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Item No. 6B <br />Meeting Date: August 24th, 2000 <br />Type of Business: EB <br />EB: EDC Business <br />IN: Informational Item <br />City of Mounds View Staff Re <br />To: Economic Development Commission <br />From: Aaron Parrish, Economic Development Coordinator <br />Item Title/Subject: Pooled Funds / EDA Special Revenue Fund Budgetary Recommendations <br />Date of Report: August 16, 2000 <br />Background: <br />The recently adopted TIF Policy requires the following: <br />"To more effectively utilize pooled increment, the Economic Development Commission will recommend <br />funding priorities to the Economic Development Authority. This will be done in conjunction with the annual <br />budgetary process." <br />Accordingly, it is necessary for the EDC to review and/or recommend budgetary priorities to the EDA. A <br />2001 Budget Summary and Detail for the EDA Special Revenue Fund has been included foryour review. <br />Aside from bond payments, pay-as-you-go obligations, and staffing expenditures all of which are relatively <br />fixed, there are some allocations that are discretionary in nature. These expenditures are primarily related <br />to capital outlays. For discussion purposes, the following discretionary expenditures have been proposed <br />for 2001: <br />As existing bond and pay-as-you-go obligations are paid off, it is anticipated that the level of discretionary <br />expenditures will increase. To make effective use of scarce resources, it is anticipated that a long-term <br />TIF financial plan and Economic Development Plan will be developed in the near future. <br />Necessary Actions: <br />Evaluate and Recommend Budgetary Priorities for Pooled TIF Funds <br />Aaron Parrish, Economic Development Coordinator <br />(763) 717-4029 <br />N:\DATA\GROUPS\ECONDEV\EDC\Staff Repor1s\Staff00\08-6B.dcc <br />