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Staff Report <br />To:EDA President Fischer and Officers of the Economic Development Authority <br />From:Bryce Sheeran, City Administrator <br />Ben Harrington, AICP, Community Development Director <br />Date:February 25, 2026 <br />Re:Adoption of 2026 Economic Development Authority Budget <br />Actions To Be Considered <br />To adopt/not adopt: <br />Economic Development Authority budget for 2026. <br />Background <br />The Economic Development Authority (EDA) does not levy taxes for day-to-day operations. <br />Beginning in 2022, the EDA established an annual operating budget of $30,000 to allow expenditures <br />for EDA-related activities without requiring a separate budget amendment for each individual expense. <br />While these funds are not expended every year, staff anticipate use of the $30,000 allocation to support <br />EDA activities in 2026. <br />The Little Canada Economic Development Fund (Fund 105) currently has a balance of $238,219.40, <br />which includes the $30,000 budgeted for EDA operations in 2026. <br />The EDA operating budget for 2026 was adopted by the City Council on December 3, 2025, as part of <br />the City’s annual budget adoption. Formal action by the EDA is required to approve the EDA budget <br />for the 2026 calendar year. <br />Recommendation <br />City staff recommend approval of the EDA budget in the amount of $30,000 for 2026.