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Page 1 of 2 <br /> <br />DATE: September 8, 2014 <br /> <br />TO: EDA Chair and Commissioners <br />Patrick Klaers, EDA Secretary <br /> <br />FROM: Sue Iverson, EDA Treasurer <br /> <br />SUBJECT: Preliminary EDA 2015 General Fund Budget <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 2014 with an estimated year- <br />end reserve balance of $208,166; but the EDA and City Council need to identify dependable, <br />reoccurring revenue for EDA activities in the future as the primary funding source of revenues <br />from the Round Lake Road TIF District will be done in 2015. The other main reason the EDA <br />General Fund is in good condition for at least 2014 is because of the transfer of Conduit Fees <br />into this fund for operating expenses. <br /> <br />Unless the EDA and City Council decided to change priorities, the expenses for economic <br />development related activities are going to exist regardless if they are in the City General Fund <br />budget or if they are in the EDA General Fund budget. Today these economic development <br />expenses for Personal Services and for Other Services/Charges are estimated to be in the <br />$130,000 per year range. <br /> <br />NEW BUSINESS – 3A <br /> <br /> <br />MEMORANDUM <br />