4.5.
CC Regular Session
- Meeting Date:
- 03/08/2016
- By:
- Diana Lund, Finance
Information
Title
Adopt Resolution #16-03-044 Amending 2015 Economic Development (EDA) Budget
Purpose/Background:
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 #16-03-044 amending the 2015 budget 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 2016.
The major revenue amendment is found under miscellaneous revenues which recorded the business subsidy payment from LifeFitness and interest earned on the internal loan related to the fire suppression system at 6701 Highway 10.
The expenditure amendment is largely attributed to professional services. The study for LifeFitness business subsidy was recorded here as well as payment to Advanced Resources for consulting services on economic development projects.
Background: Attached to this case is Resolution #16-03-044 amending the 2015 budget 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 2016.
The major revenue amendment is found under miscellaneous revenues which recorded the business subsidy payment from LifeFitness and interest earned on the internal loan related to the fire suppression system at 6701 Highway 10.
The expenditure amendment is largely attributed to professional services. The study for LifeFitness business subsidy was recorded here as well as payment to Advanced Resources for consulting services on economic development projects.
Recommendation:
As the activity has already occurred for year 2015, the only recommendation is to approve Resolution #16-03-044 Amending the 2015 EDA budget.
Action:
Motion to adopt Resolution #16-03-044 Amending the 2015 EDA budget.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 02/26/2016 12:42 PM |
- Form Started By:
- Diana Lund
- Started On:
- 02/23/2016 08:40 AM
- Final Approval Date:
- 02/26/2016