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Page 1 of 1 <br /> <br />New Business – 3A <br /> <br />MEMORANDUM <br /> <br />DATE: July 24, 2017 <br /> <br />TO: EDA President and Commissioners <br /> William S. Joynes, Sr., City Administrator <br /> <br />FROM: Dave Perrault, Interim EDA Treasurer <br /> <br />SUBJECT: Preliminary 2018 EDA Budgets <br /> <br /> Budgeted Amount: Actual Amount: Funding Source: <br /> N/A N/A N/A <br /> <br />EDA Chair and Commissioners Should Consider <br /> <br />The preliminary 2018 budget has been prepared for the Economic Development Authority <br />(EDA) governing body. The Chair and Commissioners may provide feedback for future budget <br />sessions. <br /> <br /> <br />Background <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 2017 with an estimated year- <br />end reserve balance of $200,063