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Request for HRA Action Date: 01-21-14 Item No: 9.a. Director Approval: Agenda Section: Action Description: Adoption the Final 2014 RHRA Budget Requested Action: The RHRA needs to review and discuss the final 2014 budget prepared by staff. 2014 RHRA Budget Details The RHRA previously adopted a budget at the August 13, 2013, meeting. Staff is bringing the final budget to reflect the actual carry-over of funds from 2013 (the preliminary budget estimated the amount of the expected carry-over). This budget reflects all the current programs that the RHRA provides along with future programs that will come about from the Business Retention and Expansion program. The budget reflects the fact that the NEP program will not be funded for next year because the staff person who was hired to do the NEP program will be implementing the new Rental Licensing Program, which will be funded from revenue generated from the licensing fee. Of the funds made available from the NEP program, $20,000 will be used to increase the cash reserve so that it comes closer to the recommended amount (the Finance department recommends a 35% cash flow reserve). Additionally, funds from the NEP program will be used to increase the marketing budget because the $30,000 that was used in the past for a third-party consultant and marketing is now being used to fund a portion of the new Marketing Manager position. Staff Recommendation: Staff recommends that the RHRA Board approves the final 2014 RHRA Budget. Suggested RHRA Action: Motion to approve the final 2014 RHRA Budget. Prepared by: Jeanne Kelsey, RHRA Housing Program Manager (651) 792-7086 Attachment: Amended 2014 RHRA Budget 2014 Final RHRA Budget January 21, 2014