2009-07-27_Agenda - Laserfiche WebLink

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Request for HRA Action Director Approval: � . Description: 2010 RHRA Budget (HF0086) Requested Action: Date: 07-27-09 Item No: 8.a. Agenda Section: Action The RHRA should review the budget prepared by staff and reviewed by the RHRA Chair and make a recommendation the City Council regarding the 2010 budget and RHRA levy. Budget Process: Per State Statute 469.033, subdivision 6, the HRA must each year formulate and file a budget in accordance with the budget procedure of the City in the same manner as required of executive departments of the City. To request an HRA levy, the RHRA must adopt a resolution and budget and present it to the City Council in August. Assuming approval, it will then be included within the City budget and levy request that is submitted to the County in September. The City Council holds hearings on all elements of the budget including any proposed HRA levy with eventual adoption of RHRA budget in December 2009. 2010 RHRA Budget Details As part of the preparing the 2010 RHRA budget, staff has used the input from the board from the work session that was held on July 8, 2009. According to Chris Miller, City Finance Director, the maximum levy that the RHRA can impose in 2010 is $795,315. Staff is proposing to levy $498,000 in 2010 or approximately 63% of the possible levy. The draft 2010 budget shows a reduced carryover amount from the 2009 budget. Staff expects that most of the dollars allocated will be spent or earmarked. In the past this has not occurred and has led to difficulties in trying to get a firm handle on how much money the RHRA had available. It appears that often carryover funds were allocated to new or different programs even though they had been previously committed to another program. (i.e. SHRP). As part of the 2010 budget request, we are assuming that Har Mar Apartments will close on their loan request from our Levy funds of $100,000 by the end of 2009. RHRA 2010 Budget Discussion - Page 1 of 3