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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 />Request for Action <br /> <br />To <br />Housing and Redevelopment Authority <br />Item Number <br />8.1 <br /> <br />Meeting Date <br />August 4, 2025 <br />Prepared By <br />Brent O'Neil, Economic Development Director <br /> <br />Item Description <br />2026 Budget Workshop <br />Reviewed by <br />Cal Portner <br /> <br />Action Requested <br />Provide feedback on the proposed 2026 HRA budget. <br /> <br /> <br />Background/Discussion <br />After internal development and review, staff has drafted a 2026 budget of $504,450. This compares to <br />$444,950 for 2025. On the revenue side, we expect considerably higher interest income, due in large part to <br />the shifting of cash to a higher-yield fund in 2024. This higher interest income would minimize impact to the <br />levy from 2025 to 2026. <br /> <br />Year-over-year, nearly all items remained flat or saw minimal adjustments. We continue to carry a budget <br />item of $200,000 to grow the HRA's fund balance in anticipation of an opportune property acquisition. This <br />year, a $50,000 line item has also been added to anticipate future expenses the HRA may undertake for <br />improvement projects. <br /> <br />Following input from the board, we will finalize the budget for approval at the September meeting, ahead of <br />forwarding to the City Council for inclusion in the Preliminary Levy, also in September. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Support quality housing and targeting redevelopment in Elk River. <br /> <br />Attachments <br />1. HRA Measures and Goals Worksheet 2026 <br />2. 2026 HRA Draft Budget <br /> <br /> <br />Page 61 of 63