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<br />Request for Action <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 7.2 <br />Agenda Section Meeting Date Prepared by <br />General Business February 5, 2018 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Reading of Financial Condition Lori Ziemer, Finance Director <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br />For discussion purposes only. <br /> <br />Background/Discussion <br />The HRA Bylaws suggest that the Chair of the Housing and Redevelopment Authority read the financial <br />condition. <br /> <br />The HRA approved the 2018 Budget & Resolution Establishing the HRA Tax Levy for collection in year <br />2018 at its regular meeting August 7, 2017. It was decided to maintain the balanced rate of 0.0140% to <br />reduce drawing down on the reserves for the 2017 budget and allow funding new revolving loan <br />programs. The 2018 HRA’s tax levy is .0140% of taxable market value. <br /> <br />Direction from the commission included allocating the $80,600 in the 2018 budget for Property <br />Acquisition/Program funding in 2018. <br /> <br />The City Council approved the HRA Budget & Levy on September 18, 2017. <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, 2017 was $1,227,668. <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 /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> 2018 Adopted Budget <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />