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STAFF REPORT <br />TO:President Keis and Officers of the Economic Development Authority <br />FROM:Chris Heineman, City Administrator <br />Brenda Malinowski, Finance Director <br />DATE:January 26, 2022 <br />RE:Adoption of 2022 EDA Budget <br />ACTION TO BE CONSIDERED <br />Consider adoption of the 2022 EDA budget. <br />BACKGROUND <br />At our previous City Council meeting on January 12, the Little Canada Economic Development <br />Authority (EDA) unanimously approved a zero budget for Fiscal Year 2022. While this follows <br />previous practices for the EDA, staff had proposed several potential expenditures be included in <br />the EDA operating budget for 2022. If the EDA wishes to include these potential expenditures <br />in the 2022 budget, the City Council will need to temporarily adjourn and convene as the <br />Economic Development Authority in order to readopt the 2022 EDA budget. <br />In December, the Council approved the 2022 Operating Budget. The Operating Budget included <br />an EDA Budget with $65,000 in expenditures. The expenditures included up to $20,000 for a <br />proposed housing study, up to $10,000 for Retail Trade Analysis or other market study, and up <br />to $5,000 for matching funds for participation in the University of Minnesota Resilient <br />Communities Program (RCP). These proposed expenditures were to be funded by a $100,000 <br />transfer from the Owasso/Woodlyn Capital Project Fund (474). Fund 474 was established with <br />a $350,000 transfer from the EDA Fund in 2013. The activities in Fund 474 have been <br />completed so the funds are no longer needed in Fund 474. <br />Budget included in 2022 Operating Budget: <br />2022 Economic Development Authority Budget: <br />Revenues = $100,000 <br />Expenditures = $65,000 <br />The other alternative is to leave the EDA Budget at zero. If the EDA chooses this option, the <br />budget will need to be amended each time an expenditure is authorized if the EDA decides to <br />move forward with a housing study, retail trade analysis, or the RCP Program. <br />RECOMMENDATION <br />Adopt the 2022 EDA Budget at $100,000 in revenues and $65,000 in expenditures.