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ARDEN HILLS EDA MEETING—APRIL 27, 2015 5 the State to set budgets for the City's General Fund and all Special Revenue Funds (which includes all of the EDA Funds). These EDA Funds are: EDA General Fund EDA Revolving Loan Fund EDA TIF District#2 Round Lake EDA TIF District#3 Cottage Villas EDA TIF District#4 Presbyterian Homes Treasurer Iverson commented that overall, the EDA General Fund is in good financial condition for 2015 with an estimated reserve balance of$271,325. However, the EDA and City Council need to identify dependable, reoccurring revenue for EDA activities as the recent primary funding source of revenues (from the Round Lake Road TIF District) expires in 2015. The fund balance being projected at the end of the year includes money (approximately $80,000) that is intended to be used for the Gateway Signs program. Treasurer Iverson reported that most of the expenses for economic development related activities are going to exist regardless of whether they are in the City's General Fund budget or if they are in the EDA's General Fund budget. The majority of the economic development expenses are for personal services and other services/charges which are estimated to be in the $133,000 per year range. In 2015, the EDA budget includes a $30,000 transfer from the General Fund to help finance EDA operating expenses. Treasurer Iverson noted that staff is looking for Council input on the EDA budgets before the budgeting process begins as this will be included as part of the City's overall budgeting exercise. He noted that the EDA is scheduled to review the preliminary budget at its July meeting and the final budget at its October meeting. Commissioner Holden asked about the status of the Round Lake TIF district. Treasurer Iverson stated that this district is scheduled to be decertified in 2015. Commissioner McClung asked if the City Council also approves the EDA budget. Treasurer Iverson stated that this is the case. 4. EDA COMMISSIONER COMMENTS None. 5. ADJOURN MOTION: EDA President Grant moved and EDA Commissioner Holmes seconded a motion to adiourn the Economic Development Authority meeting. The motion carried unanimously (5-0).