7.2 HRSR 02-01-2016 of
,......„ Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.2
Agenda Section Meeting Date Prepared by
General Business February 1, 2016 Amanda Othoudt, EDD
Item Description Reviewed by
Reading of Financial Condition Cal Portner,City Administrator
Reviewed by
Action Requested
N/A
Background/Discussion
The HRA Bylaws suggest that the Chair of the Housing and Redevelopment Authority read the financial
condition. The HRA approved the 2016 Budget&Resolution Establishing the HRA Tax Levy for
Collection in year 2015 at its regular meeting August 3, 2015. It was decided to increase the levy from the
previous rate of.01440% to a balanced rate of.1512%in an effort to reduce drawing down on reserves
for the 2016 budget and allow funding of new revolving loan programs out of reserves. The 2016 HRA's
tax levy is .1512% of taxable market value.
The City Council approved the HRA Budget&Levy September 8,2015.
The HRA's financial health is strong. Each year,money not used in the annual budget is transferred to
unallocated cash reserve. The unaudited balance of this account on December 31, 2015 was $1,173,921.
This money may be used to purchase buildings,land,redevelopment, creation of housing financing
programs and a variety of other uses.
The HRA has expressed an interest in being more aggressive in returning these funds to the community
in the form of redevelopment and assistance programs. Specific goals will be articulated in the strategic
plan.
Financial Impact
N/A
Attachments
• N/A
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