9. HRSR 08-07-2007 - Laserfiche WebLink

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ITEM # 9. ver MEMORANDUM TO: Housing & Redevelopment Authority FROM: Catherine Mehelich, Director of Economic Developmen~~/~~~ DATE: August 7, 2006 SUBJECT: Consider Year 2007 HRA Budget and Resolution Regarding HRA Levy Attachments • Budget Worksheet -Proposed 2007 HRA Revenue & Expenditures • Resolution establishing the HRA tax levy for collection in year 2007 Summary The Economic Development Department consists of two separate budgets including: • Economic Development Authority • Housing & Redevelopment Authority Since 2003, the EDA and HRA levies have been enough to balance the Economic Development Division without General Fund revenues. HRA revenues are estimated at 10% growth in market value for the year 2007. In addition, 2007 revenues include a transfer in from TIF District 16 in the estimated amount of $45,000 to repay the HRA for eligible expenditures related to the King & Main TIF Project. In 2004 the Personal Services costs (salaries and benefits) were adjusted from 70/30 percent EDA and HRA respectively, to 60/40 percent due to staff time allotted to the Downtown Revitalization Project. It is proposed that this continue in 2007. Other common administrative expenses are proposed to be shared by the EDA and the HRA. As in previous years, the HRA would make a one time transfer to the EDA in the amount of $3,500 to cover approximately 37% of the shared expenses. The shared expenses include the following items: • Office supplies • Fuels • Telephone • Travel, conference & schools