Blaine EDA- Joe Huss, Finance Director and Assistant City Manager; Alison Bong, Deputy Finance Director
Title
Title
Adopt the 2022 EDA Fund Budget
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Executive Summary
Pursuant to requirements to adopt annual budgets for all operating funds, staff is bringing forward the proposed 2022 EDA Fund Budget for EDA Board consideration and adoption.
Background
The EDA discussed its 2022 budget at a number of Blaine City Council workshops throughout 2021. The budget presented herein reflects the 2022 budget for which the EDA has given conceptual approval.
Under a separate resolution, and in association with the attached resolution, the EDA adopted its 2022 property tax levy.
The budget increases by nearly $134,000 as expenditures that were curtailed in 2020 and 2021 in response to COVID-19 cost containment measures (for 3M Tournament support and construction of monument signs) were restored for 2022.
Strategic Plan Relationship
Adoption of annual budgets contributes to the overall financial stability of the City.
Board/Commission Review
N/A.
Financial Impact
The proposed budget, if adopted, will result in revenues of $908,000, a $60,100 (7%) increase and expenditures of $979,380, a $133,730 increase (16%), from the 2021 adopted budget.
Public Outreach/Input
N/A
Staff Recommendation
By motion, adopt the resolution included herein.
Attachment List
N/A
Body
WHEREAS, a proposed EDA Budget for the fiscal year commencing January 1, 2022 has been prepared by the Executive Director; and
WHEREAS, said proposed Budget has been prepared and presented to the EDA Board in accordance with all statutes and ordinances of the City of Blaine; and
WHEREAS, the EDA has examined, studied, and reviewed said proposed Budget; and
WHEREAS, a public hearing was held and conducted in accordance with Minnesota statutes so as to give interested citizens a reasonable opportunity to be heard; and
WHEREAS, the EDA has, after due consideration and deliberation, made such amendments and adjustments in the proposed 2022 Budget as they consider necessary, desirable, or expedient.
NOW, THEREFORE, BE IT RESOLVED by the EDA of the City of Blaine as follows:
1. That the proposed EDA Budget shown below is approved.
2. That the 2022 budget appropriations shown below are approved.
3. That the City Manager/Executive Director is authorized and directed to implement and to administer, within the budgetary funding limits and relevant State and City laws and regulations, said approved EDA Budget.
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REVENUES: |
|
|
Property taxes |
$750,000 |
|
Lodging taxes |
5,000 |
|
TIF administration fees |
40,000 |
|
Building rentals |
15,000 |
|
Program fees |
15,000 |
|
Investment earnings |
80,000 |
|
Other |
3,000 |
|
TOTAL REVENUES |
$908,000 |
|
EXPENDITURES: |
|
|
Personal services |
$162,680 |
|
Supplies |
700 |
|
Professional services |
6,500 |
|
Dues, subscriptions, training |
8,000 |
|
3M Tournament |
105,000 |
|
Monument signage |
100,000 |
|
Targeted redevelopment |
105,000 |
|
Fire suppression grants |
75,000 |
|
Business appreciation |
15,000 |
|
Other programs |
26,000 |
|
General administrative fees |
375,500 |
|
TOTAL EXPENDITURES |
$979,380 |
PASSED by the City Council of the City of Blaine this 20th day of December, 2021.