EDA Meeting Date: August 25, 2025
To: Members of the Economic Development Authority
From: Nate Carlson, Economic Development Coordinator
Title
2026 EDA Budget
Body
Action Requested:
The EDA Board shall review the draft of the 2026 EDA budget and make a motion.
BACKGROUND:
Staff has prepared a draft of the 2026 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 2025 Estimated Market Value.
Based on this information, the maximum EDA levy could be $422,121. This represents a 6.6% increase from the approved levy of 2025, which is less than the 9% increase from the prior year. In addition to the levy, the EDA receives additional revenue from other sources such as investments and loan interest payments. Additionally, staff are presenting a transfer of $68,500 from reserves in 2026 to help pay for the redesign of the city's zoning code (Chapter 34 - Land Development Code of the Code of Ordinances). The redesign of the zoning code is designed to address ease of growing the tax base, building more homes, and is expected to be a shared cost between the HRA and EDA levies and the General fund levy ($200,000 budgeted total for the work). A total of $522,621 in estimated revenues are included in the draft 2026 EDA budget. 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
Personal Services: The 2026 EDA personnel budget provides funding for 1.5 full-time equivalent (FTE) staff, which represents the actual salary and overhea...
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