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ARDEN HILLS EDA MEETING—APRIL 25, 2016 2 Authority Meeting Minutes as presented. The motion carried unanimously (5-0)• 3. NEW BUSINESS A. 2017 Budget Process EDA Treasurer Iverson reviewed the 2017 budget process with the EDA. It was noted that the EDA is a blended component unit of the City of Arden Hills which makes EDA Funds Special Revenue Funds of the City. Annually the City is required by the State to set budgets for the City's General Fund and all Special Revenue Funds (which includes all the EDA Funds). EDA Treasurer Iverson indicated that 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 EDA Treasurer Iverson stated that in order to officially start the budget process, a budget calendar needs to be approved by the EDA. MOTION: EDA Commissioner Holden moved and EDA Commissioner McClung seconded a motion to approve the 2017 Budget Calendar as presented. The motion carried unanimously (5-0). B. Chamber of Commerce EDA Commissioner Holden asked if Chamber of Commerce dues were paid by the EDA. EDA Treasurer Iverson reported that payments for professional service agreements to the Chambers were paid out of the EDA General Fund. EDA Commissioner Holden requested to see the Chamber of Commerce invoices prior to payment by City staff. EDA Commissioner McClung supported this recommendation. Executive Director Hutmacher discussed when the Chamber of Commerce payments were owed each year and commented on the estimated amount paid to each Chamber of Commerce. She explained that she would forward the exact amounts to the Council via email. She provided further comment on the differences between the two Chambers, noting that there was some geographical overlap between the two organizations.