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<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 $90,000). Tax revenues are likely the only
<br />reoccurring source of funding for EDA activities. Given this situation, it may be appropriate to
<br />start slowly. Staff is recommending that $30,000 in tax revenues for the EDA should be part of
<br />the 2015 budget and then this amount can increase in future years as needed.
<br />
<br />One option is to do an EDA levy or another option is to do a transfer from the General Fund.
<br />The advantage to a levy is that you can separate out the funds being levied for EDA activities
<br />when presenting the budget, but it would still be part of the City’s overall levy amount. The key
<br />issue here would be the transparency on where we are spending the funds.
<br />
<br />Staff is looking for Council input on this item. Listed below for your reference are the
<br />preliminary budget revenues and expenditures for the fund showing a transfer from the General
<br />Fund. The EDA will review the final budget at its October meeting.
<br />
<br />
<br />Function:Economic Development Department:EDA General Fund
<br />Appropriation Detail
<br />Account Actual Actual Budget Amended Year To Date Proposed Adopted % Change
<br />No.Activity FY 2012 FY 2013 FY 2014 FY2014 08/21/2014 FY 2015 FY 2015 14 vs 15
<br />Taxes
<br />250-47300-31059 Tax Increment Excess 48,058$ 60,292$ 48,000$ 48,000$ 28,531$ 60,000$ 25.00%
<br />Other Intergovernmental 48,058 60,292 48,000 48,000 28,531 60,000 - 25.00%
<br />Intergovernmental
<br />250-47300-33422 Other State Grants and Aids - - - - 0.00%
<br />Total Intergovernmental - - - - - - - 0.00%
<br />Miscellaneous
<br />250-47300-36210 Interest Earnings 4,017 (5,198) 2,000 2,000 3,569 4,000 100.00%
<br />250-47300-36230 Contrubutions and Donations 2,500 -
<br />250-47300-36240 Developer Reimburesments 5,050 - - -
<br />Total Miscellaneous 9,067 (2,698) 2,000 2,000 3,569 4,000 - 100.00%
<br />Total Operating Revenues 57,125 57,595 50,000 50,000 32,100 64,000 - 28.00%
<br />Other Financing Sources
<br />250-47300-39101 Sales of General Fixed Assets - - - 0.00%
<br />250-47300-39201 Transfer from General Fund 124,955 30,000 - - - 30,000 0.00%
<br />250-47300-39205 Transfer from PIR 65,000 50,000 50,000 - - -100.00%
<br />-
<br />Total Other Financing Sources 189,955 30,000 50,000 50,000 - 30,000 - -40.00%
<br />Department Total Revenues 247,080$ 87,595 100,000$ 100,000$ 32,100$ 94,000$ -$ -6.00%
<br />Total Personal Services 41,729 43,264 45,875 45,875 28,133 64,264 - 40.09%
<br />Total Materials and Supplies - 3,522 650 650 - 650 - 0.00%
<br />Other Services and Charges 12,187 40,909 51,987 51,987 9,456 69,413 - 33.52%
<br />Total Operating Expenses 53,916 87,695 98,512 98,512 37,589 134,327 - 36.36%
<br />Total Capital 5,330 28,967 40,000 40,000 5,650 - - -100.00%
<br />Department Total Expenditures 59,246$ 116,662 138,512$ 138,512$ 43,239$ 134,327$ -$ -3.02%
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