Housing and Redevelopment Authority Packet - September 2, 2025

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The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity Request for Action To Housing and Redevelopment Authority Item Number 6.4 Meeting Date September 2, 2025 Prepared By Brent O'Neil, Economic Development Director Item Description 2026 Budget Approval and Levy Recommendation Reviewed by Lori Stich Action Requested Approve, by motion, Resolution 25-03 adopting the 2026 HRA budget and recommending $469,450 be included in the Preliminary Levy. Background/Discussion Following feedback from the board at its August workshop, no changes have been made to the general expense side of the budget since that meeting with two exceptions: Paid Family Medical Leave and the annual transfer to the EDA have been added to the budget at a total of $5,000. This brings the total expense budget to $509,450. Compared to the 2025 budget of $444,950, the majority of the increase is through the addition of $50,000 in the Capital Outlay (land/project) tier. Based on strong interest income year-to-date, the interest income projection for 2026 has been increased to $40,000. This compares to $25,000 proposed at the budget workshop and to the 2025 budgeted income of $5,000. This increase helps minimize the impacts to the levy, with $469,450 being the proposed 2026 levy amount, an increase of $29,500 over last year. Upon approval, the budget will be adopted and the levy request will be sent to the city council for inclusion in the Preliminary Levy in September. Financial Impact The 2026 budget is $509,450, with a proposed levy of $469,450 Mission/Policy/Goal The HRA adopts its annual budget in September each year. Attachments 1. Resolution 2026 Budget Levy 2. 2026 Revenues and Expenditures 3. Measures and Goals Worksheet Page 62 of 65