DATE: March 8, 2018
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Title
2017 Interim Financial Report
Body
SUMMARY AND ACTION REQUESTED:
The Housing & Redevelopment Authority (HRA) to review the 2017 financial report.
BACKGROUND:
Final 2017 budget figures will be available in April 2018. There may be additional changes to the financial report before it is finalized. However, this report is a good overview of budget and expenses in 2017.
ANALYSIS:
The 2017 HRA budgeted expenditures were $294,770. Actual expenditures were $220,516. The remaining $74,254 will go directly into the HRA fund balance.
Revenues
The 2017 HRA budgeted revenues were $301,075. Actual revenues were slightly lower at $295,866 (98.27% of budgeted revenues). When the 2017 budget was initially set in 2016, it anticipated revenue of $20,304 in annual rents for the 517 Washington Street South property. The HRA decided to reduce the monthly rent by nearly $6,000 in 2017 to provide emergency transitional housing through the Community Action Center. The 2018 budget reflects the change in annual income to a total of $14,400 annually.
Personal Services
The 2017 HRA budgeted expenditures were $105,963. Actual Year-To-Date revenues were $106,398 (100.41% of budgeted expenditures).
Charges for Services
The 2017 HRA budgeted expenditures for Charges for Services were $64,700. Actual Year-To-Date expenditures were $24,515 (37.89% of budgeted expenditures). The HRA, hoping to be further along in the process, had set aside $45,000 in the 2017 budget for professional fees related to the development of Southbridge area. Only $12,254 was spent in 2017. The same amount is set aside in the 2018 budget and are available for professional consulting services related to the Southbridge Development and possible development at 1800 Maple Street.
Transfers
The 2017 HRA budgeted expenditures for Transfers were $1,857. To date, no transfers ...
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