DATE: September 22, 2022
TO: Northfield Economic Development Authority Board of Directors
FROM: Nate Carlson, Economic Development Coordinator
Title
2023 Final EDA Budget Approval
Body
SUMMARY AND ACTION REQUESTED:
Review the final draft of the 2023 EDA Budget and make a motion to approve.
BACKGROUND:
Staff has prepared and presented a final draft of the 2023 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 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 from the previous year (i.e. 2022 Estimated Market Value).
Based on this information, the 2023 EDA levy would be $318,909. 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 payments on loans. A total of $338,909 in estimated revenues are included in the draft 2023 EDA budget. This a 4% increase from 2022 budget, which totaled $326,001.
Expenditures
The draft expenditure budget is balanced with projected revenues equal to expenditures at $338,909. The total expenditures in Fund 290 are $283,909. The total proposed expenditures in Fund 292 are $55,000. The following line items are key expenditure areas included in the EDA budget:
Personal Services: The 2023 personal services budget is based on actual salary and benefits for the Economic Development Coordinator and a portion of support staff and department administration. The 2023 EDA budget provides funding for 1.2 FTE staff members, which includes 10% of the Administrative Assistant position and 10% of the Community Development Director position. The total estimated expenses for Fund 290, line item personnel services, in 2022 is ...
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