DATE: November 9, 2017
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Chris Heineman, Community Development Director
Title
Housing & Redevelopment Authority (HRA) 2018 Budget
Body
SUMMARY AND ACTION REQUESTED:
Staff recommends approval of a motion to approve the 2018 HRA budget.
ANALYSIS:
Synopsis of 2107 Year-to-Date Revenue & Expense Report
At the October meeting HRA Board members requested an explanation of significant variances in the amount budgeted and the actual year-to-date revenue & expenses. The following figures and explanations are year-to-date revenue & expenses as of October 31, 2017.
Revenues
295-31010 Ad Valorum Taxes
* Year-to-date revenues are currently at $122,459.02 or 52% of the $233,968 budgeted. Tax revenues are received by the City twice per year. Although second-half taxes for 2017 were due and payable in October, the HRA will not receive this until December.
295-36210 Interest on Investments, and
295-36211 Investment Market Value
* In 2017, Interest on Investments was budgeted for $10,000, and Investment Market Value was budgeted for $0. Per accounting practices, these two line items were combined and included on a single budget-line item as Interest & Investments. A change in accounting practices has resulted in reporting these on separate lines as two different revenue items. The year-to-date revenue for 2017 is $9,864.66, which is on target for the budget.
295-36220 Rent
* The rental income for 2017 is slightly less than the budgeted revenue due to vacancies at 517 Washington and lower rates at 517 Washington and 2007 Hidden Valley Road.
295-36240 Refunds & Reimbursements
* This line item was not included in the 2017 budget. The HRA received unexpected revenue from the Cannon River Community Land Trust (CRCLT) account held by the Trust's former attorney. The amount was reimbursed to the HRA when the attorney received verification for the Minnesota Secretary of State o...
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