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�__ty <br /> Elk <br /> River - Request for Action <br /> To Item Number <br /> Housing and Redevelopment Authority 2.0 <br /> Agenda Section Meeting Date Prepared by <br /> Budget Discussion August 2,2021 Colleen Eddy, Economic Development Specialist <br /> Brent O'Neil, Economic Development Director <br /> Item Description Reviewed by <br /> Discuss 2022 HRA Budget&Budget Goals Lori Ziemer,Finance Director <br /> Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> Review and provide direction for inclusion in the September 6, 2021, Preliminary Levy. <br /> Background/Discussion <br /> The draft budget addresses several of the goals outlined in the strategic plan, anticipated updates to the <br /> Comprehensive Plan,the city's vision worksheet, and recent HRA discussions. HRA bylaws require budget <br /> approval and a Council recommendation at the September meeting for inclusion into the preliminary levy. <br /> The proposed 2022 budget is similar to 2021with a net increase of$15,650. It includes new funding for <br /> hanging planters and downtown maintenance and decreases Advertising and Marketing and Building <br /> Repair/Maintenance Services. Staff will discuss some changes to the accounting method for the loan program <br /> as well begin a discussion on the HRA's fund balances. <br /> In consideration of HRA levy options, as presented in the proposed budget, a levy of$331,600 would balance <br /> expenditures and revenues. Other considerations are the previous levy amount of$321,450 or a maximum <br /> levy not to exceed 0.0185 percent of Sherburne County's estimated market value. <br /> All levy options are applied against the Estimated Market Value obtained from the county which is not yet <br /> available. In addition to the tax levy,we also estimate revenue from interest income of$6,500. <br /> Financial Impact <br /> N/A <br /> Mission/Policy/Goal <br /> HRA Bylaws require the Executive Director to prepare a budget and present it to the Commissioners of the <br /> Authority for consideration in August of each year. <br /> Attachments <br /> ■ Draft HRA 2022 Budget Worksheet <br /> ■ Draft HRA 2022 Goals <br /> The Elk River Vision <br /> A welcoming community with revolutionary and spirted resourcefulness, exceptional service,and commum_q <br /> engagement that encourages and inspires prosperity P U w E A E U 8 T <br /> w'iAURE <br />