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STAFF REPORT <br />TO:EDA President Fischer and Officers of the Economic Development Authority <br />FROM:Chris Heineman, City Administrator <br />DATE:January 11, 2023 <br />RE:Adoption of 2024 Economic Development Authority Budget <br />ACTION TO BE CONSIDERED <br />Adopt the Economic Development Authority budget for 2024. <br />BACKGROUND <br />The Economic Development Authority (EDA) has not levied taxes for day-to-day operations but <br />began budgeting $30,000 in 2022 to enable the EDA to spend funds on specific items, such as <br />the upcoming ULI Technical Advisory Panel, without needing to approve a budget amendment <br />for each expense. These funds are not always used, but staff recommends continuing to budget <br />at least this modest amount each year. <br />The EDA operating budget for 2024 was adopted at the November 29, 2023 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 2024. <br />RECOMMENDATION <br />City staff recommends approval of the EDA budget in the amount of $30,000 for 2024.