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EDA told to prepare case as County budget review could threaten its continuation
Summary
Board members were advised the County Board is reviewing an $82 million budget and may evaluate whether to continue the EDA; staff noted RLF interest typically returns to the fund while administrative costs are about $34,000 per year.
Members were advised that, amid an $82 million County budget review, the County Board is closely reviewing functions including the Economic Development Authority and may consider whether to continue the EDA. Board members were encouraged to proactively prepare and deliver a report or presentation to the County Board to explain EDA operations and benefits.
Staff clarified that interest collected from loans is returned to the revolving loan fund (RLF) to raise principal available for lending, not directly to the county general fund, though interest on undispersed balances may go to the county's general fund depending on accounting. Staff also said annual staff costs for administering the RLF are about $34,000 per year. The board was advised to prepare materials that address cost-benefit considerations in advance of any County Board review.
