DATE: August 27, 2019
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Title
Housing & Redevelopment Authority 2020 Budget
Body
SUMMARY AND ACTION REQUESTED:
Housing & Redevelopment Authority (HRA) to review and adopt 2020 proposed budget.
BACKGROUND:
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. The HRA's main source of revenue comes from ad valorum taxes. The HRA also received income from rentals, interest and other miscellaneous sources.
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 will remain the same as 2019. The HRA voted in 2019 to keep rents at their current levels for the remainder of the lease year that will end in July 2020.
Personal Services
? Salaries, overtime, longevity, part-time, PERA, FICA, MED/Dental, HAS, Workers Comp, etc. have been increased by .07%. These budget items are set by the Finance Department based on potential step increases and cost of living adjustments.
SUPPLIES - No Change
CHARGES FOR SERVICE
Professiona...
Click here for full text