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HomeMy WebLinkAbout1993-04-20; City Council; 12187; ESTABLISHING AN ECONOMIC DEVELOPMENT ACCOUNT AND APPROPRIATING FUNDSKa "r ., ESTABLISHING AN ECONOMIC DEVELOPMENT ACCOUNT AND APPROPRIATING FUNDS I I I r- RECOMMENDED ACTION: Adopt Resolution No. 53-1'4 establishing the Economic Development account within the Community Development Department and appropriating funds. I ITEM EXPLANATION: 2 ar r30 a. 4 One of the Council's major goals for 1993 is to be proactive in the creation of opportunities for economic development in the City of Carlsbad. The Council's goal financial viability of the City. Although the Council has encouraged the development of important improvements to Carlsbad's economic base in the past, this emphasis on future opportunities allows the City to play a more visible role in the economic development process. On March 17, 1993 the Council directed staff to formally begin work on the first strategic plan developed under this new goal. This effort is aimed at creating an economic development plan for the Carlsbad Ranch project which will ensure that the resulting development : 1) Is compatible with the City's policies and fiscal objectives. 2) Provides both tangible and intangible benefits to the City, 3) And has had adequate staff dedicated to the project to ensure that the public has been involved and informed, that applications are processed in a timely manner, and that the City has taken advantage of the economic tools available to attract and retain target industries, was developed in recognition of the importance of economic growth to the future In the agenda bill presented on March 17, staff indicated that the general economic development effort would have a cost associated with it in both staff time and expenditure of funds for related services. No budget was established for the program at that time, however staff indicated that a follow up agenda bill would address the question of establishing a budget for these services. At this time staff is recommending the establishment of an Economic Development account within the Communrty Development Department to account for the costs related to all economic development activities. This account would have an initial appropriation of $50,000 in 1992-93, with any unexpended funds being carried over into 1993-94 to continue the program. z 0 F 0 a d Staff has identified a total of $28,000 which can be made available and transferred into this account from savings in other general fund departments. Therefore, the Council is being asked to appropriate an additional $22,000 to bring the total account balance up to the recommended $50,000. 2 3 8 I .\. a Page Two of Agenda Bill No. /a, 183 The Economic Development Account would fund a variety of activities related to a broad range of services. Some examples of these activities are shown below: - Arranging a Bio-Tech Industry tour and event to showcase the City of Carlsbad industrial parks to the high-tech/bio-tech industry, - Funding a wide range of consulting services related to identifying and attracting target industries. - Supporting the Carlsbad Ranch economic development strategy efforts including special services, travel, presentation supplies, meeting expenses Membership in the San Diego Economic Development Council to support Carlsbad’s search for desirable industries. target industries. - Information brochures highlighting the City of Carlsbad’s interest in The attached resolution will create the Economic Development Account, appropriate $22,000 into this account to bring the total to $50,000, authorize the Council and/or staff to travel out of state as required by these economic development efforts, and authorize the carry over of any unexpended funds in this account as of June 30, 1993 into fiscal year 1993-94. Travel related to economic development efforts may include visits to corporate headquarters, on-site visits to facilities constructed by companies proposing to locate in Carlsbad, meetings with legislators, and other similar travel. In the case of the Carlsbad Ranch project, Council and/or staff may visit sites both in this Country and in Denmark to evaluate the type of project being proposed for Carlsbad. FISCAL IMPACT: Staff is recommending the creation of the Economic Development Account to allow the City to track the costs related to pursuing and retaining target industries. Without this account costs related to these efforts would be spread throughout the budget making it difficult to report to the Council on the use of City funds in support of these efforts. The initial appropriation of $50,000 will allow the staff to begin working on the programs outlined above this fiscal year, Any funds not expended this year will be carried over into 1993-94 for expenditure in the future. Staff will return to Council as necessary to request additional funding for specific projects that may exceed the amount of funds available. Appropriation of $50,000 represents the sum of two sources of funding. The first source is savings available in other general fund accounts. The use of these savings in this program will not reduce any existing program or service level. The second source of funds is the appropriation of $22,000 from the General Fund Balance, Council may use these funds as necessary to finance the operations of the City. Staff typically recommends that the Council limit the use of the General Fund Balance to one-tine and non-recurring costs. The funding of the Economic Development Account is seen as a controllable non-recurring expenditure since the use of these funds for economic development efforts will be on a case by case basis. EXHIBITS: 1. Resolution No.93-ll3 Establishing the Economic Development Account. ‘I I - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 e .m RESOLUTION NO. 93-113 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, ESTABLISHING THE ECONOMIC DEVELOPMENT ACCOUNT, AND AUTHORIZING THE APPROPRIATION AND EXPENDITURE OF FUNDS WHEREAS, the City Council of the City of Carlsbad has established goals and objectives for the Ci that direct the efforts of the City staff; and WHEREAS, the City Council’s Goals and Objectives include provisions for achieving economic growth and stability for the community through proactive efforts to attract target industries to the City of Carlsbad that will provide a strong economic base; and WHEREAS, the City staff has proceeded as directed by the City Council with the creation of a specific economic development strategy for’the Carlsbad Ranch Project; and WHEREAS, the carrying out of the economic development portion of the Council’s Goals and Objectives will require the expenditure of funds for services, travel, and supplies not currently funded by the existing general fund budget. NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of Carlsbad, California, as follows: 1. That the above recitations are true and correct. 2. That the Economic Development Account is hereby created as part of the Community Development Department General Fund budget. 3. That the amount of $22,OOO is hereby appropriated from the General fund Balance into the Economic Development Account, and is hereby combined with other funds transferred into this account from savings in general fund departments ’ bringing the total balance to $5O,OOO. ~ I .. . e m I. 1\ 4. That the City Council and/or City staff are hereby authorized to travel 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 as necessary outside the state of California when carrying out business related to Economic Development. 5. That any balance in the Economic Development Account remaining at the end of a fiscal year 1992-93 is to be carried over and appropriated as part of the 1993-94 General Fund budget. PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the City of Carlsbad, California, on the 20th day of APRIL , 1993, by the following vote, to wit: AYES: Council Members Lewis, Stanton, Kulchin NOES: None ABSENT: Council Members Nygaard, Finnila ATTEST: .. (SEAL)