EDA 2023 BUDGETRICHFIELD ECONOMIC DEVELOPMENT AUTHORITY
2023 BUDGET
6700 PORTLAND AVENUE, RICHFIELD MINNESOTA 55423
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TABLE OF CONTENTS
Page No.
EDA Officials 4
Executive Director's Budget Message 5
General Fund:
Budget Summary - General Fund 10
General Fund - Summary by Division 11
General Fund Revenue 12
EDA Administration 13
Kids At Home 14
Transformation Loans 15
Budget Resolutions:
Resolution Approving Proposed 2023 Economic Development
Authority Budget and Certifying the 2023 Tax Levy. 17
Resolution Authorizing Revision of the 2022 Budget of the
Economic Development Authority of Richfield 18
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EDA COMMISSIONERS
MARY SUPPLE - PRESIDENT
COMMISSIONER - GORDON HANSON COMMISSIONER - LEE OHNESORGE
COMMISSIONER - ERIN VRIEZE DANIELS COMMISSIONER - MARIA REGAN GONZALEZ
ADMINISTRATIVE STAFF
KUMUD VERMA - TREASURER/ FINANCE MANAGER
MELISSA POEHLMAN - EXECUTIVE DIRECTOR/COMMUNITY DEVELOPMENT DIRECTOR
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Community Development Department
Economic Development Authority
6700 PORTLAND AVENUE, RICHFIELD, MINNESOTA 55423-2599 Phone: 612.861.9760 FAX: 612.861.8974
www.richfieldmn.gov AN EQUAL OPPORTUNITY EMPLOYER
MAYOR
MARIA REGAN
GONZALEZ
CITY COUNCIL
SEAN HAYFORD OLEARY
MARY SUPPLE
SIMON TRAUTMANN
BEN WHALEN
CITY MANAGER
KATIE RODRIGUEZ
August 15, 2022
Economic Development Authority Commissioners City of Richfield
Dear Commissioners:
In accordance with the bylaws of the Richfield Economic Development Authority (EDA), the EDA budget for January 1, 2023 to December 31, 2023 is submitted. A meeting on the proposed EDA budget will be held on August 15, 2022 at 7:00 p.m.
Pursuant to State law, the EDA must certify the 2022 budget and the revenue required to be raised by an ad valorem property tax levy to the Hennepin County Auditor. The deadline for certification is December 28, 2022. A proposed 2023 tax levy must be submitted to the County Auditor on or before September 30, 2022. Any amendments to the proposed budget, which would increase the property tax levy, must be made prior to September 30, 2022 proposed levy certification deadline. No increases in the tax levy are permissible after that date, only reductions. Final certification of the EDA tax levy is part of the City’s budget process.
The resolution to certify the 2023 budget and tax levy has been prepared based on the proposed budget. This resolution and a resolution revising the 2022 budget are located in the last section of this budget document. The proposed 2023 budget for the EDA consist of the following funds or programs:
•$131,000 in funding to the Transformation Loan program. This programprovides a 15% forgivable loan for large-scale remodeling programs (valued at$50,000 or more) up to a maximum of $25,000 per household. It is estimatedthat this program will assist five to seven Richfield families make majorimprovements in their homes in 2023. Funding for 2022 has been revised toaccount for monies that were committed, but were not paid out in 2021, asprojects were not yet complete.
•$100,000 in funding for the Apartment Remodeling program which providesforgivable loans for the rehabilitation of existing affordable housing located inmulti-family buildings. This program requires a dollar for dollar match bybuilding owners.
•$86,500 for Business Development Activities, including the Small BusinessRevolving Loan Fund, the Displaced Business Grant and the Energy EfficientBusiness Grant in 2023. The 2022 funding for the Small Business RevolvingLoan Program has been eliminated while we work to hire an EconomicDevelopment Coordinator to focus on the creation of this program.
•The EDA will also fund participation in the Open to Business program,membership in the Richfield Chamber of Commerce and the EconomicDevelopment Association of Minnesota.
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•The EDA provides $102,710 in 2022 for staff costs to administer all of itsprograms and $114,100 in 2023. This includes a new EconomicDevelopment Coordinator position.
•$138,300 is budgeted for the Kids@Home Program, the EDA’s award-winningrent assistance program that provides shallow rent subsidies and supportiveservices to families with children in a Richfield school. The program willprovide housing stability to 20 and 25 families in 2022 and 2023.
Respectfully submitted,
Melissa Poehlman Executive Director
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GENERAL FUND
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BUDGET SUMMARY - GENERAL FUND
2021 2022 2023AVAILABLE FOR APPROPRIATION Actual Budget Revised Budget
FUND BALANCE - JANUARY 1 621,847$ 589,247$ 792,458$ 806,298$
Revenues: Taxes: Current 536,357 551,250 551,250 567,790 Total Taxes 536,357 551,250 551,250 567,790
Intergovernmental - - - - Miscellaneous Revenues:
Interest 660 250 - - Other Miscellaneous Revenues 2,100 12,100 14,930 17,100
Total Miscellaneous Revenues 2,760 12,350 14,930 17,100
Total Revenues 539,117 563,600 566,180 584,890
Expenditures: Personal Services 67,764 71,020 102,710 114,100 Other Services and Charges 300,742 479,640 449,630 470,790
Total Expenditures 368,506 550,660 552,340 584,890
Excess (Deficiency) of Revenues Over Expenditures 170,611 12,940 13,840 -
FUND BALANCE - DECEMBER 31 792,458$ 602,187$ 806,298$ 806,298$
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DEPARTMENT SUMMARY BY BUSINESS UNIT
BUSINESS UNIT BUDGET
2023
REVISED
2022
BUDGET
2022
ACTUAL
2021
EDA GENERAL FUNDFUND:
Community DevelopmentDEPARTMENT:
Increase/
(Decrease)
2022 Budget/
2023 Budget
197,344 283,190 247,080 315,590EDA General Fund $$$$11.44%99600
104,014 136,470 113,000 138,300Kids @ Home 1.34%99601
67,148 131,000 192,260 131,000Transformation Loans 0.00%99602
550,660 552,340 584,890368,506Community Development TOTAL $$$$6.22%
REVENUES
539,117 563,600 566,180 584,890EDA General Fund $$$$3.78%99600
YEAR AMOUNT
2021 $368,506
2022 $550,660
2022R $552,340
2023 $584,890
$0
$200,000
$400,000
$600,000
$800,000
2021 2022 2022R 2023
E
X
P
E
N
D
I
T
U
R
E
S
YEAR
EDA GENERAL FUND
EXPENDITURES
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EDA GENERAL FUNDFUND:
DETAIL REVENUES BY BUSINESS UNIT
CLASSIFICATIONS
Community DevelopmentDEPARTMENT:
BUDGET
2023
REVISED
2022
BUDGET
2022
ACTUAL
2021
EDA General Fund - 99600BUSINESS UNIT:
Taxes
4005 452,042 551,250 551,250 567,790Current$$$$
4010 (378)-- - Delinquent
4025 84,693 -- - Fiscal Disparities
551,250 551,250 567,790536,357TaxesTotal$$$$
Miscellaneous Revenues
4607 7,030 250 -- Investment Earnings $$$$
4609 (6,370)- - - Change in Fair Value
4644 2,100 2,100 2,700 2,100Other Miscellaneous Revenues
4648 -10,000 12,230 15,000Loan Repayment Revenue
12,350 14,930 17,1002,760Miscellaneous Revenues Total $$$$
EDA General Fund TOTAL 563,600 566,180 584,890539,117$$$$
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DETAIL EXPENDITURES BY BUSINESS UNIT
CLASSIFICATIONS BUDGET
2023
REVISED
2022
BUDGET
2022
ACTUAL
2021
EDA GENERAL FUNDFUND:
Community DevelopmentDEPARTMENT:
EDA General Fund - 99600BUSINESS UNIT:
Personal Services
6051 67,764 71,020 102,710 114,100Interdepartmental Labor $$$$
71,020 102,710 114,10067,764Personal Services Total $$ $$
Other Services & Charges
6103 6,616 13,650 13,650 12,970Professional Services -General $$$$
6301 302 930 930 930Advertising & Publication
6305 - 640 640 640Subscriptions & Memberships
6403 - 450 450 450Postage
6511 122,662 196,500 128,700 186,500Rehab Loan Program
212,170 144,370 201,490129,580Other Services & Charges Total $$ $$
283,190 247,080 315,590197,344EDA General Fund TOTAL $$ $$
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DETAIL EXPENDITURES BY BUSINESS UNIT
CLASSIFICATIONS BUDGET
2023
REVISED
2022
BUDGET
2022
ACTUAL
2021
EDA GENERAL FUNDFUND:
Community DevelopmentDEPARTMENT:
Kids @ Home - 99601BUSINESS UNIT:
Other Services & Charges
6103 10,600 10,900 10,900 11,200Professional Services -General $$$$
6403 85 70 100 100Postage
6414 204 500 2,000 2,000Other Supplies
6504 93,125 125,000 100,000 125,000Kids@Home Payments
136,470 113,000 138,300104,014Other Services & Charges Total $$ $$
136,470 113,000 138,300104,014Kids @ Home TOTAL $$ $$
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DETAIL EXPENDITURES BY BUSINESS UNIT
CLASSIFICATIONS BUDGET
2023
REVISED
2022
BUDGET
2022
ACTUAL
2021
EDA GENERAL FUNDFUND:
Community DevelopmentDEPARTMENT:
Transformation Loans - 99602BUSINESS UNIT:
Other Services & Charges
6103 433 1,000 1,000 1,000Professional Services -General $$$$
6511 66,715 130,000 191,260 130,000Rehab Loan Program
131,000 192,260 131,00067,148Other Services & Charges Total $$ $$
131,000 192,260 131,00067,148Transformation Loans TOTAL $$ $$
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RESOLUTIONS
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EDA RESOLUTION NO.
RESOLUTION APPROVING PROPOSED 2023 ECONOMIC DEVELOPMENT
AUTHORITY BUDGET AND CERTIFYING THE 2023 TAX LEVY
BE IT RESOLVED by the Housing and Redevelopment Authority of the City of
Richfield, Minnesota as follows:
Section 1. The budget for the Economic Development Authority
General Fund of Richfield for the year 2023 in the amount of
$584,890 is hereby ratified.
Section 2. The estimated gross revenue of the Economic Development
Authority General Fund of Richfield from all sources, including
general ad valorem tax levies as hereinafter set forth for the year
2022, and as the same are more fully detailed in the Executive
Director’s official copy of the budget for the year 2023, in the
amount of $584,890 is hereby approved.
Section 3. There is hereby levied upon all taxable property in the City of
Richfield an ad valorem tax in 2022, payable in 2023 for the
following purposes:
Economic Development Authority $579,096
Section 4. A certified copy of this resolution shall be transmitted to the County
Auditor.
Adopted by the Economic Development Authority in and for the City of Richfield,
Minnesota this 15th day of August, 2022.
Mary B. Supple, President
ATTEST:
Melissa Poehlman, Executive Director
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EDA RESOLUTION NO.
RESOLUTION AUTHORIZING REVISION OF THE 2022 BUDGET OF THE
ECONOMIC DEVELOPMENT AUTHORITY OF RICHFIELD
WHEREAS, Resolution No. 33 appropriated funds for personal services and other
expenses for the Economic Development Authority for the year 2022, and
WHEREAS, The Executive Director has requested a revision of the 2022 budget as
detailed in the 2023 budget document.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority
of Richfield, Minnesota as follows:
Section 1. That the 2022 appropriation for the Economic Development Authority
General Fund is revised as follows:
$1,680 increase
Section 2. Estimated 2022 gross revenue of the Economic Development
Authority General Fund from all sources, as the same is more fully
detailed in the Executive Director’s official copy of the 2023 budget
document, are hereby revised as follows:
$2,580 increase
Section 3. That the Executive Director bring into effect the provisions of this
resolution.
Adopted by the Economic Development Authority in and for the City of Richfield,
Minnesota this 15th day of August, 2022.
Mary B. Supple, President
ATTEST:
Melissa Poehlman, Executive Director
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