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Request for Action <br /> Cir•ci <br /> Elk - <br /> River= <br /> To Item Number <br /> Housing and Redevelo ment Authority 7.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 7, 2021 Brent O'Neil, ED Director <br /> Item Description Reviewed by <br /> 2022 Budget and Goals Lori Ziemer,Finance Director <br /> Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> Approve,by motion,the 2022 HRA Budget and attached resolution establishing the HRA Tax Levy of$331,600 <br /> for collection in year 2022. <br /> Background/Discussion <br /> The 2022 HRA Budget addresses several of the goals outlined in the strategic plan,anticipated updates to the <br /> Comprehensive Plan,the city's vision worksheet, and discussions at the budget workshop on August 2,2021. <br /> HRA bylaws require budget approval and a Council recommendation at the September meeting for inclusion into <br /> the preliminary levy. <br /> The proposed budget for 2022 is $338,100 and includes similar expenses to the 2021 budget. Notable changes <br /> between 2021 and 2022 budgets are as follows: <br /> ■ An item for $25,000 has been added to account for hanging flowers and maintenance in downtown. <br /> ■ Any loans made from the Residential Loan Rehabilitation Program would be sourced from the HRA's <br /> existing fund balance rather than as a budgeted operational expense. <br /> ■ Maintenance costs on HRA property are reduced by 50 percent from $4,000 to $2,000. <br /> The proposed property tax levy of$331,600 and projected interest income of$6,500 would balance revenue and <br /> expenses.Also of note,the HRA operating levy is capped by state statute at 0.0185% of estimated market value of <br /> property in Elk River. A maximum levy would be in excess of$500,000. For reference,the approved levy for 2021 <br /> was $321,450. <br /> Following approval of the budget by the HRA, the budget will be presented to the City Council at its September <br /> 20, 2021, meeting to approve the levy and certify to the county auditor. <br /> Financial Impact <br /> Proposed expenditures for 2022 total$338,100. <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 each year. <br /> The Elk River Vision P O N E R E o R Y <br /> A welcoming community avith revolutionary and spirited resourcefulness, exceptional JNAfUR <br /> service, and community engagement that encourages and inspires prosperity. Updated.August 2020 <br />