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� H��'� � �.�.,�r.��,k,.�, ., .�. . SUMMARY OF 2006 PROPOSED BUDGET Prepared by: Cathy Bennett, ��2A. Executive Director (August 16,2005) �. Sources: The HRA is responsible for two separate funds and two separate budgets. a. Fund 723 — The primary source of dollars is the annual HRA levy to support existing HRA programs such as the Housing Resource Center, low interest loans, marketing/studies and administrative costs. These programs and services can not be funded with federal dollars. It should be noted that the Home & Garden Fairprogram is part of fund 723. However, the program income has paid for the expenses of the program except for the HRA staff tisne. In review of the budget expenditure planned for 2005, it is estimated that there will be a limited fund balance at the end of 2005. There will be some carryover in revenue due to the Home & Garden Fair fees collected in 2005 for the 2006 expenditures as well as possibly not fully distributing funds for the Housing Redesign Program. However, the amount is minimal and should be held in reserves to cover commitments made in one year and paid out in the next year. The proposed budget attempts to anticipate any cash balance in the previous year. b. Fund 721— The primary source of funds are existing federal funds which are restricted to federal income guidelines. Any programs paid for with federal funds much meet the federal guidelines which stipulates that programs must directly serve populations with income at or below 80% of the current median income. (2005 -$58,000 for a household of 4) The City auditor has recommended that the sources and uses for each fund, City Levy (723) and Federal Funds (721), be 1�ept separate so that funds and programs are not commingled. Therefore, two separate budgets have been prepared and are attached. 2. Uses: a. Fu �� ?: A sum�ttary u l� E3�e �xa�o�{��G� prv�r�,ras �'.'E';x�� x�� i!}G Sly Y �] ��.r� ��:��v sua�poi�ted I�� _ '�u�.sl, �;�h ��c $��'tuuu� year � a�lt balance, i�E�-.,�'e�E i�tc��a�, f��i�ix� & Carden fees and proposed rental license �� is summarized below. The proposed 2006 income is $361,685 which includes a levy request of $288,985 to support the housing programs and services in 2006. The only new program proposed in 2006 is in response to the neighborhoodnleet'rng process, as part of the NeighborhoodEnhancement Program. This would add rental licensing for single family homes, duplexes, t�i plexes and four plexes. (Refer to summary budget worlcsheet) 1. Home & Garden — Even though this program is within fund 723 the costs for the program are funded by the exhibitor and sponsorship fees collected with the exception of the �Iff� staff time estimated at a total of 288 hours. As part of the 2005 fair, HRA members suggested that staff keep track of their time spent on the program and allocate the hourly cost to the program. The staff time was collected but not transferred to the program. Based upon