DATE: August 27, 2019
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Title
2nd Quarter Budget Report
Body
SUMMARY AND ACTION REQUESTED:
The Housing & Redevelopment Authority (HRA) to review 2019, 2nd quarter budget report.
BACKGROUND:
A brief summary of the 2nd quarter budget report:
Revenues are on target for the 2nd quarter. Tax revenue through July 2019 is at $135,347 or 52% of expected revenue. Rents through the 2nd quarter are 52% of expected annual revenues. Interest on investments is above expected revenue.
ANALYSIS:
REVENUES
Revenues are within 5% of budget projections.
EXPENDITURES
Personal Services is on track with budget projections.
General Operating expenses are on track with budget projections with the exception of professional and legal fees. Professional fees budget was set in anticipation of funding for the Spring Creek II project being approved.
HRA LMI Housing is on tract, although a particularly snowy winter created higher than normal snow removal expenses, which were not billed until after June 30. However, it is not expected that overall LMI expenses will be over budget.
Capital Outlay expenses are below budgeted levels. This funds includes street assessment assistance and capital expenditures for HRA owned properties. Street assessment assistance will be paid in the 3rd quarter of 2019. There were no capital expenses in the 2nd quarter.
Per request of the HRA board, expenditures for programs such as Wildflower Project (NUY) and Street Assessment Assistance are being tracked in the fund called Program & Services (5220-3309). However, the 2019 budget funds placed program expenses in Capital Outlay (5220-5520). In 2020 the budgeted amount for programs will be properly place and tracked in Program & Services budget fund 5520-3309.
FUND BALANCE SUMMARY
The HRA has a total cash balance of $1,280,639 and an unassigned cash balance of $952,401 as of June 30, 2019.
RE...
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