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EDA asks staff for wage data as it weighs 2027 budget, reserve uses
Summary
The Forest Lake EDA reviewed a 2027 budget proposal that makes no staffing increases, reports a fund balance of just under $430,000 and year-to-date spending of about 34%, and directed staff to return with wage information from finance before finalizing a recommended resolution.
The Forest Lake Economic Development Authority spent an extended portion of its meeting reviewing the proposed 2027 budget and the status of the EDA fund.
Abby (EDA staff) presented the draft guidance: staff is not proposing any EDA staffing increases for 2027; the draft focuses on operations, contracted services, planning and program funds. She told the authority that year-to-date spending is roughly 34% and the EDA fund balance is "about $430,000." Program funds are composed primarily of the EDAforgivable loan program. Abby said anything unspent in 2026 will roll into the EDA reserve fund.
Members asked for additional context on levy and wage impacts. Julian (finance staff) provided high-level numbers from the city's 10-year financial plan, saying staff had earlier modeled a preliminary 9.4% levy increase for 2027 and a preliminary tax-rate figure near "46.437%" as an early scenario. Commissioners expressed interest in seeing wage and salary projections from finance so they can consider reducing discretionary planning line items (about $20,000 proposed) or using reserve funds to limit levy pressure.
Next steps and direction: the EDA directed staff to return in July with wage information from the city's finance team and asked staff to prepare a resolution for the EDA to consider at the next meeting (staff will include wage numbers and the same draft figures unless changed by the authority). Staff also noted that the EDA fund is a separate reserve account but rolls up to the city's general fund for levy purposes and that unspent program reimbursements (for example, incomplete forgivable-loan reimbursements) will be expended in future program years as projects finish and request reimbursement.
Clarifying details and context - EDA fund balance: "about $430,000" (staff reported). - Year-to-date spending: ~34% of the 2026 budget. - Program funds: exclusively the forgivable loan program (as stated by staff). - Budget timing: staff budgets are due by June 30; preliminary levy adoption is in September with final adoption in December.
Ending: Staff will return with wage detail from finance and an EDA resolution for consideration at the next meeting so commissioners can decide whether to adjust planning funds or recommend reserve use to mitigate levy increases.
