Meeting Date:July, 27, 2021
To: Members of the Housing & Redevelopment Authority
From: Melissa Hanson, Housing Coordinator
Title
2021- 2nd Quarter Budget Report
Body
Action Requested:
The HRA to review 2nd quarter budget report.
Summary Report:
The HRA receives a quarterly budget report to determine the status of income and expenses. Detailed report is attached. Line items of interest and discrepancies are listed below:
Income 2021 budget YTD actual
• Ad Valorum Taxes $278,204 $0*
o Taxes are received in July and November. 1st half of year taxes have been received, Finance has not yet added the income to HRA’s budget line*
• Investment Income $15,000 $6,250
o Income earned from interest on reserves
• Rental Income $49,752 $26,389
o Rental Income/Expenditures are provided separately
Expenses
• Personal Services $117,552 $59,864
• Professional Services $25,000 $5,261
o Housing Study, Financial Management, additional funds added through Resolution
• Legal Services $22,000** $18,913
o Updating city loan documents, TIF review and analysis, money was reallocated from Street Assessment Assistance to Legal Services
• Programs
o Street Assessment Assistance $18,000** $0
o Northfield Union of Youth $15,000 $15,000
o Viking Terrace Rehab Pilot $20,000 $0
o Fall Clean Up $10,000 $10,000
o Other Projects $20,000 $7,388
§ Mobile Home weatherization, Habitat for Humanity permits, Heat Tape, other programs as identified
Alternative Options:
N/A
Financial Impacts:
N/A
Tentative Timelines:
N/A