09-17-24 HRA Agenda September 17, 2024 — 6:30 PM
Golden Valley City Hall
Hybrid Meeting
1.Call to Order
1.A.Roll Call
2.Approval of Agenda
3.Consent Agenda - None.
4.Public Hearing - None.
5.Old Business - None.
6.New Business
6.A.Public Input and Approval of HRA Resolution No. 24-03 Adopting a Proposed Budget and
Establishing the Proposed Tax Levy Payable in 2025
7.Adjournment
HRA REGULAR MEETING AGENDA
Housing and Redevelopment Authority meetings are being conducted in a hybrid format with in-
person and remote options for attending, participating, and commenting. The public can make
statements in this meeting during public comment sections.
Remote Attendance/Comment Options: Members of the public may attend this meeting by watching
on cable channel 16, streaming on CCXmedia.org, streaming via Webex, or by calling 1-415-655-0001
and entering access code 2632 727 1527 and webinar password 1234. Members of the public wishing
to address the Council remotely have two options:
Via web stream - Stream via Webex and use the ‘raise hand’ feature during public comment
sections.
Via phone - Call 1-415-655-0001 and enter meeting code 2632 727 1527 and webinar password
1234. Press *3 to raise your hand during public comment sections.
City of Golden Valley HRA Regular Meeting September 17, 2024 — 6:30 PM
1
EXECUTIVE SUMMARY
Finance
763-512-2345 / 763-512-2344 (fax)
Golden Valley Housing and Redevelopment Authority Meeting
September 17, 2024
Agenda Item
6.A. Public Input and Approval of HRA Resolution No. 24-03 Adopting a Proposed Budget and
Establishing the Proposed Tax Levy Payable in 2025
Prepared By
Lyle Hodges, Finance Director
Summary
The following resolution will allow the Housing and Redevelopment Authority (HRA) to collect tax
dollars through a levy to finance the HRA Budget. The resolution of consent will need to be approved
by the City for which it was created.
Financial or Budget Considerations
The HRA 2025 Proposed Budget is $451,276. The HRA is proposing a levy of $319,181 with the
remainder of funding expected to come through the Local Affordable Housing Act (LAHA)
appropriation from the State of Minnesota in the amount of $137,095.
Legal Considerations
Minnesota Statutes Sections 469.001 to 469.047 grants the HRA the power to levy and collect taxes
subject to a resolution of consent from the Golden Valley City Council.
Equity Considerations
The proposed budget strives to advance the equity goals of the City by funding housing programs, and
services that provide the opportunities and resources for all. The process for adoption includes the
ability for any member of the public to provide feedback.
Recommended Action
Motion to approve HRA Resolution No. 24-03 adopting the Housing and Redevelopment Authority
Budget and Establishing the Proposed Tax Levy Payable in 2025.
Supporting Documents
HRA Resolution No. 24-03 - Adopting the Proposed Budget and Establishing the Proposed Tax
Levy Payable 2025
2025 Proposed Housing Fund Revenue Budget
Fund Balance Analysis
2025 Proposed Housing Fund Expenditure Budget
2
HRA RESOLUTION NO. 24-03
ADOPTING THE HOUSING AND REDEVELOPMENT AUTHORITY BUDGET
AND ESTABLISHING THE PROPOSED TAX LEVY PAYABLE IN 2025
WHEREAS, The Golden Valley Housing and Redevelopment Authority
(the “HRA”) has authorities and powers according to MN Statutes, Sections
469.001 to 469.047. MS Statutes, Section 469.033, subd. 6 grants the HRA the
power to levy and collect taxes subject to a resolution of consent from the Golden
Valley City Council for a set period and,
WHEREAS, The Golden Valley HRA on September 21, 2021 Approved
Resolution 21-74 Approving Granting Consent Intent for HRA Levy for a Housing
Program, and
WHEREAS, The HRA, is requesting to adopt the proposed 2025-2026
HRA budget and levy payable in 2025 and requests the City of Golden Valley
approves Intent for the HRA Budget and Levy.
NOW, THEREFORE BE IT RESOLVED by the Board as follows:
Section I. That there is proposed levy upon all taxable real and personal
property in the City of Golden Valley, a tax rate sufficient to produce the amount
as follows:
HRA HOUSING FUND LEVY $ 319,181
Section 2. That the proposed budget is as follows
HRA HOUSING FUND $ 451,276
Adopted by the Housing and Redevelopment Authority in and for the City of
Golden Valley, Minnesota this 17th day of September 2024.
Gillian Rosenquist, Chair
ATTEST:
Noah Schuchman, Executive Director
3
PercentPercentPercentPercentPercentPercentRevenueAmountof TotalAmountof Total Amountof Total Amountof Total Amountof Total Amountof TotalProperty Tax Revenues 213,241 89.5% 238,212 43.1% 288,880 101.4% 284,880 67.5% 319,181 70.7% 367,383 73.6%Local Affordable Housing Aid- 0.0% - 0.0% - 0.0% 137,095 32.5% 137,095 30.4% 137,095 27.4%Allowance for Delinquencies- 0.0% - 0.0%(4,000) -1.4% - 0.0%(5,000) -1.1%(5,000) -1.0%Transfer from City - 0.0% 315,000 56.9% - 0.0% - 0.0% - 0.0% - 0.0%Transfer from HRA General Fund 25,000 10.5% - 0.0% - 0.0% - 0.0% - 0.0% - 0.0%Interest- 0.0% - 0.0% - 0.0% - 0.0% - 0.0% - 0.0%TOTALS $238,241 100.0% $553,212100.0% $284,880100.0% $421,975100.0% $451,276100.0% $499,478100.0%CITY OF GOLDEN VALLEYHRA HOUSING FUND REVENUE DETAILProposed 2025Concept 2026Estimated 2024Actual 2023Actual 2022Adopted 2024914
Fund Balance @ 01/01/24 421,618$
Estimated Revenue - 2024 421,975
Estimated Expenses - 2024 554,880
Excess of Revenue Over (Under) Expenses (132,905)
Estimated Fund Balance @ 12/31/24 288,713
Proposed Revenue - 2025 451,276
Proposed Expenses - 2025 451,276
Excess of Revenue Over (Under) Expenses -
Projected Fund Balance @ 12/31/25 288,713
Concept Revenue - 2026 499,478
Concept Expenses - 2026 362,383
Excess of Revenue Over (Under) Expenses 137,095
Projected Fund Balance @ 12/31/26 425,808$
CITY OF GOLDEN VALLEY
HRA HOUSING FUND
FUND BALANCE ANALYSIS *
5
DIVISION: Housing and Economic Development (016) PROGRAM: Housing (9190) 2022 2023 2023 2024 202520252026OBJECT DESCRIPTION ACTUAL BUDGET ACTUAL BUDGET CONCEPTPROPOSEDConceptPersonal Services6110 Salaries-Regular Employees 132,223 129,920 124,612 134,265 138,280 132,204 142,843 6150 Employee Insurance 33,666 35,050 24,879 34,235 34,570 36,299 39,928 6160 Retirement 17,082 20,785 17,699 21,480 22,125 22,678 23,812 TOTAL Personal Services 182,971 185,755 167,190 189,980 194,975 191,181 206,583 Supplies and Services6320 Operating Supplies 7 500 305 500 500 300 300 6340 Professional Services 8,456 49,245 39,886 85,000 140,000 248,295 146,500 6344 Use of Personal Auto - 500 - 500 300 300 300 6411 Conferences and Schools 1,073 3,000 48 3,000 3,500 5,900 3,400 6413 Dues and Subscriptions 545 2,000 215 5,900 5,900 5,300 5,300 TOTAL Supplies and Services 10,081 55,245 40,454 94,900 150,200 260,095 155,800 TOTALS 193,052 241,000 207,644 284,880 345,175 451,276 362,383 Golden Valley Housing and Redevelopment Authority2025 - 2026 OPERATING BUDGET16