Adopt Resolution #14-03-051 Amending 2013 Economic Development Authority (EDA) Budget

Purpose:  Annually the city adopts an Economic Development Authority budget.  The city is required to amend the budget to reflect actual revenues/ expenditures for the year.

Background:  Attached to this case is Resolution #14-03-051 amending the 2013 of the EDA.  This is primarily a 'housekeeping' item and is done on an annual basis.  The projections through the end of the year are based on actual activity and will be finalized after the annual city audit in April 2014.

On the revenue side of the budget you will note a decrease in interest earnings.  The city received over $800,000 in actual interest earnings on its investments, but is required by the Government Accounting Standards Board (GASB) to reflect all investments at market value as of December 31 of the current year.  The city reflects any changes in market value against interest earnings.  The net result in market value changes for 2013 resulted in a loss in interest earnings as reflected. 

On the expenditure side of the budget, the decrease in personnel is related to the delayed hiring of the Economic Development Manager.  The decrease in other services and charges is due to a decline in General Liability costs as the liability is distributed based on expenditures for the year.  In 2013, expenditures were significantly less than in 2012.

As the activity has already occurred for year 2013, the only recommendation is to approve Resoltution #14-03-051 Amending the 2013 EDA budget.

Motion to recommend the City Council adopt Resolution #14-03-051 Amending the 2013 EDA budget.