Laserfiche WebLink
Major Changes <br /> Direction from the budget workshop included the following changes: <br /> At the July 6, 2015,HRA budget workshop,it was decided to increase the levy from the previous rate <br /> (.01440%) to a balanced rate of(.1512%) to reduce drawing down on the reserves for the 2016 budget <br /> and allow funding new revolving loan programs out of reserves. <br /> Direction from the commission included leaving the$50,000 for the Small Cities Development Program <br /> (SCDP) in the 2016 budget as a placeholder in the event that the SCDP grant is not received in 2015. <br /> Additionally, the commission discussed the overhaul of the EDA website to include an HRA component. <br /> This new component will allow residents and developers to keep updated on upcoming housing <br /> programs,new policies and development projects. <br /> Any non-spent funds remaining at the end of the year stay in the HRA fund for future housing and <br /> redevelopment purposes/projects. If a non-budget item comes up in 2016 we can use the fund balance <br /> and make a budget amendment. <br /> As of July 30,2015, the HRA has a fund balance available for Housing and Redevelopment purposes of <br /> approximately$1 million. <br /> Financial Impact <br /> The expenditure budget is $304,750. <br /> Attachments <br /> • Resolution Establishing the HRA Levy for Collection in Year 2016 <br /> • 2016 HRA Goals and Performance Measures (internal document used for budgeting process) <br /> • Proposed 2016 Budget Detail Spreadsheet <br /> • July 6, 2015 HRA Budget Workshop Packet <br /> N:\Departments\Community Development\Economic Development\HRA\Administrative\Agenda\2015\8-3-2015\x7.1 sr HRA budget and <br /> Levy.docx <br />