9.0. EDSR 08-08-1994 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
111
MEMORANDUM
TO: ECONOMIC DEVELOPMENT AUTHORITY
FROM: WILLIAM RUBIN,EXECUTIVE
DIRECTO
rta_
DATE: AUGUST 3, 1994
SUBJECT: 1995 EDA BUDGET AND LEVY
Based on a maximum levy, it is estimated that the EDA will have revenues of
approximately $81,000 in 1995. The proposed 1995 EDA budget is outlined on the
attached page and a summary follows:
PERSONAL SERVICES
• This proposed expenditure of$34,800 includes the part-time salaries to the EDA
Commissioners plus 40% of the Economic Development Coordinator salary,
pension, and benefits. In addition, one-fourth of an administrative support
position(plus pension and benefits)is funded through the EDA as is one-fourth of
the time of the recording secretary for EDA meetings.
SUPPLIES AND CHARGES
$800 is attributable to office supplies for the EDA in 1995.
CONTRACTUAL SERVICES
$1,500 has been set aside for the Economic Development consultant; an
additional $1,000 is set aside for legal fees in 1995. Advertising has been
allocated $12,000. This includes expenditures in regional and state publications
such as Minnesota Ventures, The Real Estate Journal, Business Media, and Twin
Cities Business Monthly. Specialty ads in the Star News are also attributable to
this category. Of the $7,500 allocated to marketing, a portion is attributable to the
quarterly Economic Development Newsletter, the novelty mailing item, etc. The
other two major expenditures in contractual services is the $6,000 contribution to
the Area Chamber of Commerce and $11,100 that is attributable to development
activities. This expenditure can further be divided into $6,000 that is attributable
to business park expenditures and $5,100 for other miscellaneous projects.
•
P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
EDA 1995 Budget Memo Page 2
August 3, 1994
• TRANSFERS OUT
$1,000 is proposed for transfer to the City's General Fund in 1995. This covers
the Finance Director's/City Administrator's time on EDA projects, including the
Micro Loan Fund, etc:
ACTION REQUESTED
The EDA Commissioners are asked d to approve the 1995 EDA budget in the
amount of$81,000.
The EDA is also asked to adopt a resolution requesting that the City of Elk River
levy a tax against the taxable market value in the City in the amount necessary to
generate $81,000 to be used for economic development purposes by the Economic
Development Authority. A draft of this resolution is attached to the memo.
•
eda:bdgtmemo
•
• ECONOMIC DEVELOPMENT AUTHORITY
1992 1993 1994 1995
ACTUAL ACTUAL ADOPTED PROPOSED
PERSONAL SERVICES $ 16,800 $ 0 $ 32,650 $ 34,800
SUPPLIES AND CHARGES 0 0 800 800
CONTRACTUAL SERVICES 20,138 0 42,350 44,400
OTHER CHARGES 2,511 0 0 0
CAPITAL OUTLAY 0 0 0 0
TRANSFERS OUT 5,000 0 1,000 1,000
TOTAL $ 44,449 $ 0 $ 76,800 $ 81,000
EXPENDITURE ANALYSIS
PERSONAL SERVICES
Regular Salaries (40%) $ 21,200
Part Time Salaries 8,400
Over Time 150
Employee Pensions (40%) 3,100
Employee Insurance (40%) 1,950 $ 34,800
SUPPLIES AND CHARGES
• Office Supplies 800 800
CONTRACTUAL SERVICES
Economic Development Consultant 1,500
Legal 1,000
Advertising/Newsletter 12,000
Marketing 7,500
Postage 4,000
Telephone 800
Miscellaneous(Chamber of Commerce) 6,000
Development Activities 11,100
Insurance 500 44,400
OTHER CHARGES
0 0
CAPITAL OUTLAY
0 0 '
TRANSFERS OUT
General Fund 1,000 1,000
$ 81,000
•
Estimated Revenue - 105% of 1994 - $81,000
• RESOLUTION 94-1
RESOLUTION OF THE ELK RIVER
ECONOMIC DEVELOPMENT AUTHORITY
A RESOLUTION ESTABLISHING THE TAX LEVY FOR THE
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF ELK RIVER,MINNESOTA
WHEREAS, Minnesota Statute Section 469.107, Subdivision 1, authorizes the
Economic Development Authority to levy an amount not to exceed
.01813% of the taxable market value in the City to fund the Authority's
anticipated budget needs for the next fiscal year; and,
WHEREAS, the Elk River Economic Development Authority has adopted its budget
and will forward such to the City of Elk River pursuant to Minnesota
Statutes, Section 469.100, Subdivision 2.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in
and for the City of Elk River, Minnesota,that it hereby requests the City
Council of the City of Elk River to levy a tax in the amount of.01813% of
• the taxable market value in the City for the year 1994 for the benefit of the
Authority to be used for Economic Development Authority purposes as
provided in the Statute.
Passed and adopted by the Elk River Economic Development Authority this 8th day of
August, 1994.
Jeffrey A. Gongoll, President
ATTEST:
William Rubin, Executive Director
• eda:eda94-lr