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Home My WebLink About3.C. EDA 2005 Budget :/IJC EDA FUND 2005 BUDGET ACTIVITY: Activity includes the operation of the Shakopee Economic Development Authority. 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 and increasing its revenue base through facilitating the preservation, expansion, creation and attraction of quality businesses and related jobs. Implement strategies and admini~ter various programs (grants, loans, etc.) to accomplish above activities. Staff must maintain EDA records and prepare materials for policy decisions by Commissioners. The Commission is comprised of the Mayor and City Council. 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 lines items: Salaries: EDA Coordinator. Professional Services: Legal $20,000 Dues: $800 Membership dues for professional economic development associations such as the International Economic Development Council, Economic Development Association of Minnesota, and Mid-America Economic Development Council. Conference/School/Training: $500 Various conferences and training courses sponsored by professional economic development associations as outlined above. Miscellaneous: . Certainteed Tax Abatement: $ 61,850 . Dean Lakes Tax Abatement: . Economic Development Revolving Loan Fund: 200,000 . Downtown Fa9ade Improvement Program 50,000 $311,850 , , . CITY OF SHAKOPEE Memorandum TO: Mark McNeill, City Administrator / EDA Executive Director Gregg V oxland, Finance Director FROM: Paul Snook, Economic Development coordinat~ SUBJECT: 2005 EDA Budget DATE: July 23, 2004 For the 2005 EDA budget, it is proposed that $150,000from the EDA reserve be used to fund the following: ED Revolving Loan Fund: $200.000 ($100.000 fromMIF & $100.000 from reserve) Staff anticipates that MN Department of Employment and Economic Development (MNDEED) will grant approval for the City's application for a Minnesota Investment Fund loan for the Challenge Printing expansion. The MIF program would provide a loan to the company in the estimated amount of $440,000, with $100,000 of that being returned to the City in order to establish a revolving loan fund for economic development. It is proposed that $100,000 be used from the EDA reserve to add to the $100,000 that will be generated from the MIF program to make the revolving loan fund $200,000. Downtown Fa<;ade Improvement Program: $50.000 the $800,000 Small Cities Development Program that the City attained from MNDEED for downtown rehabilitation has run its course (the City was granted a one-year extension of the program). However, there continues to be opportunity to undertake rehab and restoration projects in the core / historic downtown commercial district. It is proposed that $50,000 be allocated from the EDA reserve to fund to establish a Fayade Improvement Program to further carry out restoration in the historic downtown. The program would be a grant to property owners, which would require a funding level from the property owner, a maximum / cap per project, would be arranged as a reimbursement for work completed, and would require strict adherence to the Shakopee Downtown Design Guidelines (the guidelines should be updated to provide more "before - after" examples). This program would coincide well with the heritage preservation efforts currently underway by the Heritage Preservation Task Force as directed by City Council. 2005 eda budget memo. doc R5509BUD .005 CITY OF .PEE 81810:14:22 Fiscal Period: 7 I 04 Budget Report Page- 1 Level Of Rollup 7 2001 2002 2003 713112004 2004 2005 2005 2005 Actual Actual Actual YTD Final Requested Approved Final Object Code I Description Amount Amount Amount Actual Budget Budget Budget Budget 02190 EDA 19 EDA 6000 EXPENDITURES 6001 WAGES & BENEFITS 6002 WAGES 51,666 57,152 63,019 35,7:33 61 ,490 64,920 64,920 64,920 6015 WAGES - PART TIMEffEMP 159 113 343 6 6002 WAGES 51,825 57,265 63,362 35,739 61 ,490 64,920 64,920 64,920 6100 BENEFITS 6122 PERA 2,685 3,160 3,497 1,976 3,400 3,590 3,590 3,590 6124 FICA 3,983 4,381 4,799 2,734 4,700 4,970 4,970 4,970 6135 HEALTH 375 28 6139 POSTEMPLOYMENT HEALTH PLAN 300 304 176 300 300 300 300 6140 L1FEIL TD 291 267 281 158 70 300 300 300 6145 DENTAL 255 300 339 190 360 420 420 420 6170 WORKERS COMPENSATION 153 171 201 200 200 210 210 210 6180 COMPENSATED ABSENCES 1 ,423 271- 1,873 1,000 1,000 1,000 1,000 6100 BENEFITS 9,164 8,308 11,321 5.434 10,030 10,790 10,790 10,790 - -----.- 6001 WAGES & BENEFITS 60,989 65,573 74,683 41,173 71,520 75,710 75,710 75,710 6200 SUPPLIES AND SERVICES 6201 SUPPLIES & SERVICES 6210 OFFICE SUPPLIES 106 135 42 400 400 400 400 6201 SUPPLIES & SERVICES 106 135 42 400 400 400 400 6300 PROFESSIONAL SERVICES 6310 ATTORNEY 6,399 7,071 11,289 218 15,000 15,000 15,000 15,000 6327 OTHER PROF SERVICES 229,051 19,005 275- 90 5,000 5,000 5,000 5,000 6300 PROFESSIONAL SERVICES 235,450 26,077 11.014 308 20,000 20,000 20,000 20,000 6330 COMMUNICATIONS 6332 POSTAGE 32 100 100 100 100 6334 TELEPHONE 239 226 233 124 300 300 300 300 6336 PRINTINGIPUBLlSHING 14 53 28 300 300 300 300 6338 ADVERTISING 200 200 200 200 6330 COMMUNICATIONS 286 226 286 151 900 900 900 900 6350 INSURANCE 6352 L1AB I L1TY 716 595 1,056 1,415 1,420 1,420 1,420 R5509BUD LOGIS005 CITY OF SHAKOPEE 8/24/2004 10:14:22 Fiscal Period: 7 / 04 Budget Report Page- 2 Level Of Rollup 7 2001 2002 2003 7/31/2004 2004 2005 2005 2005 Actual Actual Actual YTD Final Requested Approved Final Object Code / Description Amount Amount Amount Actual Budget Budget Budget Budget 6354 PROPERTY 1,200 6350 INSURANCE 716 595 1,056 1,415 1,200 1,420 1,420 1,420 6400 RENTALS 6420 EQUiPMENT RENT 28 6435 OTHER RENT 1,700 1,500 1,500 1,500 1,500 1,500 1,500 6400 RENTALS 1,728 1,500 1,500 1,500 1,500 1,500 1,500 6470 DUESrrRAININGrrRAVEL 6472 CONFERENCE/SCHOOUTRAINING 165 395 500 500 500 500 6475 TRAVEUSUBSISTENCE 195 500 500 500 500 6480 DUES 750 485 195 520 800 800 800 800 6490 SUBSCRIPTIONS/PUBLICATIONS 736 1,224 1,020 75 500 500 500 500 6470 DUESrrRAININGrrRAVEL 1,846 2,104 1,215 595 2,300 2,300 2,300 2,300 6200 SUPPLIES AND SERVICES 240,131 30,637 15,113 2,469 26,300 26,520 26,520 26,520 6500 DEPRECIATION 6600 MISCELLANEOUS 6640 DESIGNATED MISCELLANEOUS 144,522 119,922 111,272 46,239 121,850 311,850 311,850 311,850 6600 MISCELLANEOUS 144,522 119,922 111,272 46,239 121,850 311,850 311,850 311,850 6800 DEBT SERVICE 6000 EXPENDITURES 445,642 216,133 201,068 89,881 219,670 414,080 414,080 414,080 19 EDA 445,642 216,133 201,068 89,881 219,670 414,080 414,080 414,080 02190 EDA 445,642 216,133 201,068 89,881 219,670 414.080 414,080 414,080 . . . R5509BUD lOGIS005 CITY OF SHAKOPEE 8/24/2004 10: 14:22 Fiscal Period: 7 / 04 Budget Report Page - 2 Level Of Rollup 7 2001 2002 2003 7/31/2004 2004 2005 2005 2005 Actual Actual Actual YTD Final Requested Approved Final Object Code / Description Amount Amount Amount Actual Budget Budget Budget Budget 6354 PROPERTY 1,200 ----- 6350 INSURANCE 716 595 1,056 1,415 1,200 1,420 1,420 1,420 6400 RENTALS 6420 EQUIPMENT RENT 28 6435 OTHER RENT 1,700 1,500 1,500 1,500 1,500 1,500 1,500 6400 RENTALS 1,728 1,500 1,500 1,500 1,500 1,500 1,500 6470 DUESfTRAININGfTRAVEL 6472 CONFERENCElSCHOOUTRAINING 165 395 500 500 500 500 6475 TRAVEUSUBSISTENCE 195 500 500 500 500 6480 DUES 750 485 195 520 800 800 800 800 6490 SUBSCRIPTIONS/PUBLICATIONS 736 1,224 1,020 75 500 500 500 500 6470 DUESfTRAININGfTRAVEL 1,846 2,104 1,215 595 2,300 2,300 2,300 2,300 , --- 6200 SUPPLIES AND SERVICES 240,131 30,637 15,113 2,469 26,300 26,520 26,520 26,520 6500 DEPRECIATION 6600 MISCELLANEOUS 6640 DESIGNATED MISCELLANEOUS 144,522 119,922 111,272 46,239 121,850 311,850 311,850 311,850 --------- 6600 MISCELLANEOUS 144,522 119,922 111,272 46.239 121,850 311,850 311,850 311,850 6800 DEBT SERVICE 6000 EXPENDITURES 445,642 216,133 201,068 89.881 219,670 414,080 414,080 414,080 19 EDA 445,642 216,133 201,068 89,881 219,670 414,080 414,080 414.080 02190 EDA 445,642 216,133 201,068 89.881 219,670 414,080 414,080 414,080 EDA 2004 Budget 2190 2191 Budget Object # Description Benefits Management Total 2004 Diff 6002 Wages FT - Reg. - 64,920 64,920 61,490 3,430 6005 Wages OT - Reg. - - - 6122 PERA - 3,590 3,590 3,400 190 6124 FICA - 4,970 4,970 4,700 270 6135 Health - - - 6139 PEHP 300 300 300 - 6140 Life 300 300 70 230 6145 Dental 420 420 360 60 6170 Workers Camp 210 210 200 10 6180 Compensated Absences 1,000 1,000 1,000 - 6190 Retirement Benefit - - - Total Personnel 2,230 73,480 75,710 71,520 4,190 5.86% 6210 Operating Supplies 400 400 400 - 6215 Materials - - - 6240 Equipment Maintenance - - - 6300 Professional Services - - 6310 Attorney 15,000 15,000 15,000 - 6327 Other Prof Services 5,000 5,000 5,000 - 6332 Postage 100 100 100 - 6334 Telephone 300 300 300 - 6336 Printing/Publishing 300 300 300 - 6338 Advertising 200 200 200 - 6350 Insurance - - - 6354 Property Insurance 1 ,420 1 ,420 1,200 220 6400 Rentals - - - 6420 Equipment Rent - - - 6430 Building Rent (IS FUND) - - - 6435 Other Rent 1,500 1,500 1,500 - 6472 Conf / School/ Training 500 500 500 - 6475 Travel/Subsistence 500 500 500 - 6480 Dues 800 800 800 - 6490 Subscriptions/Publications 500 500 500 - 6640 Designated Miscellaneous 311,850 311,850 121,850 190,000 Total Supplies & Services - 338,370 338,370 148,150 190,220 128.40% 6740 Capital Expenditures - - - Total $ 2,230 $ 411,850 $ 414,080 $219,670 $194,410 88.50% 2005 BUDGET Est. 2005 Pay 2005 With COL Inc Title/Description Step 3.0% FICA PERA EDA Coordinator A $ 64,919 $ 4,966 $ 3,590 Charge in Comm Devlp N/A - - Total EDA $ 64,919 $ 4,966 $ 3,590 CITY OF SHAKOPEE EDA FUND 2005 BUDGET EDA FUND BUDGET SUMMARY 2002 2003 2004 2005 Actual Actual BudQet Proposed Revenue Taxes $ 74,377 $ 74,618 $ 80,000 $ 80,000 Intergovernmental 65,307 72,620 State Aid 100,000 County (Tax abatement) 58,322 32,620 Charges for Service 5,200 Interest 25,783 6,901 20,000 20,000 Miscellaneous Total Revenue 170,667 139,841 272,620 132,620 Transfers 55,914 52,950 49,230 29,230 Total Revenue and Transfers 226,581 192,791 321 ,850 161,850 Expenditures Personal Services 65,574 74,683 71,520 75,710 Supplies & Services 30,639 15,113 30,670 26,520 Downtown Fa<;ade Program 50,000 ADC Payment 119,920 111,272 55,630 Closed Certain teed Payment .. .. 61,850 61,850 Revolving Loan Fund 200,000 Contingency Total Expenditures 216,133 201,068 219,670 414,080 Excess (Deficiency) Of Revenues over Expenditures & Transfers 1 0,448 (8,277) 102,180 (252,230) Fund Balance December 31 $ 401,280 $ 393,003 $ 495,183 $ 242,953