5. HRSR 08-13-2012 - Laserfiche WebLink

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City of Elk REQUEST FOR ACTION River To Item Number Housing&Redevelopment Authority 5. Agenda Section Meeting Date Prepared by August 13,2012 Annie Deckert,Director of Economic Development Item Description Reviewed by Consider Year 2013 HRA Budget and Resolution Regarding Tim Simon, Finance Director HRA Levy Reviewed by Cal Portner, City Administrator Action Requested Staff recommends the HRA review and approves the Year 2013 HRA Budget as presented and approve the attached Resolution Establishing the HRA Tax Levy for Collection in Year 2013. Following the HRA's action, the City Council must approve and certify the HRA levy to Sherburne County in September. Background/Discussion The Economic Development Division consists of two separate budgets including: • Economic Development Authority • Housing&Redevelopment Authority Revenues Since 2003, HRA levy has been sufficient to HRA without using City General Fund revenues. In 2008, the HRA acted to maintain the general operating levy at 0.0144% of taxable market value, despite a statutory increase allowing HRA's to levy a maximum of 0.0185%. The attached Budget Worksheet has been prepared using the 0.0144%levy as in previous years. Revenues generated from the HRA tax levy for 2013 budget purposes are estimated based on a 10% decrease in taxable market value. Updated information will be available from the County Assessor in September. Expenditures The proposed 2013 budget was developed with the goals and action steps outlined in the 2009-2012 Strategic Plan, City Vision& Goals, and the branding implementation plan.The EDA and HRA will work to devise the 2013-2016 Strategic Plan at a meeting later this year. Any major budget changes deviating from the proposed 2013 budget will be brought forth in front of the HRA for consideration. Personnel Services In the 2009-2012 Strategic Plan, the EDA, HRA and Council identified rehab and redevelopment as a priority which included the following strategies: monitor inventory of housing stock to identify gaps, identify potential areas for revitalization and examine available tools, and determine roles to initiate necessary changes. The completion of the housing study will help to do these things, however staff s current workload poses a challenge to move forward with these strategies. With the addition of the brand 2013 HRA Budget Action Requested