Meeting Date: February 2, 2023
To: Members of the Housing & Redevelopment Authority
From: Melissa Hanson, Housing Coordinator
Title
2022 HRA Budget Report.
Body
Action Requested:
HRA to receive into record 2022 financials.
Summary Report:
Income 2022 Budget 2022 Actual
• Ad valorum taxes $306,731 $304,063
o Taxes are received in July and November
• Interest & Reimbursements $25,000 $54,562
o Interest on Investments- estimates are provided by Finance Department.
• Rental Income $50,712 $37,800
o Income from rental property
Expenses
• Personal Services $125,127 $135,089
• Supplies $300 $410
• Charges for Service $44,411 $283,921* ($33,921 actual)
o Professional services, auditing services, legal services, dues, misc.
o *The Hillcrest Forgivable Loan was expensed through this line item. The $250,000 came out of HRA Reserves.
• Misc. Operating Expenses $41,980 $39,077
o Repairs and maintenance related to rental properties
• Charges for Service $55,000 $648,253**
o Programs- Northfield Union of Youth, Viking Terrace Rehab, Down Payment Assistance Loans funded through Levy
o **TRCA-Spring Creek II Forgivable Loan expensed through this line item. The $502,747 came out of HRA Reserves.
• Other Improvements $113,025 $7,500
o The $7,500 single family rehab loan. CDBG funds had been expended
Alternative Options:
N/A
Financial Impacts:
N/A
Tentative Timelines:
N/A