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Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 6.2 <br />Agenda Section Meeting Date Prepared by <br />General Business September 6, 2022 Brent O’Neil, Economic Development Director <br />Item Description Reviewed by <br />2023 Budget and Goals Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, the 2023 HRA budget and attached resolution establishing the HRA Tax Levy of $402,200 <br />for collection in year 2023. <br /> <br />Background/Discussion <br />The 2023 HRA Budget addresses several of the goals and line items discussed at the budget workshop on August <br />1, 2022. HRA bylaws require budget approval and a Council recommendation at the September meeting for <br />inclusion into the preliminary levy. <br /> <br />The proposed budget for 2023 is $408,700 and includes similar expenses to the 2022 budget. Notable changes are <br />increasing funding for property acquisition from $145,000 to $200,000, including $10,000 for professional services <br />and including $7,500 for the HRA’s cost share of analytics software (Placer.ai). <br /> <br />The proposed property tax levy of $402,200 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 is estimated to be in excess of $600,000. For reference, the approved levy <br />for 2022 was $331,600. <br /> <br />Following approval of the budget by the HRA, the budget will be presented to the City Council at its September 6, <br />2022, meeting to approve the levy and certify to the county auditor. <br /> <br />Financial Impact <br />Proposed expenditures for 2023 total $408,700. <br /> <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 /> <br />Attachments <br /> Resolution Establishing the HRA Levy for Collection in 2023 <br /> Proposed HRA Budget for 2023 <br /> Proposed HRA Goals for 2023 <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />