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Request for Council Discussion Director Approval: CB Date: 08-21-06 Jt�rn'�Ixr� �. Agenda Section: Reports Item Description: Presentation of HRA Budget and Levy Request for 2007(HF_51} ] .l� Requested Action: �. � Review the HRA's 2007 Progr°am Budget forFund 723 (levy supported) Und consider 2007 levy request forcert�cationoflevy by September 15,2006. :.? On August 15,2006, the HRA adopted the 2007 Preliminary Pr�ogr°am Budget cn�ad approved Resolution No. 22 requesting a levy for2007 in the amount of$255,750 to support progr°ams cn�ad administration ofthe HRA. The approval of the requested levy is contingent upon the Council's preliminary support to provide $100,000 grant for the renovation of Har Mar apartments by Central Community Housing Trust in 2007. If the Council does not support providing funds to this project, the HRA will modify their request for 2007 for an amount of $155,750. t._'s The H�A appreciates the opportunityto provide a summary ofthe progr°ams that would be supported by the levy request for2007 cn�ad welcome's Council comments Und suggestions. �,�a Budget Process: �.1 Per State Statute 469.033, subdivision 6, the HRA must each yecn� formulatecn�ad file a budget in accordance with the budget procedure ofthe City in the same manner as required o fexecutive departments ofthe City. �_�� A levy request must be inade by resolution and the amount ofthe levy must be backed by the budget forthe coming year. The request is for�warded to the City Council for consideration us �ni ofthe preliminary cn�ad finallevy certification process. '�. i The FINAL levy is set in December ai the Truth in Taxation hearing. The maximum levy submitted to the County and State can be reduced prior to the truth in taxation hearing but it can not he increased. The amount approved at the Truth in Taxation hearzng is the amount that will be included fortaxes payable 2007. Presentation on HRA Budget B� Levy Request - Page 1 of 2