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Draft 2026 EDA budget shows $101,000 levy and limited room for new initiatives
Summary
EDA presenter Dan told members the draft 2026 levy is $101,000 (statutory cap about $133,000) and the EDA’s budget (~$113,000) is dominated by debt and property-hold costs, leaving little capacity for new programs without additional revenue or transfers.
Dan, the EDA presenter, opened the discussion by saying the draft 2026 EDA levy is $101,000 and the total 2026 budget is roughly $113,000, including some rent revenue. "If you want to know what an organization is, take a look at their budget," he said, arguing the budget itself shows the authority’s priorities.
Dan broke the EDA budget into four buckets: wages (~$29,000), operations (~$21,000), debt service (the largest category), and property-hold costs. He noted the draft removes downtown design and planning services to balance the ledger and that the statutory cap on the EDA levy is roughly $133,000 based on market value calculations. Dan said the current approach—leaving most revenues in property-related obligations—means the EDA can fund few one-time studies or new initiatives without raising the levy or shifting debt service to the general fund.
Members flagged next steps ahead of the July 29 joint EDA–council meeting where the city attorney will explain the legal differences between council and EDA authorities. Dan said the joint meeting will be used to align both bodies before any listing or major sales proceed.
