EDA Meeting Date: October 28, 2024
To: Members of the Economic Development Authority
From: Nate Carlson, Economic Development Coordinator
Title
2025 Economic Development Authority Budget Update
Body
Action Requested:
The Board shall review the updated proposed 2025 budget and consider approving the budget as updated.
Summary Report:
Staff has prepared an updated draft of the 2025 Economic Development Authority (EDA) budget for consideration by the EDA Board. The primary concern is the yearly review of the three EDA Funds: Fund 290, Fund 292, and Fund 293.
The funds represent how the EDA's levy of $395,848 is allocated:
Fund 290: General operating funds related to personnel and professional services.
Fund 292: Community investments such as loans, grants, and partnerships.
Fund 293: Repository for Minnesota Investment Funds, a state-based program.
The EDA Board received a staff presentation on August 26, 2024, of the draft 2025 budget and approved the initial budget during that meeting.
Staffing: Community Development submitted a request to the City Council for creation of a position shared between the EDA and the Housing and Redevelopment Authority (HRA) to assist with program administration. The EDA budget has shifted because the request was approved by the City Council.
Advertising: This line item has historically increased significantly in the short-term compared to previous years to support the City's overall strategic initiatives, including the community re-branding initiative. The EDA has a significant role in marketing the community for economic development success. Staff has decreased this budget by $2,000 from the August budget presentation.
Other projects: This line item is for existing work plan initiatives and potential new projects that may be included in the upcoming update to the citywide strategic plan.
Property acquisition: This line item has been removed for 2025. Should an opportunity arise, the EDA may use the fund reserve...
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