Meeting Date: October 26, 2021
To: Members of the Housing & Redevelopment Authority
From: Melissa Hanson, Housing Coordinator
Title
2021 - 3rd Quarter Budget Report
Body
Action Requested:
The HRA to review 3rd 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 $146,920
• Ad Valorum Taxes Delinquent* $0 $1,051
• Interest on Investments $15,000 $10,056
• Investment income* $0 $6,545
• Rental Income $49,752 $41,515
• Refunds & Reimbursements* $0 $20,450
$342,956 $226,537= 66%
*Delinquent Ad Valorum Taxes, Investment Income, and Refunds & Reimbursements are not dependable sources of income. The income from Refunds & Reimbursements comes from an insulation rebate from Excel Energy, and the repayment of 2 Down Payment Assistance loans that were made from prior years levy dollars.
Expenses 2021 budget YTD actual
• Personal Services $116,260 $89,944
• Supplies $300 $145
• Charges for Service $43,291 $24,533
o Professional services, auditing services, legal services
• Charges for Service $11,981 $8,183
o Utilities (water, sewer, trash, electricity, gas) for rental properties, general insurance
• Misc. Operating Expenses $38,668 $21,982
o Repairs and maintenance related to rental properties
• Charges for Service $49,000 $24,819
$259,500 $169,606= 65%
o Programs- Northfield Union of Youth- Homeless Prevention, Fall Clean Up, Mobile Home Weatherization, Mobile Home Heat Tape, Habitat for Humanity permits. $14,000 transferred to Charges for Service for additional legal fees due to Street Assessment Assistance is no longer needed
Alternative Options:
N/A
Financial Impacts:
N/A
Tentative Timelines:
N/A