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Page 1 of 2 <br /> <br />DATE: July 25, 2016 <br /> <br />TO: EDA Chair and Commissioners <br />Vacant, Executive Director <br />Vacant, EDA Secretary <br /> <br />FROM: Sue Iverson, EDA Treasurer <br /> <br />SUBJECT: Preliminary 2017 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 2016 with an estimated year- <br />end reserve balance of $218,067, but the EDA and City Council may want to identify <br />dependable, reoccurring revenue for EDA activities in the future other than General Fund <br />transfers as the primary funding source of revenues. <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 $45,000). Tax revenues are likely the only <br />reoccurring source of funding for EDA activities. The City Council approved $30,000 in tax <br />revenues for the EDA as part of the 2015 budget and $60,000 in tax revenues for the 2016 <br />budget. The 2017 budget shows a transfer in the amount of $90,000, which can be adjusted as <br />priorities change. <br /> <br />NEW BUSINESS – 3A <br /> <br /> <br />MEMORANDUM <br />