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ITEM # 6. <br />cty <br />E <br />.ver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development <br />DATE: August I, 2005 <br />SUBJECT: Consider Year 2006 HRA Budget and Resolution Regarding HRA Levy <br />Attachments <br />Budget Worksheet -Proposed 2006 HRA Revenue & Expenditures <br />Resolution establishing the HRA tax levy for collection in year 2006 <br />Summary <br />The Economic Development Department consists of two separate budgets including: <br />• Economic Development Authority <br />• Housing & Redevelopment Authority <br />Since 2003, the EDA and HRA levies have been feasible to balance the Economic <br />Development Department without General Fund revenues. HRA revenues are estimated at <br />10% growth in market value for the year 2006. In addition, 2006 revenues include a transfer <br />in from TIF District 16 in the amount of $42,000 to repay the HRA for eligible expenditures <br />related to the King & Main TIF Project. <br />In 2004 the Personal Services costs (salaries and benefits) were adjusted from 70/30 percent <br />EDA and HRA respectively, to 60/40 percent due to staff time allotted to the Downtown <br />Revitalization Project. It is proposed that this continue in 2006. <br />Other common administrative expenses are proposed to be shared by the EDA and the <br />HRA. As in previous years, the HRA would make a one time transfer to the EDA in the <br />amount of $3,500 to cover approximately 37% of the shared expenses. The shared expenses <br />include the following items: <br />• Office supplies <br />• Fuels <br />• Telephone <br />• Travel, conference & schools <br />• Dues and subscriptions <br />