7.2 HRSR 07-06-2015 - Laserfiche WebLink

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Request for Action To Item Number Housing and Redevelopment Authority 7.2 Agenda Section Meeting Date Prepared by N/AJuly 6, 2015Amanda Othoudt, EDD Item Description Reviewed by Discuss 2015 HRA Budget & Budget Goals Cal Portner, City Administrator Reviewed by Action Requested Information presented for discussion only. Action is to be taken at the August 3, 2015, 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 3, 2015, regular meeting and make recommendation to the city Council at the September 7, 2015, regular meeting. As drafted, the proposed 2016 expenditures are $304,750. The 2017 budget is for informational purposes. The HRA levy options are as follows: 1)Previous rate (.01440%) = tax revenue of $286,000 (this would be if the HRA chose to draw down reserves for the 2016 budget). 2)Balanced rate (.01512%) = tax revenue of $300,250 (this would be if the HRA did not want to add or draw against reserves for the 2016 budget). 3)Maximum rate (.01850%) = tax revenue of $367,450 (this would be if the HRA desires to add additional revenues into the HRA reserves for 2016). All levy options are applied against the Estimate Market Value obtained from Sherburne County of $1,986,191,600. In addition to the tax levy we also calculate interest income of $4,500. Financial Impact None Attachments  HRA 2016 Budget Goals  2013-2016 EDA/HRA Strategic Plan  HRA Budget Worksheet Template Updated 4/14