08-31-1987 HR MIN - Laserfiche WebLink

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HOUSING AND REDEVELOPMENT AUTHORITY MINUTES AUGUST 31, 1987 ELK RIVER CITY HALL . The meeting was called to order at 6:00 p.m. on August 31, 1987, at Elk River City Hall by Chairperson, Estelle Gunkel. Members present: Estelle Gunkel, Larry Toth, Hank Duitsman, and Dick Hinkle. Members Absent: Duane Kropuenske. Others Present: Lori Johnson, Finance Director; Pat Klaers, City Administrator The purpose of the HRA meeting on August 31, 1987, was for the adoption of a resolution establishing the 1988 City Budget; the adoption of a resolution requesting the City Council to levy 1/3 mill for the purpose of HRA activities; and for authorization to spend 1987 budgeted funds on the Growth Management Plan. Ms. Johnson presented a financial report to the HRA which indicated the 8/31/87 fund balance. This balance at the end of August was $10,623.79. Additionally, the HRA can anticipate receiving $7,550 for the second half of 1987 based on interest income, tax settlement, and local government aid. Ms. Johnson further indicated that the 1/3 mill levy for 1988 would generate approximately $16,500 plus interest income. HRA members discussed the current growth management plan; the City's economic development consulting, staffing and marketing needs; and the budget constraints upon the City's General Fund. COMMISSIONER TOTH MOVED THAT THE HRA PAY THE CITY $5,000 FOR EXPENSES RELATED TO THE GROWTH MANAGEMENT PLAN AS THIS EXPENSE WAS LISTED IN THE APPROVED 1987 HRA BUDGET. COMMISSIONER HINKLE SECONDED THE MOTION. THE MOTION PASSED 4-0. Discussion between the HRA Members continued on financing of projects from the 1988 HRA budget. Staff was directed to contact the City Attorney to determine if HRA funds can be used to finance some of the reconstruction improvements that will take place in 1988 in the Main Street Improvement Project. HRA consensus for the 1988 HRA budget was as follows: Beginning cash balance:approximately $13,000. 1988 revenues including interest:approximately $17,000 Total revenues available for 1988 expenditures: approximately $30,000 1988 expenditures, $5,000 for Growth Management Plan, $15,000 for Economic Development Marketing Plan, $10,000 for reserves. The above consensus budget of the HRA calls for $10,000 to remain in reserves for unexpected expenses that merit consideration by the HRA throughout 1988. COMMISSIONER HINKLE MOVED TO ADOPT RESOLUTION 87-1, A RESOLUTION APPROVING THE CITY OF ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY BUDGET FOR 1988. COMMISSIONER DUITSMAN SECONDED THE MOTION. THE MOTION PASSED 4-0.