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File #: 19-955    Version: 1 Name:
Type: Information/Discussion Item Status: Agenda Ready
File created: 5/31/2019 In control: Housing & Redevelopment Authority
On agenda: 7/1/2019 Final action:
Title: Housing & Redevelopment Authority 2020 Budget
Attachments: 1. 1 -Proposed Budget Report, 2. 2 - HRA Budget 2020, 3. Fund Balance Summary
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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DATE: July 1, 2019

TO: Members of the Housing & Redevelopment Authority

FROM: Janine Atchison, Housing Coordinator

Title
Housing & Redevelopment Authority 2020 Budget

Body
SUMMARY AND ACTION REQUESTED:
The Housing & Redevelopment authority (HRA) to review proposed budget for 2020.

BACKGROUND:
Each year the HRA adopts a budget for the following year. Proposed budget for 2020 to be considered and adopted according to the following timeline:

July 1, 2019 Budget proposal presented by staff
Strategic Planning Goals
Questions/Priorities/Feedback provided to staff

July 23, 2019 Budget Work Session

August 27, 2019 Adopt Final HRA Budget

The HRA's main source of revenue comes from ad valorum taxes. The HRA also received income from rentals, interest and other miscellaneous sources.

The proposed budget includes estimated expenditures for 2020. The basis of the increased, or decreased budget suggestions are explained later in the analysis portion of this report.

Staff has added a worksheet to discuss how HRA ad valorum tax revenue is estimated for the Board Members to review. Revenue for 2020 is based on the total market value of Northfield properties in 2019. The actual 2019 total market value is then multiplied by .0185% to determine the revenue to be received by the HRA from ad valorum taxes in 2020.

The Fund Balance Summary is also included in this report. It has been revised to show the progression of the fund balance since 2016.

ANALYSIS:
2020 GENERAL OPERATING BUDGET
In the following analysis, proposed budget increases or decreases totally more than 10% are explained.
Revenues
* Ad valorum tax revenue is estimated to be $267,504 in 2020. Review of the HRA Ad Valorum Tax Worksheet will show that Staff is expecting a 4.3% increase in revenue, which is the average of previous actual annual increases.
* Interest income is based on 1% interest rates and will be adjusted in the future if rates increase.
* Revenue for rents ...

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