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<br /> I <br />Memorandum - January 7, 1997 I <br />1997 EDA Budget <br />Page 2 -- <br />2. 469.100 Obligations <br /> subd. 2. - EDA annual budget to the City Council, which must include a detailed I <br /> written estimate of the amount of money that the EDA expects to need from <br /> the city to do EDA business during the next fiscal year. I <br /> subd. 3. - The fiscal year of the EDA must be the same as the fiscal year for the City. <br /> subd. 4. - Annually, the EDA shall make a written report to the council giving a I <br /> detailed account of its activities and of its receipts and expenditures during <br /> the preceding calendar year together with additional matters and 1 <br /> recommendations it deems advisable for the economic development of the <br /> city. <br /> subd. 5. - The EDA financial statements must be audited in the same manner as the I <br /> City and the audit report must be filed with the State Auditor by June 30 of <br /> each year. I <br />Recommendations .. <br />1. Council Authorize staff to create an EDA Fund that will, at a minimum, account for <br /> $300,000 in receipts and disbursements in regards to the Phase r cpr Loan Agreement. 1 <br /> Council authorize staff to investigate a depository relationship in which to facilitate EDA <br />2. <br /> financial transactions. I <br />3. Staff will present a more extensive, formal 1997 budget request for EDA Commissioner <br /> approval once additional infomlation is known regarding other city economic development I <br /> activity options. <br /> I <br /> I <br /> I <br /> I <br /> .. <br /> 1 <br /> -. - <br />