Review Draft 2020 Preliminary EDA Budget and Levy

Annually, the EDA makes a recommendation to the City Council for the coming year's EDA budget and levy. The EDA levy is included within the City's general levy and calculates into the city's overall tax capacity rate. The City Council will be considering the City's preliminary levy in September. All budgets and levies are preliminary and will not become finalized until December 2019. Once the preliminary levy is set in September, it can only be lowered, not raised.

The purpose of this case is to develop a recommendation from the EDA to the City Council for the 2020 EDA levy.

Notification is not required.

Staff is proposing a slight decrease to the EDA budget.  Staff feels the existing EDA budget is adequate to meet the needs of the EDA in 2020, based on the EDA Workplan and the City Council Strategic Plan.  Therefore,
staff does not believe significant discussion is required.

Major Accounts: Staff uses the 6249 account for various events (EDA Golf Tourney, EDA Business Expo, Fall Networking
Event, Minnesota Marketing Partnership.).  Staff uses the 6315 account for professional services (Ehlers, WSB, Hakanson Anderson, Briggs and Morgan, CMDC) for appraisals, site investigation, site concepts, tax runs, TIF runs, legal assistance, underwriting assistance, and supplemental staff as needed).  6246 is the marketing and advertising budget (graphic arts, pictures, ads, maps, ICSC, campaigns, marketing materials, marketing subscriptions, signs).

EDA levy supports the EDA operating budget.

Staff recommends that the City Council adopt the 2020 Preliminary EDA Budget and Levy as presented.

Motion to recommend the City Council adopt the 2020 Preliminary EDA Budget and Levy.