DATE: January 22, 2019
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Title
Quarterly Budget Report
Body
SUMMARY AND ACTION REQUESTED:
The Housing & Redevelopment Authority (HRA) to review 4th quarterly budget report.
BACKGROUND:
ANALYSIS:
Revenue Summary - Budgeted $305,015 Actual $307,035.44 98.93%
HRA General Operating - Budgeted $195,915 Actual $129,289.43 65.99%
• The main reason for spending less than budgeted is the Charges for Services were under budget by $60,000. Additional funds were budgeted to this line item to cover the costs of professional fees for the Spring Creek II Project, which did not receive the tax credit funding needed to move the project forward in 2018.
HRA Rental Projects - Budgeted $48,600 Actual $30,903.55 63.59%
• Water, Sewer, Gas, Electric utilities were over-estimated by $1,853.30 due to the A/C installed at the 517 Washington St S property very late in the season. The HRA did not realize the additional costs to run the A/C in 2018.
• Miscellaneous Operating Expenses - Taxes, repairs, etc. were over-estimated by $15,843.30. Additional funds were budgeted to this line item to cover the costs of additional landscaping and other repairs needed or possible tenant turnovers, which did not occur.
HRA LMI Housing - Budgeted $60,500 Actual $32,963.01 54.48%
• Charges for Services - With assistance from the Finance Department, it was determine that this line item would be used for the HRA supported for the Wall Flower Project, formerly Safe-Homes, at the Northfield Union of Youth. The HRA donated $9,000 to this project in 2018.
• Capital Outlay - $40,000 was budgeted the street assessment assistance program. However, only $4,059 was utilized in 2018. The 2019 budget has been adjusted accordingly.
RECOMMENDATION:
No recommendations at this time.