HomeMy WebLinkAbout5. 2004 Budget Amendment Resolution No. 2004-6
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CITY OF SHAKO PEE
Memorandum
TO: EDA Commissioners
Mark McNeill , Executive Director
FROM: Gregg Voxland, Finance Director
RE: 2004 Budget Amendment Resolution No. 2004-6
DATE: November 5, 2004
Introduction
Attached is Resolution Number 2004-6, which amends the 2004
Budget.
Background
The 2004 budget needs to be amended to provide for transferring
$3,273.08 to the TIF #10 (River City Centre) project fund. The
deficit is from up front administrative costs for the project.
It was anticipated that the deficit would be covered by interest
earnings on the tax increment held pending remittance to the
trustee for debt service. With the decrease in interest rates
and the decrease in the increment due to legislative changes,
this is just not happening in a timely manner.
Action
Offer Resolution Number 2004-6, A RESOLUTION AMENDING RESOLUTION
NO. 2003-5 A RESOLUTION SETTING THE TAX LEVY FOR 2003/04 BY THE
ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF SHAKOPEE AND
ADOPTING THE 2004 BUDGET, and move its adoption.
Move to authorize the transfer of $3,273.08 to the TIF #10
Capital Projects Fund.
~g Voxland
Finance Director
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RESOLUTION NO. 2004-6
A RESOLUTION AMENDING RESOLUTION NO. 2003-5
A RESOLUTION ADOPTING THE 2004 BUDGET
WHEREAS, the Economic Development Authority for the City of
Shakopee has adopted a Budget for 2004, and
WHEREAS, due to changing conditions and circumstances, there is
reason to amend the Budget,
NOW, THEREFORE, BE IT RESOLVED BY THE ECONOMIC DEVELOPMENT
AUTHORITY FOR THE CITY OF SHAKOPEE, MINNESOTA, that the 2004
Budget is amended to increase appropriations in the amount of
$3,300.
Adopted in session of the Shakopee Economic
Development Authority for the City of Shakopee, Minnesota held
this day of , 2004.
Chairman
ATTEST:
Executive Director
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CITY OF SHAKOPEE
Memorandum
TO: Shakopee Economic Development Authority
FROM: Mark McNeill, Executive Director
SUBJECT: Amendment of200S EDA Budget
DATE: December 1, 2004
INTRODUCTION:
The EDA is asked to consider amending the approved 2005 budget, and transfer $50,000
which was designated for the downtown facade program, and put that into the revolving
loan fund for Economic Development.
BACKGROUND:
At its meeting of September 7th, the EDA adopted the 200S EDA tax levy, and budget. In
that action, $50,000 was designated for a downtown facade program. Further, a
revolving loan fund for Economic Development was to be funded with $100,000.
Since that time, however, some members of the EDA have advised me that that had not
been their intent, and that instead of funding the downtown fac;ade program, they would
prefer to see that $50,000 further enhance the revolving loan fund. That would bring the
total of the amount to be designated for the revolving loan fund in the 2005 EDA budget
to $150,000.
RECOMMENDATION:
It is up to the EDA as to whether to modity the adopted 2005 budget, and put the
downtown fac;ade monies into the revolving loan fund.
ACTION REQUIRED:
If the EDA so desires, it should, by motion, direct that the 200S budget be amended to
transfer $SO,OOO from the designated downtown fayade program, and increase the transfer
to the revolving loan fund for economic development by that same $50,000.
Mark McNeill
Executive Director