DATE: December 1, 2016
TO: Northfield Economic Development Authority Board of Directors
FROM: Chris Heineman, Community Development Director
Ben Martig, City Administrator
Title
2017 EDA Budget
Body
SUMMARY AND ACTION REQUESTED:
The EDA is asked to review and approve a motion to adopt the 2017 EDA Budget.
BACKGROUND:
As presented at the EDA Work Session on November 10th, staff is proposing separating the EDA revenue and expenditure budgets into two separate funds. The EDA General Operating Fund (290) budget includes a majority of the revenue and all of the expenses for personal services, supplies, and charges for services. The Community Investment Fund (292) budget includes a portion of the tax levy and a majority of the revenue from interest on investments and loans. Budgeted expenses to the Community Investment Fund include the Micro-Grant Program and contracted charges for the NEC, Riverwalk Market Fair, and the Healthy Community Initiative.
Staff has prepared a final budget based on the feedback provided at the Work Session on November 10th for consideration and approval by the EDA Board of Directors at the EDA meeting on December 1st. Updated budget spreadsheets for Fund 290 and 292 are included in the packet for your review. A brief description and overview of the major revenue and expenditure areas are included in the following paragraphs.
Revenues
The City Council approved a preliminary EDA levy of $229,488 in July which was the maximum allowed by Minnesota Statute (0.0183 percent of taxable market value). The final levy will be approved at the City Council meeting on December 6th. In addition to the tax levy, the EDA also receives approximately $15,000 in revenue from interest on investments, $10,000 from interest payments on loans, and $500 in miscellaneous revenue. The preliminary EDA budget includes total estimated revenues of $254,988.
Expenditures
The final budget includes expenditures from the EDA Operating Fund (Fund 290) in...
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