7.2. HRSR 02-05-2018
Request for Action
To Item Number
Housing and Redevelopment Authority 7.2
Agenda Section Meeting Date Prepared by
General Business February 5, 2018 Amanda Othoudt, EDD
Item Description Reviewed by
Reading of Financial Condition Lori Ziemer, Finance Director
Reviewed by
Cal Portner, City Administrator
Action Requested
For discussion purposes only.
Background/Discussion
The HRA Bylaws suggest that the Chair of the Housing and Redevelopment Authority read the financial
condition.
The HRA approved the 2018 Budget & Resolution Establishing the HRA Tax Levy for collection in year
2018 at its regular meeting August 7, 2017. It was decided to maintain the balanced rate of 0.0140% to
reduce drawing down on the reserves for the 2017 budget and allow funding new revolving loan
programs. The 2018 HRA’s tax levy is .0140% of taxable market value.
Direction from the commission included allocating the $80,600 in the 2018 budget for Property
Acquisition/Program funding in 2018.
The City Council approved the HRA Budget & Levy on September 18, 2017.
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, 2017 was $1,227,668.
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
2018 Adopted Budget
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity
2018 BUDGET DETAIL SHEET
Dept:Housing & Redevelopment Authority
Acct.2017 BUDGET2018 BUDGET
201420152016
Explanation/Detail of Supplies or Services
No.DetailTotalDetailTotal
ActualActualActual
PERSONAL SERVICES
4101Regular Pay39,02346,21356,38159,85063,250
4103Part Time Pay3,209653
4104PERA2,6473,4844,2924,5004,750
4105FICA2,2652,9383,5453,7003,900
4107Medicare530687829850900
4108Insurance4,9755,7477,1577,7008,400
4109Workers Comp209202278300300
4110Re-employment Comp252
TOTAL PERSONAL SERVICES53,11059,92472,48276,90081,500
SUPPLIES
Office Supplies18749
4201 - -
(shared with EDA)
TOTAL SUPPLIES18749
OTHER SERVICES & CHARGES
Legal Fees7,8071,0231,978
43045,0003,000
Misc.5,0003,000
Other Professional Services7,61822,410
431920,05010,050
Downtown Plan implementation20,00010,000
Solid Waste fee (downtown parking lot)5050
Postage64620
43221,2501,250500500
Travel, Conferences & Schools1,3502,021
43317,5001,000
Misc. Training (Housing courses-Colleen)1,500
NDC Training (Housing Finance Prof. - Colleen)2,500
NDC Travel3,500
MREJ - Housing Seminars1,000
Advertising/Marketing4001,8286,328
434911,45013,900
Housing program brochures - marketing/printing5,0006,500
Holiday Cards750500
HRA/EDA Shared Website5,7005,700
Lead Forensics - Split between HRA/EDA1,200
Publishing89372125
43592,500150
Public hearing notices2,500150
Insurance
43611,200
Property insurance - 426 Main St -1,200
Utilities
4389- 426 Main St -600600
Building Repair/Maint. Services
4401 -1,900
Lawn/snow removal - 426 Main St.1,900
Contractual Services18,76327,9317,952
4409150,00075,000
Blighted Properties Program Funding50,00075,000
Elk River HRA Rehab Program100,000
Dues & Subscriptions191237
4433250250
Downtown Spotlight250250
Miscellaneous75,311
4440 - 80,600
Acquisition of Property80,600
TOTAL OTHER SERVICES & CHARGES35,48754,85193,972198,000188,150
TRANSFERS OUT
28,25033,500
22,85023,25024,750
4721General Fund24,75030,000
3,5003,5003,500
4735Economic Development Authority (shared expenses)3,5003,500
TOTAL HOUSING & REDEVELOPMENT AUTHORITY115,134141,525194,753303,150303,150
2/2/2018