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<br />Memorandum <br /> <br />To: <br />From: <br />Date: <br />RE: <br /> <br />Louisvillc Rcvitalization Commission <br />Bonnie Star. Economic Dcvclopmcnt Dircctor <br />August 10. 2009 <br />2010 LRC Budget - Discussion/Dircction/Action <br /> <br />Attached is a spreadsheet prepared by the Finance Director showing the proposed 2010 <br />LRC budget. 2010 revenues consist of property tax increment, anticipated to increase <br />slightly over 2009 collections. In addition, we obtain a small amount of interest eamings. <br />The balancc of needed revenues comes from a grant of other city funds. In 2009, funds <br />were transferred from the Wastewater Utility Fund. In 2010, we propose the transfer <br />comc from the same fund. <br /> <br />Expenses are minimal and include a portion of the Economic Development Director's <br />salary, $50.000 to cover the delaycd pedestrian corroder/underpass design study, and a <br />small amount for legal work. <br /> <br />Per thc cooperative agreement with the City Council, the LRC budget is to be forwarded <br />to the City Council by September 1 of each year for their rcview and approval. If so <br />approved, staffwill preparc a resolution for the LRC to consider at a public hearing at our <br />regular meeting in September. <br /> <br />VII-2 <br />