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<br />Request for HRA Action <br />Date: 01-18-05 <br />Item No: 7.b. <br />Director Approval: Agenda Section: <br /> CB Action <br />Item Description: 2005 Budget Hearing and Levy Request <br />Requested Action: <br />1.0 <br />1.1Discuss and adopt priority action steps for 2005. <br />1.2Based upon the priority action steps, discuss and revise the 2005 HRA Budget based <br />upon City Council adopted 2005 HRA levy reduction. <br />Background: <br />2.0 <br />2.1In August 2004, the HRA adopted a 2005 budget and made a levy request to the City <br />Council for $234,000 based upon the anticipated budget needs in 2005. This was done <br />after a public hearing and discussion regarding program goals and objectives. <br />2.2On December 27, 2004 the City Council, after discussion regarding the HRA’s levy <br />request of $234,000, adopted a reduced levy of $158,000 for 2005. This is a reduction of <br />$76,000 to the HRA’s approved budget for 2005. However, using final year end dollars, <br />there is additional cash available due to program commitments that were not <br />implemented. As an example, under the Housing Replacement Program, $211,000 was <br />designated for the possible purchase of 2012 Eldridge. Due to the prudent use of the <br />HRA’s powers and directing the HRA attorney to pursue eminent domain proceedings <br />the purchase of that property was not needed since the owner complied with the <br />demolition of the neighborhood hazard and the eminent domain proceeding was <br />cancelled. <br />Review of HRA Program Budget and Priorities <br />3.0 <br />3.1Attached is a revised budget that includes the current HRA levy and revised cash balance <br />shown in the sources of funds. The revision amounts to approximately $99,000 in <br />additional funds to apply to programs. <br />3.2Recalling the budget process in 2004, the HRA did review a full levy budget (which is <br />included) that applied additional funding toward first time buyer programs and the <br />neighborhood enhancement programs. Those budget areas are highlighted. <br />3.3In addition, the end of year restricted funds has increased by $60,000 as several of the <br />Local Development Corporation loans were repaid in 2004. Remembering that these <br /> HRA Budget Hearing & Levy Request - Page 1 of 2 <br /> <br />