DATE: October 22, 2019
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Title
Budget Report - 3rd Quarter
Body
SUMMARY AND ACTION REQUESTED:
The Housing & Redevelopment Authority (HRA) to review 3rd quarter budget report.
BACKGROUND:
The HRA receives a quarterly budget report to determine status of income and expenses.
ANALYSIS:
Income
• Ad valorum taxes 55.57%
o Taxes are received in July & November, only 1st half year taxes have been received to date.
• Interest Income 151%
o Interest rates are higher than anticipated when budget was created.
• Rent & Other Income 79%
Expenses
• Personal Services 72%
• Supplies 45%
o $300 budget item
• Charges for Service 11%
o This fund has an additional $45,000 for professional fees linked to the Spring Creek II project if funded with tax credits
• Other Charges 68%
o Dues & Membership fees are at 50%
• Charges for Services(rental utilities) 64%
o Gas/electric bills lower than anticipated.
• Misc. Op Expense (Taxes, repairs, mow/snow) 49%
o Repair expenses lower than anticipated
• Capital Outlay (street assess. asst. & capital projects) 21%
o Street assessment assistance lower than anticipated
o No capital projects so far this year.
RECOMMENDATION:
No Recommendations at this time.