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  <br />  <br />Request for Action <br /> <br /> <br />To <br />Housing and Redevelopment Authority <br />Item Number <br />7.2 <br />Agenda Section <br />General Business <br />Meeting Date <br />February 6, 2017 <br />Prepared by <br />Amanda Othoudt, EDD <br />Item Description <br />Reading of Financial Condition <br />Reviewed by <br />Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />N/A <br /> <br />Background/Discussion <br />The HRA Bylaws suggest that the Chair of the Housing and Redevelopment Authority read the financial <br />condition. The HRA approved the 2017 Budget & Resolution Establishing the HRA Tax Levy for <br />collection in year 2017 at its regular meeting August 1, 2016. It was decided to maintain the balanced rate <br />of 0.01466% to reduce drawing down on the reserves for the 2017 budget and allow funding new <br />revolving loan programs. The 2017 HRA’s tax levy is .01466% of taxable market value. <br /> <br />Direction from the commission included reallocating the $50,000 from the Small Cities Development <br />Program (SCDP) in the 2016 budget for Property Acquisition/Program funding in 2017. <br /> <br />The City Council approved the HRA Budget & Levy September 6, 2016. <br /> <br />The HRA’s financial health is strong. Each year, money not used in the annual budget is transferred to <br />unallocated cash reserve. The unaudited balance of this account on December 31, 2016 was $1,289,705. <br />This money may be used to purchase buildings, land, redevelopment, creation of housing financing <br />programs and a variety of other uses. <br /> <br />The HRA has expressed an interest in being more aggressive in returning these funds to the community <br />in the form of redevelopment and assistance programs. Specific goals will be articulated in the strategic <br />plan. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> N/A <br />