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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: EDA President Fischer and Economic Development Authority Commissioners <br /> <br />FROM: Chris Heineman, City Administrator <br /> <br />DATE: January 11, 2023 <br /> <br />RE: Adoption of EDA Budget for 2023 <br /> <br /> <br />ACTION REQUESTED <br />The EDA Board of Commissioners is asked to adopt the EDA budget for 2023 <br /> <br />BACKGROUND <br />The Economic Development Authority (EDA) has traditionally adopted a $0 operating budget <br />and has not levied taxes for day-to-day operations. As potential projects developed, staff had <br />recommended the use of the EDA Fund (Fund 105) on a case-by-case basis. Fund 105 currently <br />has an estimated ending fund balance for fiscal year 2022 of $746,950. <br /> <br />In 2022, staff recommended the inclusion of a modest budget of $30,000 to enable the EDA <br />Board of Commissioners to conduct a potential housing study or trade analysis if desired without <br />approving a budget amendment. The funds were not utilized in 2022, however staff once again <br />recommended a budget of $30,000 for fiscal year 2023. <br /> <br />The EDA operating budget for 2023 was adopted at the December 14th, 2022 council meeting as <br />part of the adoption of the City’s annual budget. The EDA is asked to take formal action to <br />approve the EDA Budget for 2023. <br /> <br /> <br />RECOMMENDED ACTION <br />City staff recommends approval of the EDA Budget in the amount of $30,000 for 2023. <br />