HomeMy WebLinkAbout6C 2011 Budget
4646 Dakota Street SE
Prior Lake, MN 5537 2
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: February 10, 2011
AGENDA #: 6C
PREPARED BY : Frank Boyles, Executive Director
PRESENTED BY: Jerilyn Erickson
AGENDA ITEM: Review 2011 Budget
DISCUSSION: Introduction
The purpose of this agenda item is to familiarize the EDA with the financial r e-
sources which may be available to it to accomplish economic development o b-
jectives.
History
Under Minnesota Statutes, economic development authorities may levy taxes.
In Prior Lake, tha t EDA authority is limited by the enabling resolution and b y-
laws since the City Council must approve the EDA budget.
In Prior Lake there has never been an EDA tax levy. The same is true for 2011.
Current Circumstances
The EDA does not have its own budget per se, but instead has the following
r e sources available to it with the approval of the City Council:
EDA Special Revenue Fund $ 101,966.94
Economic Development MN Revolving Loan Fund $ 82,010.97
Economic Development Fed Revolving Loan Fund $ 105,609.09
Downtown Revolving Fund $ 38,425.86
General Fund – Economic Development 2011 Bud g- $ 95,464.00
et
Total $ 423,476.86
ISSUES: Jerilyn Erickson will explain each of these resources together with any co n-
straints on them. She will also d iscuss options available to the EDA for consol i-
dating the money with the City Council’s approval.
FINANCIAL I M- The EDA’s decisions will impact the financial resources available to acco m plish
their objectives.
PACT:
ALTERNATIVES: 1. Direct staff to prepare a consolidated EDA budget for 2011.
2. Request additional action or i n formation from staff.
3. Take no action.
RECOMMENDED Alternative #1.
MOTION: