Laserfiche WebLink
REQUEST FOR ECONOMIC DEVELOPMENTAUTHORITY ACTION <br />Date:January 4, 2016 <br />Item No.:10.d. <br />Department ApprovalExecutive Director Approval <br />Item Description:Contract for FiscalServices from City of Roseville <br />B <br />ACKGROUND <br />1 <br />Under state statutes469.096 and 469.100,the Roseville Economic Development Authority <br />2 <br />(REDA)will need to develop a budget, disbursefunds,maintain accounting records, prepare, <br />3 <br />reports, and provideaudited financial statements to the State Auditor. In order for the REDA to <br />4 <br />meet these obligations, it is proposed the REDA contract with the City of Roseville for fiscal <br />5 <br />agent services. <br />6 <br />7 <br />This is the only contract related to staffing because of the requirements in state statute 469.096 <br />8 <br />must show detail of all receipts and disbursements, their nature, the <br />subd. 9 that the REDA <br />9 <br />money on hand, the purposes to which the money on hand is to be applied, the authority's <br />10 <br />credits and assets, and its outstanding liabilities in a form required for the city's financial <br />11 <br />statements. All other staffingsupport for the REDA is handled within the City and REDA’s <br />12 <br />budget process. <br />13 <br />PO <br />OLICYBJECTIVE <br />14 <br />The contract for fiscal services will ensure that the REDA meets state statute financial reporting <br />15 <br />requirements. <br />16 <br />17 <br />BI <br />UDGET MPLICATIONS <br />18 <br />The City of Roseville is proposing that the fiscal agent service fee be calculated at5% of the <br />19 <br />REDA’s 2016 General Administrative budget. This percentage is based on past practices for both <br />20 <br />stand-alone City activitiessuch as the former HRA and City business-type functions, as well as <br />21 <br />City-sponsored activities such as the Roseville Visitors Association. With an$181,6002016EDA <br />22 <br />GeneralAdministrative Budget, the fiscal agent servicesfee for 2016 would be $9,080. <br />23 <br />24 <br />SR <br />TAFF ECOMMENDATION <br />25 <br />Approve aservice contract for fiscal services with the City of Roseville. <br />26 <br />27 <br />REDABA <br />EQUESTED OARD CTION <br />28 <br />By motion,approve the proposed fiscalservices contract withCity of Roseville. <br />29 <br />Page 1of 2 <br /> <br />