DATE: January 28, 2020
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Title
4th Quarter Budget Report
Body
SUMMARY AND ACTION REQUESTED:
The Housing & Redevelopment Authority to review 4th quarter budget report.
BACKGROUND:
The HRA receives a quarterly budget report to determine status of income and expenses.
ANALYSIS:
Income
Ad Valorum Taxes 103%
• Interest Income 133%
o Adjusted for 2020 budget
• Rent & Other Income 106%
Expenses
Personal Services 95%
Supplies ($300 budget item) 73%
Charge for Service 21%
• $45,000 for professional fees related to the Spring Creek II
Project remained unspent in 2019
Other Charges
• Dues & Membership Fees 95%
Charges for Services (rental utilities) 87%
• Overall gas/electric bills lower than anticipated.
• Adjustment has been made to 2020 budget
Misc. Op Expense (Taxes, repairs, mow/snow) 52%
• Additional invoices are still being paid
• Repair expenses lower than anticipated
• The 2020 budget has been adjust accordingly
Charges for services (Programs & Public Service) 236%
• The budget for programs was placed in Capital Outlay for 2019
• The programs budget has been moved to this line item in 2020
Capital Outlay (street assess. asst. & capital projects) 21%
• Funds for Programs were placed in Capital Outlay in 2019
• The 2020 budget has been adjusted accordingly
Fund Balance Summary
The HRA currently has a total, unassigned and available to spend, cash balance of $1,065,607. The fund balance has increased by $346,442 since 2016. However, the HRA has committed $95,000 of the fund balance to abandoned coach removal and a revised code enforcement program.
RECOMMENDATION:
No Recommendations at this time.