities as the recent <br />primary funding source of revenues (from the Round Lake Road TIF District) expires in 2015. <br />The fund balance being projected at the end of the year includes money (approximately $80,000) <br />that is intended to be used for the Gateway Signs program. <br /> <br />Treasurer Iverson reported that most of the expenses for economic development related <br />activities are going to exist regardless of whether they are in the City’s General Fund budget or if <br />they are in the EDA’s General Fund budget. The majority of the economic development expenses <br />are for personal services and other services/charges which are estimated to be in the $133,000 per <br />year range. In 2015, the EDA budget includes a $30,000 transfer from the General Fund to help <br />finance EDA operating expenses. <br /> <br />Treasurer Iverson noted that staff is looking for Council input on the EDA budgets before the <br />budgeting process begins as this will be included as part of the City’s overall budgeting exercise. <br />He noted that the EDA is scheduled to review the preliminary budget at its July meeting and the <br />final budget at its October meeting. <br /> <br />Commissioner Holden asked about the status of the Round Lake TIF district. <br /> <br />Treasurer Iverson stated that this district is scheduled to be decertified in 2015. <br /> <br />Commissioner McClung asked if the City Council also approves the EDA budget. <br /> <br />Treasurer Iverson stated that this is the case. <br /> <br />4. EDA COMMISSIONER COMMENTS <br /> <br />None. <br /> <br />5. ADJOURN <br /> <br />MOTION: EDA President Grant moved and EDA Commissioner Holmes seconded a <br />motion to adjourn the Economic Development Authority meeting. The <br />motion carried unanimously (5-0).