HomeMy WebLinkAbout10D Approval of Resolution Adopting 2011 Prior Lake Economic Development Authority BudgetO'' PR��
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4646 Dakota Street SE
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CITY COUNCIL AGENDA REPORT
MEETING DATE: APRIL 4, 2011
AGENDA #: 10D
PREPARED BY: JERILYN ERICKSON, FINANCE DIRECTOR
PRESENTED BY: JERILYN ERICKSON
AGENDA ITEM: CONSIDER APPROVAL OF A RESOLUTION ADOPTING THE 2011 PRIOR
LAKE ECONOMIC DEVELOPMENT AUTHORITY BUDGET
DISCUSSION: Introduction
The purpose of this agenda item is to consider approval of the 2011 budget
submitted by the Prior Lake Economic Development Authority (Special
Revenue Fund).
History
The Economic Development Authority adopted the following 2011 budget
at its March 14, 2011 regular meeting.
ECONOMIC DEVELOPMENT AUTHORITY
2011 BUDGET
Revenues / Sources:
Intergovernmental revenues
33610 Grant Revenue
$
15,000
Miscellaneous revenues
36210 Interest Earnings
2,000
Total Revenues / Sources
$
17,000
Expenditures / Uses:
101 Personnel
$
7,000
201 Office Supplies
500
304 Legal Fees
9,000
314 Professional Services
33,000
331 Training & Certification
5,000
351 Legal Notices
500
Total Expenditures / Uses
$
55,000
Change in Fund Balance $ (38,000)
Current Circumstances
The 2011 budget adopted by the EDA covers basic administrative
expenses associated with per diems, expense reimbursements, legal
notices and fees, and professional services (including the matching portion
associated with a grant received for strategic planning).
The EDA will begin its process of establishing a strategic plan for economic
development in the City of Prior Lake. A part of this process will also be
identifying the financial resources and tools that will be necessary to
accomplish its objectives. As that information becomes available, the EDA
will consider amending its budget.
ISSUES: Article 10.2 of the EDA bylaws requires that the EDA budget be approved
by the City Council.
FINANCIAL The EDA Special Revenue Fund has an approximate 12/31/2010 fund
IMPACT: balance of $102,000. The proposed budget reflects a use of reserves in
the amount of $38,000. The remaining fund balance will be approximately
$64,000.
Once the EDA reserves have been spent, they are gone and will need to
be replaced with other funding sources if the EDA anticipates having
ongoing expenses.
ALTERNATIVES: 1. Approval of a resolution adopting the 2011 Economic Development
Authority budget.
2. Deny this agenda item for a specific reason and provide staff with
direction.
3. Table this item to a certain date in the future.
RECOMMENDED Alternative #1.
MOTION:
Q ewe by'
Frank B Ae, t y Manager
CADocuments and Settingslcgreen\My DocumentslSharePoint Drafts12011 EDA Budget - Agenda Report 2011.04.04 (City Councll).docx
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4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 11 -xxx
RESOLUTION ADOPTING 2011 PRIOR LAKE ECONOMIC
DEVELOPMENT AUTHORITY BUDGET
Motion By: Second By:
WHEREAS, The Prior Lake Economic Development Authority adopted its 2011 budget on
March 14, 2011; and
WHEREAS, Article 10.2 of the EDA bylaws requires that the EDA budget be approved by the
Prior Lake City Council.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The City Council hereby approves the 2011 budget for the Economic Development Authority
Special Revenue Fund in the amount of $55,000.
PASSED AND ADOPTED THIS 4 DAY OF APRIL, 2011.
YES NO
M ser
M ser
Erickson
Erickson
Hedberg
Hedber
Keeney
Keene
Soukup
Souku
Frank Boyles, City Manager