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<br />Budget Notes <br />EDC <br />2003-2004 Proposed Budget <br /> <br />A. <br /> <br />B. <br /> <br />C. <br /> <br />D. <br />E. <br /> <br />F. <br /> <br />G. <br />H. <br /> <br />1. <br />J. <br /> <br />The City's contnoution to the EDC has been reduced :trom $175,000 this fiscal <br />year to $160,510 in 2003-2004, approximately 8.3%. <br />The County reduced all economic development anq social service budget <br />contributions 5% across the board. <br />This figure has been adjusted to reflect the interest income anticipated trom the <br />CD account. <br />The total income has been reduced to reflect the reductions shown. <br />This reflects no proposed increase in salaries. Salary increases are based on <br />perforrnanceand availability offun<fing, and decreases in income necessitate <br />holding the line. The change in full-time EDC employees accounts for the <br />decrease in salaries. <br />This number has been budgeted with the assumption that the entire amount <br />budgeted in salaries will be rn;ed. <br />The. actual increase for insurance premiums was 17% across the board. <br />This figure has beenadjusted to reflect the change inEDC employees with little <br />eligibility this fiscal year. <br />The total administration costs have decreased by 8.6% for reasons noted above. <br />This number has been adjusted to reflect the rising costs of heating and cooling. <br />TheEDC payS 28% of the Utility costs to operate the building at 202 N.. C.M. <br />Parkway. <br />According to our insurance representative, the maximum anticipated increase-in <br />building IDsurance premiums is 25%, which includes the increases for last year as <br />well as this year. <br />This item has been reduced by $350 or 41.18%. <br />This year, staff made a number of phone calls to schedule appointments for the <br />marketing trips. Some of this will be included in marketing expenses this coming <br />year. <br />Travel expenses have been reduced by $1,100 or 19.64%. This amount will cover <br />the anticipated travel needs. <br />This item has been reduced by $1,500 or 42.86%. It is anticipated that this <br />amount can cover most of the anticipated traffiing needs. This line item will be <br />kept to a minimum due to budget constraints. <br />In order to take advantage of the anticipated economic recovery, and the potential <br />of an additional trip, this item has been increased by $1,000 or 2.04%. <br />The total expenses are decreased by $10,450, or 4.5%. <br />This budget has expenses exceeding income by $8,074. It is generally <br />recommended that a non-profit maintain a reserve balance of 3-6 months. The <br />EDC currently has enough reserve funds to cover the budgeted shortfall and to <br />capitalize on the anticipated opportunities. <br /> <br />K. <br /> <br />L. <br />M. <br /> <br />N. <br /> <br />o. <br /> <br />P. <br /> <br />Q. <br />R <br /> <br />PAGE 2 of 2 of <br />EXHIBIT B <br />