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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 />8.1 <br /> <br />Meeting Date <br />August 5, 2024 <br />Prepared By <br />Brent O'Neil, Economic Development Director <br /> <br />Item Description <br />Workshop for 2025 Budget <br />Reviewed by <br /> <br />Action Requested <br />Item presented for information and discussion purposes. <br /> <br />Background/Discussion <br />Staff has prepared a proposed budget for fiscal year 2025. The draft largely reflects a carry forward of 2024 <br />line items and similar projected expenditures for each. Goals and performance measures are largely the same <br />as well. Staff is looking for feedback on the budget ahead of internal review and presentation to the board for <br />adoption in September. The adopted budget would be presented to the City Council thereafter for inclusion <br />in the preliminary levy. A couple points of anticipated discussion will center on funding for property <br />acquisition as well as for the rehabilitation loan program. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Per bylaws, the HRA holds a budget workshop prior to adopting its annual budget. <br /> <br />Attachments <br />1. HRA first draft budget 2025 <br /> <br /> <br />Page 43 of 46