CCP 11-10-1997 - Laserfiche WebLink

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. CITY OF ARDEN HILLS - MEMORANDUM DATE: November 7,1997 TO: Brian Fritsinger, City Administrator FROM: Terrancc Post, City Accountant @ SUBJECT: Amended 1997 Budget Recommendations - Background The adopted 1997 Budget for the City of Arden Hills did not assume financial transaction - activities in the newly created Arden Hills Economic Development Authority (EDA) for 1997. I Based on this assumption, 1997 tax increment and development financial transactions were planned in Fund No, 522, "DevelopmenURedevelopment". Additionally, financial transactions with the Minnesota Department of Trade and Economic Development (M/DTED) were not I budgeted for in 1997. 1997 Activities I. 1. Considerable planning activities have occurred within TIF District No.2, "Round Lake Office," as staff has worked with a developer on the planned build out of approximately I 275,000 square feet in office/warehouse space. Primarily legal, fiscal consultant, and engineering fee expenditures have been incurred. The City is also discussing issuing G.O. Bonds to fund public improvements within this TIF District to support this I development. 2. In April, 1997, the City received a $300,000 grant from M1DTED and expended I $300,000 to CPI/Guidant. These transactions were originally recorded as unbudgeted General Fund intergovernmental revenue and unbudgeted General Fund Economic I Development expenditures. 3. Council has directed staff to prepare a 1998 operating budget for the EDA. The existence I of prior year (1997) actuals will facilitate comparisons and provide benchmark data for review of 1998 operating results. I Recommendations 1. The 1997 Adopted Budget for Governmental Funds revenue of $4,797,482 be reduced I $103,600 to $4,687,882. This reduction represents all planned revenues in Fund No. 522, "DevelopmenURedevelopment." This revenue will be appropriately allocated among .. EDA Funds No. 701 - 705. I