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Request for HRA Action Date: 07-16-13 Item No: 9.d Director Approval: Agenda Section: Action Description: 2014 RHRA Budget Requested Action th The RHRA, at their July 16, 2013, meeting, reviewed the prepared budget. From the RHRA discussions no changes were recommended. The RHRA needs to adopt the attached budget resolution – which was prepared by staff and preliminarily discussed by the RHRA Finance Subcommittee – and advise staff about any additional programming the board may want. Budget Process Per State Statute 469.033, subdivision 6, the HRA must formulate and file a budget each year in accordance with the budget procedure followed by the executive departments of the City. To request an HRA levy, the RHRA must adopt a resolution and budget and present it to the City Council by September. Assuming approval, the RHRA budget will be included in the City budget and levy request that is submitted to Ramsey County in September. The City Council holds hearings on all elements of the budget, including any proposed HRA levy, in December. 2014 RHRA Budget Details To prepare the 2014 RHRA budget, staff has used the Strategic Plan 2012 – 2016, the 2013 – 2016 Implementation Plan, and held a discussion with the RHRA Finance Subcommittee. According to Chris Miller, City Finance Director, the maximum levy that the RHRA can impose in 2014 is $703,579. It is proposed that the RHRA seek the maximum levy for the 2014 budget year. The proposed 2014 levy is a less than .0075% increase from the 2013 levy of $698,471. The impact on a median-valued home of $187,600 would be approximately $34 annually, which is the same as last year. This is basically a flat increase request from 2013 levy. The draft 2014 budget shows an estimated carryover amount of $145,300. This carry over is due to the following unexpended dollars from the 2013 budget: Ongoing Marketing and Living Smarter Marketing $40,500 Professional Services $20,000 Outreach Marketing for Economic Development Activities $ 5,000 Attorney Fees $10,000 Reserve contingency $69,800 2014 RHRA Budget Discussion - Page 1 of 3