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7.0. HRSR 08-02-2004
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7.0. HRSR 08-02-2004
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City Government
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HRSR
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8/2/2004
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ITEM # 7. <br /> • do/ <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: August 2, 2004 <br /> SUBJECT: Consider Year 2005 Budget and Resolution Regarding HRA Levy <br /> Attachments <br /> • Budget worksheet—HRA Projected Revenue&Expenses <br /> • Resolution establishing the HRA tax levy for collection in year 2005 <br /> • Summary <br /> The Economic Development Department consists of two separate budgets including: <br /> • Economic Development Authority <br /> • Housing&Redevelopment Authority <br /> In the past the City General Fund supported 20% of the personal service expenses. Starting <br /> in 2003 the EDA and HRA levies have been feasible to balance the Economic Development <br /> Department without General Fund revenues. HRA revenues are estimated at 10%growth <br /> in market value for year 2005. In addition, 2004 revenues include a transfer in from TIF <br /> District 16 in the amount of$42,000 to repay the HRA for eligible expenditures related to <br /> the King&Main TIF project. <br /> In 2004 the Personal Services costs (salaries and benefits) were adjusted from 70/30 percent <br /> EDA and HRA respectively, to 60/40 percent. <br /> Other common administrative expenses are proposed to be shared by the EDA and the <br /> HRA. As in previous years, the HRA would make a one time transfer to the EDA in the <br /> amount of$3,500 to cover approximately 37% of the shared expenses. The shared expenses <br /> include the following line items: <br /> • Office supplies $2,000 <br /> • Fuels $ 150 <br /> • Telephone $ 200 <br /> • • Travel, conference& schools $5,600 <br /> • Dues and subscriptions $1,400 <br /> F:\SHRDOC\EDA\HRA\AGENDA\Year2004\05BUDGET.DOC <br />
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