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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />Housing and Redevelopment Authority <br />Item Number <br />6.2 <br /> <br />Meeting Date <br />September 3, 2024 <br />Prepared By <br />Brent O'Neil, Economic Development Director <br /> <br />Item Description <br />2025 Budget Adoption and Levy Recommendation <br />Reviewed by <br />Cal Portner <br /> <br />Action Requested <br />Approve, by motion, the 2025 HRA budget and goals, and recommend to the City Council that $439,950 be <br />included in the Preliminary Levy. <br /> <br />Background/Discussion <br />The proposed 2025 budget is very similar to the baseline budget for 2024, with similar activities and expenses <br />anticipated. The total proposed expenditures decrease slightly from $445,100 to $444,950, a year-over-year <br />reduction of $150. The proposed levy would also decrease by the same amount, going from $440,100 to <br />$439,950 in 2025. Of note, the budget and levy continue to allocate $200,000 for current or future property <br />acquisition. <br /> <br />The goals and performance measures are largely the same year-to-year as well. <br /> <br />Financial Impact <br />Adoption of the budget sets the 2025 expenditures at $444,950. <br /> <br />Mission/Policy/Goal <br />HRA bylaws state the budget be presented to the HRA annually for adoption prior to Council adoption of the <br />Preliminary Levy each September. <br /> <br />Attachments <br />1. 2025 HRA Proposed Budget and Goals <br /> <br /> <br />Page 27 of 32