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MEMO <br /> DATE : June 4, 1999 <br /> TO : Honorable Mayor and Council <br /> FROM : Jim March <br /> RE : EDC Enterprise Fund <br /> *it ********************** *ft * * * * * * * * * * * * * *le * ** * * * * ** * * * * * le* * <br /> The Economic Development Committee has requested that they be allowed to operate as an <br /> enterprise fund. The Committee would like to maintain control over the advertising funds from <br /> the newsletter as well as the excess funds that are budgeted, but not totally spent by them on an <br /> annual basis. The City would essentially just be making a cash contribution to the Committee to <br /> spend as they deem necessary. The cash contribution would be controlled by requiring the <br /> Committee to submit a detailed budget of their expected annual revenues and expenditures. <br /> There are no legal implications involved in this request. Council needs to be aware of the degree <br /> of authority they will be turning over to the Committee. The Committee could have total control <br /> over the funds contained in the enterprise fund. I spoke to Jim Hoeft in regards to this issue. Mr. <br /> Hoeft said he would be able to answer any questions the Council may have on the subject. <br />