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REQUEST FOR ECONOMIC DEVELOPMENT AUTHORITY ACTION <br /> Date: 6/21/2016 <br /> Item No.:7a <br />Department Approval Executive Director Approval <br /> <br />Item Description: REDA Operating Budget <br />B <br />ACKGROUND <br />1 <br />According to Article V, Section 2 of the Roseville Economic Development Authority’s (REDA) by- <br />2 <br />laws, the REDA is to review fund balances at their the annual meeting, which is to be held in <br />3 <br />conjunction with the regular January meeting. Then, at the REDA’s August meeting, the final fund <br />4 <br />balances are to be reviewed in order to adopt a levy at the meeting. Because the REDA’s inaugural <br />5 <br />meeting occurred in January of this year, the REDA has not yet officially reviewed the fund balances <br />6 <br />that the Roseville Housing and Redevelopment Authority (RHRA) transferred (along with the <br />7 <br />programs) to the REDA on January 4, 2016. <br />8 <br />9 <br />Attachment A, dated April 5, 2016, gives the overall summary of available funds as of December 31, <br />10 <br />2015. There has been little change in the following accounts, except for interest earned: <br />11 <br />Community Development Block Grant (CDBG) Program (Fund 721) <br />12 <br />Housing Replacement/Single Family Construction Program (Fund 720) <br />13 <br />Property Abatement Program (Fund 722) <br />14 <br />Multi-Family Housing Program (Fund 724) <br />15 <br />16 <br />The REDA program of the SF Revolving Loan program held by GMHC was initially funded by <br />17 <br />RHRA levy funds. Current account balance is roughly $600,000 but does not reflect any new loans <br />18 <br />that have been originated in 2016 nor any loans that have been paid off or interest earned from <br />19 <br />existing loans. <br />20 <br />21 <br />Attachment B, dated June 13, 2016, provides an update to the General REDA Operating Programs <br />22 <br />account (Fund 723) and shows a beginning cash balance of $294,027. Chris Miller, City Finance <br />23 <br />Director/Assistant Treasurer of the REDA, will be present to review the accounts with the REDA <br />24 <br />Board. <br />25 <br />PO <br />OLICYBJECTIVE <br />26 <br />This information is intended to address the requirement in the by-laws that the fund balances be <br />27 <br />reviewed and to identify and address any budget shortfalls that may have arisen. <br />28 <br />Page 1 of 2 <br /> <br />