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Elk -�-� Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 6. <br /> Agenda Section Meeting Date Prepared by <br /> Item 6. September 3, 2013 Brian Beeman, Director of Economic <br /> Development <br /> Item Description Reviewed by <br /> 2014 HRA Budget and Resolution Establishing Jeremy Barnhart,Deputy Director Community <br /> HRA Levy Operations&Development <br /> Reviewed by <br /> Tim Simon, Finance Director <br /> Action Requested <br /> Review and approve the 2014 HRA Budget and attached Resolution establishing the HRA Tax Levy for <br /> collection in year 2014. <br /> Background/Discussion <br /> The Economic Development Division consists of two separate budgets including: <br /> • Economic Development Authority <br /> • Housing&Redevelopment Authority <br /> The HRA reviewed in detail the performance measures,goals, and budget for 2014 in a special budget <br /> workshop August 26, 2013. <br /> Revenues <br /> The budget proposes maintaining the general operating levy at 0.0144% of taxable market value in place <br /> since 2008. The State caps an HRA operating levy at 0.0185%. <br /> Revenues generated from the HRA tax levy for the 2014 budget are estimated based on a 2%increase in <br /> taxable market value. <br /> Other revenue sources include interest income. Total revenue budget is $244,650. <br /> Expenditures <br /> The proposed 2014 budget was developed with the goals and action steps outlined in the 2013-2016 <br /> Strategic Plan, the approved Downtown Plan, City Vision&Goals, and the branding implementation <br /> plan. <br /> Pt • E * ti Ir <br /> INA1UREI <br />