Laserfiche WebLink
ITEM # 5. <br />~~~~ <br />•~- <br />iver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: August 4, 2008 <br />SUBJECT: Consider Year 2009 HRA Budget and Resolution Regarding HRA Levy <br />Attachments <br />• Budget Worksheet -Proposed 2009 HRA Revenue & Expenditures <br />• Resolution Establishing the HRA Tax Levy for Collection in Year 2009 <br />• Draft HRA Fund Balance Designation Policy <br />Summary <br />The Economic Development Division consists of two separate budgets including: <br />• Economic Development Authority <br />• Housing & Redevelopment Authority <br />Revenues <br />Since 2003, the EDA and HRA levies have been enough to balance the Economic <br />Development Division without General Fund revenues. <br />In 2008 the legislature increased the maximum general operating levy of HRAs from <br />0.0144% of market value to 0.0185% of taxable market value. In the past the HRA has <br />levied the maximum allowed by statute. The HRA may wish to consider what rate to levy <br />for HRA in light of the change in statute. The following table indicates the comparison <br />between the options: <br />Preliminary Levy and Tax Rate Data <br />For Taxes Pa able 2009 <br />Market Value Levy % Total Lew <br />HRA (previous maximum) 2,200,817,140 0.01440% 316,917.67 <br />HRA (new maximum) 2,200,817,140 0.01850% 407,151.17 <br />The attached Budget Worksheets have been prepared using the previous maximum levy. <br />