7.2 HRSR 02-06-2017
Request for Action
To
Housing and Redevelopment Authority
Item Number
7.2
Agenda Section
General Business
Meeting Date
February 6, 2017
Prepared by
Amanda Othoudt, EDD
Item Description
Reading of Financial Condition
Reviewed by
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 2017 Budget & Resolution Establishing the HRA Tax Levy for
collection in year 2017 at its regular meeting August 1, 2016. It was decided to maintain the balanced rate
of 0.01466% to reduce drawing down on the reserves for the 2017 budget and allow funding new
revolving loan programs. The 2017 HRA’s tax levy is .01466% of taxable market value.
Direction from the commission included reallocating the $50,000 from the Small Cities Development
Program (SCDP) in the 2016 budget for Property Acquisition/Program funding in 2017.
The City Council approved the HRA Budget & Levy September 6, 2016.
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, 2016 was $1,289,705.
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