DATE: October 26, 2017
TO: Northfield Economic Development Authority Board of Directors
FROM: Nate Carlson, Economic Development Coordinator
Chris Heineman, Community Development Director
Title
2018 EDA Budget Approval
Body
SUMMARY AND ACTION REQUESTED:
Review the 2018 EDA Budget proposal and make motion for approval.
BACKGROUND:
Staff has prepared the 2018 EDA budget for consideration by the EDA Board of Directors. Budget spreadsheet and supporting documents are attached. The primary concern for the EDA is the yearly review of the newly formed EDA Funds (i.e. Fund 290, Fund 292, and Fund 293).
Revenues
The EDA has traditionally requested maximum level allowed by Minnesota Statute of 0.01813 percent of taxable market value. The County Assessor typically provides an estimate of the next year's taxable market value in October. Until these estimates are received, staff is utilizing the 2017 certified levy as a baseline for budget forecasting.
Based on this information, the 2018 EDA levy would be approximately $239,680. In addition to the levy, the EDA receives additional revenue of approximately $25,500 from other sources. These include approximately $15,500 from interest on investments and $10,000 from interest payments on loans. A total of $265,180 in estimated revenues are included in the draft 2018 EDA budget. This a 4.4% increase from 2017 budget, which totaled $254,988.
The Rice and Dakota County taxable market value for 2018 has not yet been finalized. Once finalized, the levy may provide additional revenue in 2019 to the EDA assuming the City Council continues to support the statutory maximum levy of 0.01813 of Northfield's taxable market value.
Expenditures
The draft expenditure budget is balanced with projected revenues equal to expenditures at $265,180. The total expenditures in Fund 290 remain level at $195,180. The total proposed expenditures in Fund 292 were increased by $8,000 to a total of $70,000. The following line...
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