2014-11-18_HRA_Agenda_Packet - Laserfiche WebLink

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Request for HRA Action Date: 11-18-14 Item No: 9.a. Director Approval: Agenda Section: Action Description: 2015 RHRA Budget Requested Action The RHRA should review the budget prepared by staff and preliminarily discussed by the RHRA Finance Subcommittee and make a recommendation on any further programming or changes the Board may want. Budget Process Per State Statute 469.033, subdivision 6, the RHRA must formulate and file a budget each year in accordance with the budget procedure of the City and in the same manner as the executive departments of the City. The RHRA had originally adopted a resolution and a budget and presented it to the City Council on August 25, 2014. The full levy request of $741,498 was requested at that time. The RHRA has amended the budget based upon updated sources of funds that contribute to the operations of RHRA programs and reduced the requested levy amount accordingly. Assuming approval by the RHRA Board, the City Council will hold hearings on all elements of the budget, including the proposed RHRA levy, on December 1, 2014. 2015 RHRA Budget Details To prepare the 2015 RHRA budget, staff used the Strategic Plan 2012 – 2016 and held discussions with the RHRA Finance Subcommittee. According to Chris Miller, City Finance Director, the maximum levy that the RHRA originally requested for 2015 was $741,498. It is proposed that the RHRA not seek the maximum levy for 2015 budget year but request the same amount that was used in 2014 for operations, which was $703,579. This is a flat levy request for the RHRA for 2015. The draft 2015 budget shows an estimated carryover amount of $148,404.95. This carryover can be attributed to unexpended funds in the following areas: Marketing/Advertising $20,000.00 Energy Audit Program 3,000.00 Printing Marketing Materials 3,500.00 Postage 500.00 BR&E Professional Services 2,500.00 Outreach to Existing Businesses 7,500.00 New BR&E Programming 24,000.00 2015 RHRA Budget Discussion - Page 1 of 3