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<br />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 5, 2023 Brent O’Neil, Economic Development Director <br />Item Description Reviewed by <br />2024 Budget Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, the 2024 HRA budget and recommend the City Council include $495,100 in the 2024 <br />Preliminary Levy. <br /> <br />Background/Discussion <br />The proposed budget for 2024 is based largely on the ongoing work and similar expenses of the HRA from 2023. <br /> <br />The total proposed expenditures increase from $408,700 to $500,100 year-over-year. The proposed levy would <br />increase from $402,200 to $495,100. $5,000 in interest income is also anticipated. The proposed levy is <br />approximately 60% of the maximum levy amount authorized by statute. <br /> <br />Many line items are flat year-over-year. Two items did see increases: <br /> 1) professional services increased by $22,000, which is intended to provide consulting support for activities such <br />as an update to the city’s housing needs study and downtown parking lot evaluation; and <br /> 2) an increase in the property acquisition line of $55,000 for strategic acquisition of properties. <br /> <br />Financial Impact <br />Adoption of the budget sets the 2024 expenditures at $500,100. <br /> <br />Mission/Policy/Goal <br />HRA bylaws require an annual budget be approved each year. <br /> <br />Attachments <br /> Budget and Goals Worksheets <br /> <br /> <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: January 2023 <br /> <br />