3. HRSR 07-07-2014 - Laserfiche WebLink

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ty`-: Elk -- Request for Action �= liver To Item Number Housing and Redevelopment Authority 3.0 Agenda Section Meeting Date Prepared by N/A _July 7, 2014 Brian Beeman, Director of Economic Development Item Description Reviewed by Discuss 2015 HRA Budget& Budget Goals for Jeremy Barnhart, Deputy Director, CODD adoption at the August 4, 2014 Regular HRA meeting. Reviewed by Action Requested Information presented for discussion only. Action is to be taken at the August 4, 2014 HRA meeting. Background/Discussion As part of the budget process, a budget workshop is advisable to allow for informal discussions regarding the goals and objectives, major projects, and other items influencing the HRA budget. To this end, staff has prepared a draft budget that attempts to address several of the goals outlined in the strategic plan, downtown plan, the City's vision worksheet, and recent HRA discussion. In order to meet the requirements of the HRA Bylaws, the HRA must approve the budget at their August 4, 2014 regular meeting and make recommendation to the City Council at the September 2, 2014 regular meeting. The City Council is moving toward a biennial budget, so fiscal years 2015 and 2016 are shown on the worksheet. The HRA will review the 2016 budget at this time, next year. As drafted, the proposed expenditures are $319,450. A recent law change now has the HRA levy rate being applied against Estimate Market Value versus Taxable Marker Value. The HRA levy options are as follows: 1) Previous rate (.01440'o) = tax revenue of$274,612 (this would be if the HR.\ chose to draw down reserves for the 2015 budget) 2) Balanced rate (.01651°o) = tax revenue of$314,05() (this would be if the HRA did not want to add or draw against reserves for the 2015 budget) 3) Maximum rate (.01850"0) = tax revenue of$352,780 (this would be if the HRA desires to add additional revenues into the HRA reserves for 2015) P O W E R E D B Y Tcmplate 1=pdatud 4/14 NAIURE