EDA Meeting Date: August 26, 2024
To: Members of the Economic Development Authority
From: Nate Carlson, Economic Development Coordinator
Title
2025 EDA Budget
Body
Action Requested:
The EDA Board shall review the final draft of the 2025 EDA budget and make a motion.
BACKGROUND:
Staff has prepared a draft of the 2025 EDA budget for consideration by the EDA Board. The primary concern for the EDA is the yearly review of the EDA Funds (i.e. Fund 290, Fund 292, and Fund 293).
Revenues
The EDA has traditionally requested the maximum levy allowed by Minnesota Statute of 0.01813 percent of the previous year's taxable market value, which is based on the County-determined 2024 Estimated Market Value.
Based on this information, the maximum EDA levy could be $395,848. In addition to the levy, the EDA receives additional revenue of approximately $20,000 from other sources. These include approximately $12,000 from interest on investments and $8,000 from interest accrued to loans in repayment. A total of $415,848 in estimated revenues are included in the draft 2025 EDA budget. This represents a 9% increase from the 2024 approved levy. The levy increase amount is due to an overall increase in estimated market value of all taxable property in the City. As the community builds out and increases in density, the estimated market value is likely to increase, which in turn can increase our maximum levy opportunity.
Expenditures
The draft expenditure budget is balanced with projected revenues equal to expenditures at $415,848.
Personal Services: The 2025 EDA personnel budget provides funding for 1.2 full-time equivalent (FTE) staff, which represents the actual salary and overhead, including benefits, for the Economic Development Coordinator and 10% of the salary and overhead for the department's Administrative Assistant and Community Development Director positions.
Community Development is preparing to request from City Council the creation of a shared EDA/HRA...
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