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Home My WebLink About2.E. EDA Budget Discussion d~ EDA FUND 2008 BUDGET ACTIVITY: Activity includes the operation of the Shakopee Economic Development Authority and staffing the Economic Development Advisory Committee (EDAC) . The EDA's mission is; . to enhance the quality of life in Shakopee by expanding and strengthening the local economYi . broadening the city's job base; . increasing its revenue base through facilitating the preservation, expansion, creation and attraction of quality businesses and re~ated jobs. . The City Administrator is also the EDA's Executive Director, but day to day staffing for the EDA and EDAC is handled primarily by the Community Development Director, with assistance from a part-time economic development contractor. Section 469.107 of the Minnesota Statutes states that the governing body may, at the request of the authority, levy a tax in any year for the benefit of the authority. The tax must be not more than 0.01813 percent of taxable market value. OBJECT DESCRIPTION: Description of line items: Salaries: Community Development Director, charge-in from Administration. Professional Services: Legal $15,000, other professional services $35,000 Dues: $600 Membership dues for professional economic development associations such as the International Economic Development Council and the Economic Development Association of Minnesota. Conference/School/Training: $500 Various conferences and training courses sponsored by professional economic development associations mentioned above. Miscellaneous: Certainteed Tax Abatement: Runs through 2009 $52,500. Transfer to City of Shakopee for general overhead $19,200. J CITY OF SHAKOPEE EDA FUND 2008 BUDGET EDA FUND BUDGET SUMMARY 2005 2006 2007 2008 Actual Actual Budaet Proposed Revenue Taxes $ 75,979 $ 75,584 $ 80,000 $ 80,000 Intergovernmental State Aid County (Tax abatement) 26,282 27,482 28,000 26,500 Charges for Service 5,200 5,200 Interest 6,920 13,438 6,000 13,000 Miscellaneous Total Revenue 114,381 116,504 119,200 119,500 Expenditures Personal Services 20,363 17,219 94,520 12,420 Supplies & Services 21,585 6,923 45,770 58,400 Downtown Fa<;ade Program 49,966 ADC Payment Closed Certainteed Payment 82,476 54,000 52,500 Ryan Pmt 44,000 Total Expenditures 91,914 106,618 238,290 123,320 Excess (Deficiency) of 22,467 9,886 (119,090) (3,820) Revenues over Expenditures Transfers In 29,230 25,4 79 70,000 26,000 Transfers Out (100,000) (19,200) (19,200) Excess (Deficiency) Of Revenues over Expenditures & Transfers (48,303) 35,365 (68,290) 2,980 Fund Balance January 1 364,449 316,146 351,511 283,221 Fund Balance December 31 $ 316,146 $ 351,511 $ 283,221 $ 286,201 :l R5509BUD LOGIS001 CITY OF SHAKOPEE 8/8/2007 11 :53:23 Budget Report Page - 1 Fiscal Period: 7 / 7 Level Of Rollup 7 2004 2005 2006 7/31/2007 2007 2008 2008 2008 Actual Actual Actual YTD Final Requested Approved Final Object Code / Description Amount Amount Amount Actual Budget Budget Budget Budget 02190 EDA 6000 EXPENDITURES 6001 WAGES & BENEFITS 6002 WAGES 62,645 15,047 13,061 4,740 73,030 10,000 10,000 10,000 6005 OVERTIME-FT 54 6015 WAGES - PART TIMEITEMP 131 539 178 20 6002 WAGES 62,776 15,586 13,293 4,760 73,030 10,000 10,000 10,000 6100 BENEFITS 6122 PERA 3,257 857 789 285 4,560 650 650 650 6124 FICA 4,712 1,049 889 336 5,590 770 770 770 6135 HEALTH 3,120 2,362 1,902 401 8,260 840 840 840 6139 POST EMPLOYMENT HEALTH PLAN 301 96 71 15 300 30 30 30 6140 L1FE/L TD 278 69 61 19 190 40 40 40 6145 DENTAL 332 95 87 19 390 40 40 40 6170 WORKERS COMPENSATION 200 250 128 28 200 50 50 50 6180 COMPENSATED ABSENCES 3,786- 2,000 W 6100 BENEFITS 8,413 4,777 3,927 1,104 21,490 2,420 2,420 2,420 6001 WAGES & BENEFITS 71,189 20,363 17,220 5,864 94,520 12,420 12,420 12,420 6200 SUPPLIES AND SERVICES 6201 SUPPLIES & SERVICES 6210 OFFICE SUPPLIES 33 115 110 16 400 400 400 400 6201 SUPPLIES & SERVICES 33 115 110 16 400 400 400 400 6300 PROFESSIONAL SERVICES 6310 ATTORNEY 11,459 9,936 2,729 449 15,000 15,000 15,000 15,000 6327 OTHER PROF SERVICES 84,675 6,799 308 1,119 22,870 35,000 35,000 35,000 6300 PROFESSIONAL SERVICES 96,134 16,735 3,037 1,568 37,870 50,000 50,000 50,000 6330 COMMUNICATIONS 6332 POSTAGE 59 200 200 200 200 6334 TELEPHONE 197 122 3 1 300 300 300 300 6336 PRINTING/PUBLISHING 387 712 1,159 4 800 800 800 800 6338 ADVERTISING 400 400 400 400 6330 COMMUNICATIONS 583 835 1,220 5 1,700 1,700 1,700 1,700 6350 INSURANCE 6352 L1ABI L1TY 1,415 1,644 783 1,339 1,700 1,700 1,700 1,700 R5509BUD LOGIS001 CITY OF SHAKOPEE 8/8/2007 11 :53:23 Budget Report Page - 2 Fiscal Period: 7 / 7 Level Of Rollup 7 2004 2005 2006 7/31/2007 2007 2008 2008 2008 Actual Actual Actual YTD Final Requested Approved Final Object Code / Description Amount Amount Amount Actual Budget Budget Budget Budget 6350 INSURANCE 1,415 1,644 783 1,339 1,700 1,700 1,700 1,700 6400 RENTALS 6430 BUILDING RENT (IS FUND) 1,666 2,950 2,950 2,950 6435 OTHER RENT 1,500 1,500 1,500 2,000 6400 RENTALS 1,500 1,500 1,500 1,666 2,000 2,950 2,950 2,950 6470 DUESITRAININGITRAVEL 6472 CONFERENCE/SCHOOLITRAINING 25 325 500 500 500 500 6475 TRAVEL/SUBSISTENCE 161 68 500 500 500 500 6480 DUES 520 270 205 220 600 600 600 600 6490 SUBSCRIPTIONS/PUBLICATIONS 164 500 500 500 500 6470 DUESITRAININGITRAVEL 709 756 273 220 2,100 2,100 2,100 2,100 6200 SUPPLIES AND SERVICES 100,374 21,585 6,923 4,814 45,770 58,850 58,850 58,850 ~ 6500 DEPRECIATION 6600 MISCELLANEOUS 6640 DESIGNATED MISCELLANEOUS 109,059 49,966 82,476 1,703 98,000 52,500 52,500 52,500 6600 MISCELLANEOUS 109,059 49,966 82,476 1,703 98,000 52,500 52,500 52,500 6800 DEBT SERVICE 6000 EXPENDITURES 280,622 91,914 106,619 12,380 238,290 123,770 123,770 123,770 02190 EDA 280,622 91,914 106,619 12,380 238,290 123,770 123,770 123,770 EDA 2008 Budget 2191 Object # Description Management Total 6002 Wages FT - Reg. 10,000 10,000 6005 Wages OT - Reg. - 6122 PERA 650 650 6124 FICA 770 770 6135 Health 840 840 6139 PEHP 30 30 6140 Life 40 40 6145 Dental 40 40 6170 Workers Comp 50 50 6180 Compensated Absences - 6190 Retirement Benefit - Total Personnel 12,420 12,420 6210 Office Supplies 400 400 6215 Materials - - 6240 Equipment Maintenance - - 6300 Professional Services - 6310 Attorney 15,000 15,000 6327 Other Prof Services 35,000 35,000 6332 Postage 200 200 6334 Telephone 300 300 6336 Printing/Publishing 800 800 6338 Advertising 400 400 6350 Insurance - 6354 Property Insurance 1,700 1,700 6400 Rentals - 6420 Equipment Rent - - 6430 Building Rent (IS FUND) 2,950 2,950 6435 Other Rent - - 6472 Conf / School/Training 500 500 6475 Travel/Subsistence 500 500 6480 Dues 600 600 6490 Subscriptions/Publications 500 500 6640 Designated Miscellaneous 52,500 52,500 Total Supplies & Services 111,350 111,350 6740 Capital Expenditures - Total $ 123,770 $ 123,770 S'