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CITY OF ARDEN HILLS, MINNESOTA 2020 BUDGET Function: Economic Development Fund # 250 Activity: EDA General Activity # 47300 Activity Scope This Special Revenue Fund accounts for general administration activities that are not specific to any individual Tax Increment Financing (TIF) District, as well as activities associated with the Economic Development Commission and Economic Development Authority. Objectives 1. Consider placement and construction of Gateway Signs. 2. Consider the use of TIF District 3 funds for low to moderate housing needs. 3. Review the operating budget and identify a sustainable funding source. 4. Continue to grow and evolve the business retention program. Issues 1. Consistent administration of the City's polices, plan, ordinances, guidelines, statutes, etc. 2. Promotion of available industrial property. Budget Commentary The primary revenue source for this fund is property taxes. An administrative charge was established in 2008 and all funds are charged back for overhead costs associated with Administration, Finance and Government Building departments in the General Fund. Other costs such as auditing, financial software, IT and insurance have been allocated to this fund also. Capital outlay relates to Gateway Signs. Other Charges Total $ 79,904 $ 58,755 $ 130,280 $ 129,850 Percent Change (-26.5%) 121.7% (-0.3%) Full -Time Equivalent positions 0.23 0.21 0.33 0.43 Expenditures by Classification 45 2017 2018 2019 2020 Budget Summary ACTUAL ACTUAL BUDGET BUDGET Personnel Services $ 33,609 $ 25,691 $ 42,910 $ 52,160 Commodities 290 632 400 400 Contractual Services 44,358 32,432 46,970 77,290 Capital Outlay 1,647 - 40,000 - Other Charges Total $ 79,904 $ 58,755 $ 130,280 $ 129,850 Percent Change (-26.5%) 121.7% (-0.3%) Full -Time Equivalent positions 0.23 0.21 0.33 0.43 Expenditures by Classification 45