DATE: October 13, 2016
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Title
2017 Housing & Redevelopment Authority Budget
Body
SUMMARY AND ACTION REQUESTED:
The HRA is requested to review the draft budget, provide feedback on funding priorities and approve the 2017 budget.
BACKGROUND:
The HRA should see a 4.79% increase in revenue for the 2017 budget due to increased ad valorem taxes and rent. Expenditures for the HRA 2017 budget will decrease by 7.49 %. This decrease is largely due to lower personnel and IT costs.
The total projected income for 2017 is $297,312. The projected expenses for 2017 are $269,381.
ANALYSIS:
Synopsis of Proposed Budget Changes:
REVENUE
Taxes - Ad Valorum Taxes increase by 4.46%.
The HRA percentage remained the same but the total amount of property taxes increased.
Other Revenues - Increased by 5.94%.
The 2007 Hidden Valley property is now rented and largely accounts for the increase in revenue. Rental Income has been adjusted to allow for possible vacancies for the 517 Washington and the Elianna properties. Interest income will increase slightly due to increased HRA fund balance. However, miscellaneous income was lowered to be more in line with actual revenues in 2015 & 2016.
EXPENDITURES
Personal Services - This budget item decreased by 16.53%
The decrease is due to the removal of 10% of the Community Development Director's salary from the HRA budget and the decreased cost of health insurance.
Supplies - This budget item remained unchanged.
Other Services & Charges - The budget has increased by 9.11%.
This item includes professional services, utilities, property taxes, maintenance, insurance, HOA fees, lawn maintenance, snow removal etc. The overall budget is based on 3% increase in costs plus additional costs for utilities and taxes for 2007 Hidden Valley.
For example:
- Utilities-The increase was based on the past 12 months bills with a 3% increase. ...
Click here for full text