12-03-24 HRA Agenda December 3, 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
Approval of Consent Agenda - All items listed under this heading are considered to be routine
and will be enacted by one motion. There will be no discussion of these items unless a
Commission Member so requests in which event the item will be removed from the general
order of business and considered in its normal sequence on the agenda.
3.A.Approve Greater Metropolitan Housing Corporation (GMHC) and Dayton's Bluff
Neighborhood Housing Services (DBNHS) Consent to Merge
3.B.Adopt HRA Resolution No. 24-05 Approving Updated Bylaws of the Housing and
Redevelopment Authority
3.C.Receive and File the Third Quarter 2024 Financial Status Report
4.Public Hearing - None.
5.Old Business - None.
6.New Business
6.A.Public Comment and Adoption of the 2025-2026 Budget and 2025 Tax Levy for the Housing
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, including the public forum beginning at
6:20 pm.
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 2633 968 9884 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 2633 968 9884 and webinar password
1234. Press *3 to raise your hand during public comment sections.
City of Golden Valley HRA Regular Meeting December 3, 2024 — 6:30 PM
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and Redevelopment Authority, HRA Resolution No. 24-06
7.Adjournment
City of Golden Valley HRA Regular Meeting December 3, 2024 — 6:30 PM
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EXECUTIVE SUMMARY
Community Development
763-512-2345 / 763-512-2344 (fax)
Golden Valley Housing and Redevelopment Authority Meeting
December 3, 2024
Agenda Item
3.A. Approve Greater Metropolitan Housing Corporation (GMHC) and Dayton's Bluff Neighborhood
Housing Services (DBNHS) Consent to Merge
Prepared By
Christine Costello, Housing & Economic Development Manager
Summary
GMHC began in 1970, when a group of business executives in Minneapolis wanted to address the
shortage of affordable housing in the Twin Cities. As a result, they formed Greater Metropolitan
Housing Corporation. GMHC’s mission is to preserve, improve and increase affordable housing for low
and moderate income individuals and families, assist communities with housing revitalization.
DBNHS began in 1980 as a partnership between residents, government, and financial institutions to
improve the housing and quality of life for residents on the East Side of Saint Paul. Primary services of
DBNHS include owner-occupied rehab lending and construction management, purchase-rehab-resale
and new construction.
Currently GMHC and DBNHS have a partnership on a program called, Sustainable Home Ownership
Program (SHOP). The SHOP Program provides socially responsible mortgage services to underserved
and disenfranchised people to help revitalize low and moderate income communities.
Both nonprofits have been exploring the possibility of combining over the past few years since they
are both smaller housing nonprofits; a merged organization would make them stronger and expand
their work. In addition, combining their efforts they can continue to improve the communities we live
in and make a greater contribution to the affordable housing needs that persist in the Twin Cities.
Financial or Budget Considerations
The HRA involvement in the consent to merge is due to the development agreement that the HRA has
with GMHC for the construction of a home at 208 Meander. This property is a part of the HOPE
program. The development agreement (Article VII, Section 7.2) allows the HRA to make certain that
developers, such as GMHC and DBNHS have the financial responsibility to fulfill their obligations under
the development agreement. The HRA's financial consultant, Ehlers, has reviewed the last three years
of financials to ensure DBNHS has the financial responsibility to satisfy the requirements of the
development agreement. Ehlers noted that DBNHS has a proven track record and that the combined
organizations will offer more stability. The attached memo from Ehlers provides a financial analysis of
DBNHS.
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Legal Considerations
The City attorney has reviewed and approved the Assumption of the Development Agreement and
Consent to Merge.
Equity Considerations
A merger of the organizations will allow for more effective services to a wider community and
potentially reach a more diverse populations with their services. A merger of two nonprofit housing
developers will continue to meet the City's goals to preserve and promote economically diverse
housing options in our community by creating high quality housing in Golden Valley for households
with a variety of income levels, ages, and sizes.
Recommended Action
Motion to approve Greater Metropolitan Housing Corporation and Dayton's Bluff Neighborhood
Housing Services Consent to Merge.
Supporting Documents
Assumption of Development Agreement and Consent to Merge
Financial Analysis Memo
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ASSUMPTION OF DEVELOPMENT AGREEMENT
AND CONSENT TO MERGER
208 Meander Road and 4707 Circle Down
THIS ASSUMPTION OF DEVELOPMENT AGREEMENT AND CONSENT TO
MERGER (this “Assumption and Consent”) dated as of the third day of December, 2024, is
made and entered into by and between Greater Metropolitan Housing Corporation, a Minnesota
nonprofit corporation (“GMHC”), Dayton's Bluff Neighborhood Housing Services, a Minnesota
nonprofit corporation (“DBNHS”) and the Housing and Redevelopment Authority in and for the
City of Golden Valley, a public body corporate, established and existing under Minnesota
Statutes, section 469.001 et seq. (“HRA”).
WHEREAS:
A. GMHC and the HRA are parties to that certain Contract for Development dated October
17, 2023, as recorded in the Office of the Hennepin County Registrar of Titles as Document No.
6098956 related to 208 Meander Road, Golden Valley and a First Amendment and Assignment
as of October 15, 2024, as recorded in the Office of the Hennepin County Registrar of Titles as
Document No. 6103567 (the “Meander Development Agreement”) and that certain Contract for
Development dated October 17, 2023 related to 4707 Circle Down, Golden Valley, to be
recorded at a future date (the “Circle Down Development Agreement”) (collectively, the
“Development Agreements”); and
B. GMHC and the HRA entered into a Closing Date Extension Addendum to the Meander
and Circle Down Development Agreements on June 18, 2024, extending the closing date for
each to December 31, 2024; and
C. GMHC and the HRA entered into a First Amendment to the Meander Development
Agreement on October 15, 2024; and
D. Under the Development Agreements, GMHC agreed to develop affordable housing at
208 Meander Road, Golden Valley (the “Meander Property”) and to 4707 Circle Down, Golden
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Valley (the “Circle Down Property”) (collectively, the “Development Properties”) both more
particularly described in Exhibit A; and
E. GMHC and DBNHS have reached an agreement whereby GMHC shall be merged with
and into DBNHS, and DBNHS shall succeed, insofar as permitted by law, to all of the rights,
assets, liabilities and obligations of GMHC. DBNHS shall be the surviving corporation after the
merger. The effective date of the merger is anticipated to occur on or about December 31, 2024;
and
F. Under the terms of the Development Agreements, GMHC may not make or create any
total or partial sale, assignment, conveyance, or any trust with respect to the Development
Agreements or the Development Properties or any part thereof or any interest therein, or any
contract or agreement to do any of the same, without prior written approval of the HRA; and
G. GMHC and DBNHS have submitted to the HRA for review all instruments and other
legal documents involved in effecting merger described herein and the HRA is satisfied DBNHS
has the qualifications and financial responsibility necessary and adequate to fulfill the obligations
undertaken in this Agreement based on the financial analysis provided by Ehlers Inc.
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1. HRA’s Consent. The HRA hereby consents to the merger of GMHC with and into
DBNHS according to the terms of Section 7.2 of the Development Agreements, and to
the extent such merger is considered an assignment of the Development Agreements, the
HRA hereby consents to such assignment.
2. Assumption. DBNHS hereby assumes and agrees to perform all of the obligations,
restrictions, covenants, agreements, and conditions related to the Development Properties
under the Development Agreements. To the fullest extent permitted by law and equity
and excepting only in the manner and extent specifically provided otherwise in the
Development Agreements, no transfer of, or change with respect to, ownership in the
Development Properties or any part thereof, or any interest therein, however
consummated or occurring, whether voluntary or involuntary, shall operate, legally or
practically, to deprive or limit the HRA, or any rights or remedies or controls provided in
or resulting from the Development Agreements with respect to the Development
Properties and the construction of the Improvements that the HRA would have had, had
there been no such transfer or change.
3. Continuing Effect. All amounts, terms, provisions, conditions and covenants of the
Development Agreements shall remain unchanged and in full force and effect, and the
Development Agreements are in all respect confirmed, ratified, and approved on the date
hereof, and are acknowledged to be in full force and effect.
4. Runs with the Land. This Assumption and Consent and the obligations contained herein
shall be recorded against the Development Properties at DBNHS’s expense and shall run
with the land and be binding upon DBNHS and GMHC, their heirs, successors and
assigns. This Agreement shall be binding on and inure to the benefit of the parties hereto
and their successors and assigns.
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5. Choice of Law. This Assignment and Consent shall be governed by and construed in
accordance with the laws of the State of Minnesota.
6. Counterparts. This Assignment and Consent may be executed in counterparts, which
counterparts when considered together shall constitute a single, binding, valid and
enforceable agreement.
IN WITNESS WHEREOF, the undersigned has executed this Consent to Merger on
behalf of HRA as of the date written below.
THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF
GOLDEN VALLEY
__________________________________________
By Gillian Rosenquist
Its Chair
Date
STATE OF MINNESOTA )
) SS.
COUNTY OF HENNEPIN )
This instrument was acknowledged before me on _____ day of ___________________, 2024, by
Gillian Rosenquist, the Chair of the HOUSING AND REDEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF GOLDEN VALLEY.
THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF
GOLDEN VALLEY
_______________________________________
By Noah Schuchman
Its Director
Date
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STATE OF MINNESOTA )
) SS.
COUNTY OF HENNEPIN )
This instrument was acknowledged before me on _____ day of ___________________, 2024, by
Noah Schuchman, the Director of the HOUSING AND REDEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF GOLDEN VALLEY.
GREATER METROPOLITAN HOUSING
CORPORATION, A MINNESOTA
NONPROFIT CORPORATION
By Eden Spencer
Its President
Date
STATE OF MINNESOTA )
) SS.
COUNTY OF HENNEPIN )
This instrument was acknowledged before me on _____ day of ___________________, 2024, by
Eden Spencer, the President, of GREATER METROPOLITAN HOUSING CORPORATION, A
MINNESOTA NONPROFIT CORPORATION.
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DAYTON’S BLUFF NEIGHBORHOOD
HOUSING SERVICES, A MINNESOTA
NONPROFIT CORPORATION
By
Its
Date
STATE OF MINNESOTA )
) SS.
COUNTY OF HENNEPIN )
This instrument was acknowledged before me on _____ day of ___________________, 2024, by
[PLACEHOLDER], the [TITLE], of DAYTON’S BLUFF NEIGHBORHOOD HOUSING
SERVICES, A MINNESOTA NONPROFIT CORPORATION.
This instrument was drafted by:
The City of Golden Valley
7800 Golden Valley Road
Golden Valley, MN 55427
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EXHIBIT A
LEGAL DESCRIPTION OF THE PROPERTIES
208 Meander Road
The North 158.8 feet of Lot 4, Block 3, Tralee, according to the recorded plat thereof, Hennepin
County, Minnesota. Being Registered land as is evidenced by Certificate of Title No. 434516 and
434517.
4707 Circle Down
Lot 2, Block 1, Moshou Addition, according to the plat thereof on file and of record in the office
of the County Recorder in and for Hennepin County, Minnesota.
(Abstract Property)
AND
That part of Tract A described below:
Tract A. Lots 1, 3, and 4, Block 1, Moshou Addition, according to the plat thereof on file and of
record in the office of the County Recorder in and for Hennepin County, Minnesota;
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Which lies northerly of Line 1 described below:
Line 1. Commencing at the east quarter corner of Section 30, Township 29 North, Range 24
West; thence westerly on an azimuth of 271 degrees 21 minutes 02 seconds along the east and
west quarter line thereof for 2652.57 feet to the center of said Section 30; thence on an azimuth
of 00 degrees 21 minutes 23 seconds for 701.35 feet to the point of beginning of Line 1 to be
described; thence on an azimuth of 284 degrees 30 minutes 39 seconds for 34.03 feet; thence on
an azimuth of 230 degrees 05 minutes 25 seconds for 2.96 feet; thence on an azimuth of 230
degrees 01 minute 59 seconds for 14.00 feet; thence on an azimuth of 320 degrees 01 minute 50
seconds for 130.14 feet; thence on an azimuth of 319 degrees 50 minutes 03 seconds for 144.27
feet; thence on an azimuth of 320 degrees 28 minutes 03 seconds for 168.10 feet and there
terminating.
(Abstract Property)
62469467v1
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MEMORANDUM
TO: Christine Costello, Housing and Economic Development Manager
FROM: Jason Aarsvold and Stacie Kvilvang, Ehlers
DATE: November 22, 2024
SUBJECT: Dayton's Bluff Neighborhood Housing Services Analysis
The Golden Valley Housing and Redevelopment Authority (the “HRA”) is currently under contract with the
Greater Metropolitan Housing Corporation (“GMHC”) for construction of a housing unit within the City. GMHC
intends to merge with Dayton's Bluff Neighborhood Housing Services to form one organization. You asked
that Ehlers review Dayton's Bluff Neighborhood Housing Services financials to determine if the organization
has the qualifications and financial capacity necessary to fulfill the obligations of the existing contract with the
HRA.
Financial Analysis
Ehlers reviewed Dayton's Bluff Neighborhood Housing Services and subsidiary financials for 2021, 2022, and
2023. Based on our review, we conclude there is no more risk to the HRA from the merged organizations than
currently exists with GMHC alone. Dayton's Bluff Neighborhood Housing Services has a proven track record
and a combined organization will offer more stability.
The attached analysis shows that Dayton’s Bluff’s financial performance has varied over the past three years,
which is not uncommon for non-profits. The organization has been able to increase its cash between 2021 and
2023 and has strong working capital. 2021 and 2023 both showed negative operating results, but the
organization was able to recapitalize itself to maintain its relative position. The merger of both organizations
should provide additional efficiencies to mitigate future operating losses.
Should you have any questions, please contact us at 651-697-8500.
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Dayton's Bluff Neighborhood Housing Services and Subsidiary
City of Golden Valley
Financial Statement Analysis - Based on submitted 2021, 2022 and 2023 financial statements
Consolidated Statement of Financial Position
2021 2022 2023 No.Pct.
Current Assets
Cash and cash equivalents 5,306,108$ 7,708,691$ 6,055,711$ 749,603$ 14.1%
Accounts receivable 284,251 388,472 601,136 316,885$ 111.5%
Other receivables 463 43 8,725 8,262$ 1784.4%
Prepaid expenses and other current assets 360,608 63,983 95,318 (265,290)$ -73.6%
Total Current Assets 5,951,430 8,161,189 6,760,890 809,460$ 13.6%
Noncurrent Assets
Receivables - long term 7,495,977 4,353,415 4,151,980 (3,343,997)$ -44.6%
Investments 100,000 100,000 100,000 -$ 0.0%
Buildings and Other Depreciable Assets -$
Property and equipment 2,692,131 2,545,431 2,432,519 (259,612)$ -9.6%
Property held for development 6,017,880 7,589,326 5,955,684 (62,196)$ -1.0%
Other Assets 4,945,920 4,945,920 4,945,920$
Total Noncurrent Assets 16,305,988 19,534,092 17,586,103 1,280,115$ 7.9%
TOTAL ASSETS 22,257,418$ 27,695,281$ 24,346,993$ 2,089,575$ 9.4%
Liabilities and Net Assets
Accounts Payable 64,088 2,388 121,476 57,388$ 89.5%
Accrued expenses 147,357 151,329 200,886 53,529$ 36.3%
Notes payable 40,110 (40,110)$ -100.0%
Deferred Revenue 115,123 87,622 228,658 113,535$ 98.6%
Other Current Liabilities 22,682 19,235 20,640 (2,042)$ -9.0%
Total Current Liabilities 389,360 260,574 571,660 182,300$ 46.8%
Noncurrent Liabilities
Mortgages, Notes, Bonds Payable in 1 yr. or More 4,242,571 9,683,174 7,724,340 3,481,769$ 82.1%
Other Liabilities 257,118 199,616 158,326 (98,792)$ -38.4%
Total Noncurrent Liabilities 4,499,689 9,882,790 7,882,666 3,382,977$ 75.2%
Total Liabilities 4,889,049 10,143,364 8,454,326 3,565,277$ 72.9%
Net Assets
Without donor restrictions:
Undesignated:
Operating 4,764,465 4,894,404 5,325,116 560,651$ 11.8%
Controlling interest -$
Noncontrolling interest -$
Designated -$
Total net assets without donor restrictions 4,764,465 4,894,404 5,325,116 560,651$ 11.8%
With donor restrictions 12,603,904 12,657,513 10,567,551 (2,036,353)$ -16.2%
Total net assets 17,368,369 17,551,917 15,892,667 (1,475,702)$ -8.5%
Total Liabilities and Net Assets 22,257,418 27,695,281 24,346,993 2,089,575$ 9.4%
Balance Sheet Metrics and Ratio Analysis
2021 2022 2023
Working Capital (Current Assets - Current Liabilities)5,562,070 7,900,615 6,189,230
Liquid Unrestricted Net Assets (Unrestrcited Net Assets)15.29 31.32 11.83
Debt/Leverage Ratio (Total Liabilities / Total Assets)21.97%36.62%34.72%
Debt to Equity Ratio (Total Liabilities / Total Shareholder's Equity)0.22 0.37 0.35
Change 2021 - 2023
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Dayton's Bluff Neighborhood Housing Services and Subsidiary
City of Golden Valley
Financial Statement Analysis - Based on submitted 2021, 2022 and 2023 financial statements
Consolidated Statement of Activities
2021 2022 2023 No.Pct.
Revenues From Operations
Contributions 111,139$ 17,152$ 67,570$ (43,569)$ -39.2%
Total Contributions 111,139 17,152 67,570 (43,569) -39.2%
Performance Contracts and Grants 1,606,637 1,318,929 1,029,734 (576,903) -35.9%
Loan Interest 102,924 103,219 107,985 5,061 4.9%
Grants Repaid 19,148 7,235 20,000 852 4.4%
Loss on Property Held for Resale (758,692) (2,928) (620,485) 138,207 18.2%
Investment Income (6,489) 70,777 277,522 284,011 4376.8%
Other Income 412,638 400,195 520,984 108,346 26.3%
Total Operating Revenues and Support 1,487,305 1,914,579 1,403,310 (83,995) -5.6%
Operating Expenses
Program Services 1,052,079 894,997 2,059,350 1,007,271 95.7%
Suppoorting Services 2,049,666 836,034 1,003,210 (1,046,456) -51.1%
Total Operating Expenses 3,101,745 1,731,031 3,062,560 (39,185) -1.3%
Operating income (loss)(1,614,440) 183,548 (1,659,250) (44,810) 2.8%
Other Revenues (Expenses)
Total, net -
Change in Net Assets (1,614,440) 183,548 (1,659,250) (3,090,142) 191.4%
Metrics and Ratio Analysis
2021 2022 2023
Operating Margin Ratio (Total Revenue - Total Expenses) / Revenue -108.55%9.59%-118.24%
Program Efficiency Ratio (Program Expenses / Total Expenses 33.92%51.70%67.24%
Saving Indicator Ratio (Total Revenue - Total Expenses) / Expenses -52.05%10.60%-54.18%
Change 2021 - 2023
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Dayton's Bluff Neighborhood Housing Services and Subsidiary
City of Golden Valley
Financial Statement Analysis - Based on submitted 2021, 2022 and 2023 financial statements
Consolidated Statement of Cash Flows
2021 2022 2023 No.Pct.
Net Cash Flow From Operating Activities
Total, Net 726,892 496,907 (1,387,511) (2,114,403) -290.9%
Net Cash Flow From Investing Activities
Total, Net (1,010,613) (895,463) (252,875) 757,738 -75.0%
Net Cash Flow From Financing Activities
Total, Net 124,969 2,801,139 (12,594) (137,563) -110.1%
Net Increase (Decrease) in Cash, Cash Equivilents and Restricted Cash (158,752) 2,402,583 (1,652,980) (1,494,228) 941.2%
Cash, Cash Equivalents and Restricted Cash - Beginning of Year 5,464,860 5,306,108 7,708,691 2,243,831 41.1%
Cash, Cash Equivalents and Restricted Cash - End of Year of Year 5,306,108 7,708,691 6,055,711 749,603 14.1%
Metrics and Ratio Analysis
2021 2022 2023
Burn Rate (Starting Balance - Ending Balance) / 12 months 13,229 (200,215) 137,748
Change 2021 - 2023
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EXECUTIVE SUMMARY
Community Development
763-512-2345 / 763-512-2344 (fax)
Golden Valley Housing and Redevelopment Authority Meeting
December 3, 2024
Agenda Item
3.B. Adopt HRA Resolution No. 24-05 Approving Updated Bylaws of the Housing and Redevelopment
Authority
Prepared By
Christine Costello, Housing & Economic Development Manager
Summary
In 2021 the Housing and Redevelopment Authority (HRA) updated their bylaws to change the
December meeting to the first Tuesday of December to prevent calling for a special meeting each
December. Since 2021, there have been approximately an additional six meetings and/or work
sessions for the HRA. Monthly meetings allow for more timely discussions and decision making that
leads to the implementation of new programs and modification of existing programs. This proposed
change still maximizes transparency to stakeholders regarding the HRA's operations, decision-making
processes, and financial management.
The proposed changes include:
Moving the annual meeting to the first Tuesday in February so that a Chair and Vice Chair can
be elected earlier in the calendar year
Regular meetings may be held monthly on the first Tuesday of each month
Work sessions may be held monthly on the second Tuesday of each month
Meetings and work sessions may be cancelled due to lack of agenda items. If a meeting is
rescheduled, it will be noticed according to the requirements of Minn. Stat. §13D.04.
Legal Considerations
The proposed revisions to the bylaws were reviewed by the City attorney.
Equity Considerations
Allowing more frequent opportunities for the HRA to hold meetings and work sessions allows for more
consistent and timely involvement in guiding and supporting housing and redevelopment initiatives
within the community.
Recommended Action
Motion to adopt HRA Resolution No. 24-05 approving updated bylaws of the Housing and
Redevelopment Authority.
Supporting Documents
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HRA Resolution No. 24-05 - Approving HRA Bylaw Amendments
HRA Bylaws - Proposed Revisions
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HRA RESOLUTION NO. 24-05
RESOLUTION AMENDING THE
HOUSING AND REDEVELOPMENT AUTHORITY
BY-LAWS
WHEREAS,the Housing and Redevelopment Authority (Authority) for the City of
Golden Valley desires to change a portion of its By-laws; and
WHEREAS,the revisions to the By-laws will allow for improved administrative
efficiency; and
WHEREAS,the revisions will continue to provide transparency to stakeholders
regarding the HRA's operations, decision-making processes, and financial management.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority of the City of Golden Valley, Minnesota that the By-laws as herein amended are
attached and labeled "Exhibit A" By-laws of the Golden Valley Housing and Redevelopment
Authority.
Adopted by the Housing and Redevelopment Authority of Golden Valley, Minnesota
this 3rd day of December, 2024.
_____________________________
Gillian Rosenquist, Chair
ATTEST:
_________________________________
Noah Schuchman, Executive Director
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Exhibit A
BY-LAWS OF THE GOLDEN VALLEY
HOUSING AND REDEVELOPMENT AUTHORITY
Article I – The Authority
Section 1. Name of Authority. The name of the Authority shall be the “Housing and
Redevelopment Authority of Golden Valley, Minnesota”.
Section 2. Seal of Authority. The seal of the Authority shall be in the form of a circle
and shall bear the name of the Authority and the year of its organization.
Section 3. Office of Authority. The offices of the Authority shall be at the Golden
Valley City Hall, 7800 Golden Valley Road, in the City of Golden Valley, State of Minnesota,
but the Authority may hold its meetings at such other place or places as it may designate
by resolution.
Article II – Officers
Section 1. Officers. The officers of the Authority shall be a Chairperson and Vice-
Chairperson.
Section 2. Chairperson. The Chairperson shall preside at all meetings of the
Authority. Except as otherwise authorized by resolution of the Authority, the Chairperson
shall sign all contracts, deeds and other instruments made by the Authority. At each
meeting, the Chairperson shall submit such recommendations and information as they may
consider proper concerning the business, affairs and policies of the Authority.
Section 3. Vice-Chairperson. The Vice-Chairperson shall perform the duties of the
Chairperson in the absence or incapacity of the Chairperson; and in the case of the
resignation or death of the Chairperson, the Vice-Chairperson shall perform such duties as
are imposed on the Chairperson until such time as the Authority shall select a new
Chairperson.
Section 4. Director. The Director shall be the City Manager of Golden Valley. They
shall have responsibility for the general supervision of the projects of the Authority and
supervision of the personnel of Golden Valley who are to furnish services to the Authority.
They shall perform, or have performed, such activities as the Authority shall from time to
time reasonably request. They shall be responsible for the care and custody of all funds of
the Authority and for the deposit thereof in the name of the Authority in such bank or banks
as the Authority from time to time shall designate; for the keeping of regular books of
accounts showing receipts and expenditures; for rendering to the Authority, at each regular
meeting of the Authority, an account of the income and expenses of the Authority, for
rendering of such additional financial and other reports as the Authority from time to time
shall request.
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Section 5. Support Personnel. The Director shall be responsible for and have the
authority to, employ, terminate or utilize other available personnel to perform HRA
functions. This authority is in keeping with and under the same provisions as the City
Manager of the City of Golden Valley is empowered to direct personnel under State law.
Such personnel may include an Assistant Director who may perform the duties of the
Director in their absence.
Section 6. Secretary. The Secretary shall be any one of the secretaries made
available from time to time by the Director for use by the Authority from the personnel of
Golden Valley and shall perform all duties required of the position, including but not limited
to, the following: taking of dictation, doing typing and filing for any of the Authority’s
administrative staff, taking minutes and keeping records of meetings of the Authority, public
hearings, and staff meetings as required by the Director, and any other secretarial work
necessary to the timely and successful completion of the Authority’s projects, as required
by the Director.
Section 7. Additional Duties. The officers of the Authority shall perform such other
duties and functions as may from time to time be required by the Authority or the By-Laws
or rules and regulations of the Authority.
Section 8. Election or Appointment. The first Chairperson shall, pursuant to his/her
appointment, serve in the capacity of Chairperson until the expiration of his/her term of
office as Commissioner. The vice-Chairperson and the Chairperson shall be elected at the
annual meeting of the Authority from among the Commissioners of the Authority,and shall
hold office for one year or until their successors are elected and qualified.
Section 9. Vacancies. Should the office of Chairperson or Vice-Chairperson become
vacant, the Authority shall elect a successor from its membership at the next regular
meeting, and such election shall be for the unexpired term of said office. When the office of
the Director becomes vacant, the Authority shall appoint a successor, as aforesaid.
Section 10. Additional Personnel. The Authority may, from time to time, employ such
personnel as it deems necessary to exercise its powers, duties, and functions as
prescribed by the Municipal Housing and Redevelopment Law of Minnesota applicable
thereto. The compensation of such personnel (including the Director) shall be determined
by the Authority subject to the laws of the State of Minnesota.
Article III – Meetings
Section 1. Annual Meeting. The annual meeting of the Authority shall be held on the
first Tuesday of February, at the regular meeting place of the Authority, unless changed at
a scheduled meeting of the Authority held prior to the established date.
Section 2. Regular Meetings. Meetings shall be held monthly at the regular meeting
place of the Authority on the first Tuesday of each month. In the event that no agenda items
have been submitted or no business is scheduled for discussion at a meeting, the meeting
shall be automatically canceled. The cancellation shall be effective without the need for
further notice, and no meeting shall be convened for that date. . Any changes to meeting
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location or time will be properly noticed according to the requirements of Minn. Stat.
§13D.04.
Section 3. Work Sessions. Work Session shall be held monthly on the second
Tuesday of each month. In the event that no agenda items have been submitted or no
business is scheduled for discussion at a work session, the work session shall be
automatically canceled. The cancellation shall be effective without the need for further
notice, and no work session shall be convened for that date. Any changes to work session
location or time will be properly noticed according to the requirements of Minn. Stat.
§13D.04.
Section 4. Meeting Times. Standard meeting times for the annual and regular
meetings and work sessions shall be established by resolution of the Authority and may
only be changed by subsequent resolutions. Any changes to meeting or work session
location or time will be properly noticed according to the requirements of Minn. Stat.
§13D.04.
Section 5. Special Meetings. Special meetings of the Authority may be called by the
Chairperson or two members of the Authority for the purpose of transacting any business
designated in the call. The call for a special meeting may be either: (a) in writing and
delivered at any time prior to the time of the proposed meeting to each member of the
Authority or mailed to the business or home address of each member of the Authority, or
(b) verbal by direct contact or telephone. In any event, said call shall be given at least two
(2) days prior to the date of such special meeting, and it shall be posted in accordance with
the Minnesota Open Meeting Law. At such special meetings no business shall be
considered other than as designated in the call, but if all the members of the Authority are
present at special meetings, any and all business may be transacted as such special
meeting.
Section 6. Executive Session. Upon being duly noticed, all or part of any regular or
special meeting may be held as a closed, executive session to the extent permitted by
Minnesota Law.
Section 7. Quorum. The powers of the Authority shall be vested in the
Commissioners thereof in office from time to time. Three Commissioners shall constitute a
quorum for the purpose of conducting its business and exercising its powers and for all
other purposes, but a smaller number may adjourn from time to time until al quorum is
obtained. When a quorum is in attendance, action may be taken by the Authority upon a
vote of a majority of the Commissioners present.
Section 8. Order of Business. At the regular meetings of the Authority, the following
shall be the order of business:
1. Roll Call
2. Approve Agenda
3. Consent Agenda
Approval of Minutes
Receipt of Financial Reports
Routine Items if needed to be approved
21
4. Public Hearing (if needed)
5. Old Business
6. New Business
7. Adjournment
All resolutions shall be in writing and shall be copied in the journal of proceedings of
the Authority.
Section 9. Manner of Voting. Yeas and Nays of the Commissioners shall be
recorded on all matters before the Authority, except those questions requiring a roll call
vote. The voting on all matters shall be entered upon the minutes of such meeting.
Article IV – Disbursement of Funds
Funds shall be appropriated and disbursed by the Director under the direction of the
Authority. There will be a two-signature requirement on any check issued by the Authority.
Persons authorized to sign Authority checks are the Chairperson (or Vice-Chairperson in
the absence of the Chairperson), and the Director. The signatures of the Chairperson or
Vice-Chairperson may be by signature stamp to the extent authorized by the Chairperson
or the Vice-Chairperson.
Article V – Amendments
Amendments to By-Laws. The By-Laws of the Authority shall be amended the
affirmation vote of at least three of the members of the Authority.
Article VI – Code of Ethics
Section 1. Policy.
Subdivision 1. General Declaration of Policy. It is imperative that all persons
acting in the public service not only maintain the highest possible standards of ethical
conduct in their transaction of public business, but that such standards be clearly defined
and known to the public as well as to the persons acting in public service.
The proper operation of democratic government requires that public officials
be independent, impartial and responsible to the people; that governmental decisions and
policies are made in the proper channels of the governmental structure; that public office
not be used for personal gain; and that the public have confidence in the integrity of its
government. In recognition of these goals there is hereby established a Code of Ethics for
public officials of the Authority. The purpose of this Code is to establish ethical standards of
conduct for such officials by setting forth those acts or actions that are incompatible with
the best interests of the Authority and by directing disclosure by such officials of private,
financial or other interests in matters affecting the Authority. The provisions and purpose of
this Code are declared to be in the best interests of the Authority.
Subdivision 2. Responsibilities of Public Office. Public officials are agents of
public purpose and hold office for the benefit of the public. They are bound to uphold the
Constitution of the United States and the Constitution of this State and to carry out
22
impartially the laws of the nation, state and municipality and thus, to foster respect for all
government. They are bound to observe in their official acts, the highest standards or
morality and to discharge faithfully the duties of their office.
Subdivision 3. Dedicated Service. All officials of the Authority shall be
dedicated to fulfilling their responsibilities of office described herein. They shall be
dedicated to the public purpose and all programs developed by them shall be in the
community interest.
Public officials shall not exceed their authority or breach the law or ask others
to do so, and they shall work in full cooperation with other public officials and employees
unless prohibited from doing to by law or by officially recognized confidentiality of their
work.
Subdivision 4. Scope of Persons Covered. The provisions of this Code of
Ethics shall be applicable to the Director, all Commissioners of the Housing and
Redevelopment Authority of Golden Valley, Minnesota, and all advisory commissions and
committee members thereof. The Director shall promulgate a similar Code of Ethics for
paid employees and consultants.
Section 2. Fair and Equal Treatment.
Subdivision 1. Subject to the provisions of Subdivision 3 below, no
commissioner, advisory commission member or committee member, while acting as such,
shall participate in the discussion of, or vote on, any issue in which he or she had any direct
financial or personal interest which arises from blood or marriage relationships. “Direct
financial interest” is hereby deemed to mean such an interest as would involve a
reasonable likelihood to gain having a monetary value of substance. “Blood relationships”
and “marriage relationships” shall be deemed for the purpose hereof to include only
immediate family relationships of the first degree: spouse, children, mother, father, father-
in-law, mother-in-law, stepfather, stepmother, brother, sister, sister-in-law and brother-in-
law.
Subdivision 2. Subject to the provisions of Subdivision 3 below, if a
commissioner, advisory commission member or committee member has a financial interest
in a business, investment, or transaction, which has a matter pending before the Authority,
he or she shall not participate in the discussion as such public official or vote on the matter.
Subdivision 3. No persons covered by this Code of Ethics shall take any
official action with respect to a matter in which he or she has a direct financial interest or
personal interest which arises from blood or marriage relationships, provided that
participation in the decision-making process on their own behalf as a private citizen shall
not be prescribed by this Code of Ethics, and provided further that he or she may
participate in matters leading up to or preliminary to official action to the extent that he or
she may have in the same and to the extent that he or she has no discretion to make a final
controlling judgment or vote on the same. Disclosure of any such financial or personal
interest shall be made to the board, commission or committee of which the person is a
member when the item appears on the agenda. Such disclosures shall be recorded in the
minutes and become a matter of public record.
23
Subdivision 4. No person covered by this Code of Ethics shall, without proper
legal authorization, disclose confidential information concerning the property, government,
or affairs of the Authority, nor shall he or she use such information to advance the financial
or other private interests of any person.
Subdivision 5. No person covered by this Code of Ethics shall directly or
indirectly solicit any gift or accept or receive any gift of substance whether in the form of
money, services, loan, travel, entertainment, hospitality, promise or any other form, under
circumstances in which it could be reasonably inferred that the gift was intended to
influence him or her, or could reasonably be expected to influence him or her in the
performance of their official duties or was intended as a reward for any official action on
their part.
Subdivision 6. Commissioner shall appear in behalf of another’s private
interest before the commission, any committee or board of the Authority, nor shall he or she
represent another’s private interests in any action or proceeding against the interests of the
Authority in which the Authority is a party.
Subdivision 7. Except as specifically authorized by Section 471.88 of the
Minnesota Statutes, no person covered by this Code of Ethics who is authorized to take
part in any manner in making any sale, lease or contract in his official capacity shall have a
direct financial interest in that sale, lease or contract or personally benefit financially
therefrom.
Section 3. Public Disclosure by Commissioners.
Subdivision 1. Unless already on file pursuant to the Golden Valley Code of
Ethics, within 30 days after the effective date of this Code of Ethics, each member of the
Authority shall file, as a public record, in the office of the Director, a signed statement
disclosing the following:
1. A list of names of all business corporations, governmental agencies, companies, firms
or partnerships or other business with the Authority or at some location within the City of
Golden Valley (a) with which he or she is connected as an employee, officer, owner,
director, trustee, partner, advisor, consultant, fiduciary (other than as a nominee), or (b)
in which he or she has any continuing financial interest, through a pension or retirement
plan, shared income, or otherwise, as a result of any current or prior employment or
business or professional association, or (c) in which he or she has any financial interest
through the ownership of stocks, bonds or other securities.
2. A list of their interests in real property or rights in the same located within the City of
Golden Valley.
Subdivision 2. Within 30 days after each anniversary date of initial filing each
person required to make such a filing under this Section 4 shall file a new disclosure
statement setting forth the information required hereby as of the time of the new statement.
24
Subdivision 3. Material changes in financial interest or in positions held shall
be disclosed by filing an amended disclosure statement within 30 days after such interest is
obtained or such changed position occurs.
Subdivision 4. This Code of Ethics shall not be construed to require the filings
of any information relating to any persons’ connection with, or interest in, any professional
society or any charitable, religious, social, fraternal, educational, recreational, public
service, civic or political organization, or any similar organization not conducted as a
business enterprise or governmental agency and which is not engaged in the ownership or
conduct of such a business enterprise or governmental agency.
Nor shall disclosure be required hereby where prohibited by professional or
business association ethics promulgated by any agency.
Subdivision 5. The Director shall inform each person required by this Section
4 to file a disclosure statement at the time and place for filing. The Director shall notify the
Authority whenever a person who is required by this Section 4 to file a disclosure statement
who fails to do so.
25
EXECUTIVE SUMMARY
Finance
763-512-2345 / 763-512-2344 (fax)
Golden Valley Housing and Redevelopment Authority Meeting
December 3, 2024
Agenda Item
3.C. Receive and File the Third Quarter 2024 Financial Status Report
Prepared By
Lyle Hodges, Finance Director
Summary
The attached financial report contains a summary of HRA operations through September 30, 2024.
Financial or Budget Considerations
Expenditures and revenues of the HRA Capital Project Fund are included in the report showing the
actual receipts and expenditures compared to budgeted amounts through September 30, 2024.
Legal Considerations
Not applicable.
Equity Considerations
The HRA budget strives to advance the equity goals of the city by funding investments in development
that provide opportunities and resources for all. The process for adopting the HRA budget includes
opportunities for public input and feedback.
Recommended Action
Motion to receive and file the Third Quarter 2024 Financial Status Report.
Supporting Documents
2024 Q3 Financial Status Report
2024 Q3 Report Presentation
26
City of Golden Valley
Financial Status Report
of Select Funds
as of September 30, 2024
27
ExecuƟve Summary
City of Golden Valley Interim Financial Report
as of September 30, 2024
Overall, the City of Golden Valley is in a stable financial posiƟon with planful spending and higher than
expected revenue allowing the City to deliver services in a cost-effecƟve and efficient manner. Moderate
growth is expected in the General Fund cash and fund balances while cash is projected to decrease slightly
in the uƟlity enterprise funds including water, sewer, and storm water. This reflects planned capital
spending and the use of stored reserves to finance capital projects.
This report covers the financial acƟvity of various funds of the City of Golden Valley through September
30, 2024. Once per year, aŌer a complete audit, the City issues official financial statements Ɵtled the
Annual Comprehensive Financial Report (ACFR). Unlike the formality of the fully audited annual report,
this interim report is meant to provide a snapshot of the primary operaƟng funds of the city, comparing
budgets to actual, and providing a projecƟon for year-end revenue and spending.
The report contains a summary of financial acƟvity for the General Fund, certain Special Revenue Funds,
the HRA Capital Project fund, and the City’s Enterprise funds. Generally accepted accounƟng principles
(GAAP) for governments as set forth by the Governmental AccounƟng Standards Board (GASB), require
that different types of funds use different accounƟng measures. While these statements do not strictly
adhere to full GAAP reporƟng, the financial statements and analysis that follow use slightly different terms
depending on the type of fund under discussion and the measurement focus of the accounƟng
methodology we’re expected to use. For a complete lisƟng of the accounƟng principles used in our audited
financial reporƟng, please see Note 1 of the City’s ACFR.
While the City looks forward to ongoing financial stability with a new City Manager and several new
department leaders starƟng in 2024, we remain aware of the external economic influences that impact all
local governments. We expect to close out our American Rescue Plan act spending by the end of 2024
with investments in capital projects and operaƟonal revenue replacement. This is also the final year of the
City’s Pavement Management Program before switching to the Infrastructure Renewal Program (IRP) to
maintain the city’s vital infrastructure assets. The 2025 Budget was proposed to Council in September of
2024 and looks to make investments in employee engagement and training, organizaƟonal and community
strategic planning, and increased operaƟonal costs.
1 28
General Fund Analysis
City of Golden Valley
as of September 30, 2024
Overview
The City’s general fund is used to account for all financial acƟvity not required to be accounted for in
another fund. The fund reports the proceeds of the general property tax levy as well as various fees,
permits, and licenses. We account for the acƟvity of many operaƟng departments in the general fund
including Police, Fire, City Manager, Legal and City Clerk, Finance, Community Development and several
Public Works departments such as Building Maintenance, Park Maintenance, and Streets.
Revenue
The City’s property tax levy comprises approximately 88.4% of General Fund revenue. Taxes are received
from Hennepin County in two payments throughout the year resulƟng in a spike in revenue in July and
December. The remainder of revenues in the General Fund are Licenses, Permits, Fees for Public Works
and Park and RecreaƟon services, and Investment Earnings.
Through September 30, 2024, the General Fund collected approximately 58.5% of budgeted revenue
compared to collecƟng 57.8% of budgeted revenue through the same period in 2023. We are currently
projecƟng that the General Fund will collect 103.0% of budgeted revenue by year-end while total
collecƟons in 2023 were 111.5% of budgeted revenue. The 2024 revenue is projected to exceed budget by
a substanƟal margin in Permits where we’ve already collected nearly twice as much as budgeted. This will
be slightly offset by lower than budgeted property tax collecƟons, consistent with recent historical
collecƟon rates.
Expenditure
The departments in the General Fund operate under a budget adopted by the City Council. Approximately
60.0% of the expenditure budget in the General Fund is dedicated to personnel including salaries,
insurance, and other benefits. In addiƟon, 11.1% of the General Fund budget is for transfers to various
funds to offset the cost of capital improvements and other acƟviƟes. The remaining 28.9% of the budget
is for materials and supplies, contractual services, and charges from other City funds such as vehicle
maintenance.
Through September of 2024, departments in the General Fund have spent 65.6% of the cumulaƟve
budget. By year-end, we’re projecƟng that approximately 94.7% of the budget will be spent as compared
to 92.1% by year-end 2023. We’re projecƟng that nearly every department will finish the year under
budget with the primary driver in most cases being personnel savings related to vacancies and the Ɵming
of hiring staff.
Cash and Fund Balance
The General Fund cash balance as of December 31, 2023, was $25,155,107 and the cash balance as of
September 30, 2024, is $24,289,033. Fund balance at the end of 2023 was $22,499,110 and fund balance
is projected to end 2024 at $24,997,010 or 78.6% of the proposed 2025 expenditure budget.
2 29
Revenues2023 Budget2023 Year to Date2023 Year End Actual 2024 Budget2024 Year to Date2024 Year End ProjectedVariance to BudgetProjected Amount as a Percent of Budget2025 Proposed BudgetProperty Taxes 24,843,020$ 12,435,482$ 24,097,267$ 26,613,525$ 13,427,099$ 25,914,302$ (699,223)$ 97.4% 27,800,845$ Licenses 231,555 218,141 238,758 238,805 272,957 285,000 46,195 119.3% 253,925 Permits 988,650 2,083,957 3,024,263 1,363,650 2,574,023 2,850,000 1,486,350 209.0% 1,739,650 Grants and Fines 175,920 104,943 1,210,562 115,920 151,603 175,000 59,080 151.0% 143,280 Government Fees 10,815 14,959 13,265 10,815 31,424 35,000 24,185 323.6% 16,750 Public Safety35,700 35,277 48,348 36,550 30,385 38,500 1,950 105.3% 44,150 Public Works183,625 156,277 208,702 198,625 140,868 197,500 (1,125) 99.4% 207,300 Park and Recreation210,025 270,014 327,965 315,700 243,486 295,000 (20,700) 93.4% 323,700 Transfers In895,000 650,883 881,647 895,000 577,600 895,000 - 100.0% 895,000 Investment Earnings125,000 128 756,705 125,000 - 125,000 - 100.0% 164,000 Other Revenue169,900 138,194 269,353 197,100 166,194 195,000 (2,100) 98.9% 197,100 Total Revenue 27,869,210 16,108,256 31,076,834 30,110,690 17,615,638 31,005,302 894,612 103.0% 31,785,700 ExpendituresCity Council and Boards429,960 310,248 447,475 314,920 168,472 310,000 4,920 98.4% 324,325 City Manager1,693,715 1,059,116 1,450,002 436,740 524,249 435,000 1,740 99.6% 725,152 Police7,705,215 4,107,919 6,087,127 8,533,560 5,526,507 7,750,000 783,560 90.8% 2,506,743 Fire2,184,600 1,267,436 1,812,500 2,318,220 1,424,151 2,100,000 218,220 90.6% 8,021,047 Legal Services and City Clerk531,240 285,473 387,714 850,795 364,436 825,000 25,795 97.0% 1,023,060 Administrative Services1,306,395 984,129 1,481,514 2,461,185 1,351,482 2,425,000 36,185 98.5% 2,919,046 Communications- - - 462,695 278,991 450,000 12,695 97.3% 546,209 Building Maintenance872,100 711,674 908,327 992,560 612,299 875,000 117,560 88.2% 1,099,082 Park Maintenance1,536,370 1,226,509 1,713,577 1,744,915 1,209,634 1,725,000 19,915 98.9% 1,944,500 Streets2,808,670 2,168,089 2,760,347 2,893,675 1,953,104 2,775,000 118,675 95.9% 3,051,174 Community Development2,383,765 1,600,838 2,186,544 2,610,555 1,610,094 2,475,000 135,555 94.8% 2,985,946 Parks and Recreation1,453,140 972,503 1,241,464 1,528,070 872,609 1,395,000 133,070 91.3% 1,583,750 Finance1,394,040 1,043,544 1,328,134 1,457,800 1,199,054 1,441,400 16,400 98.9% 1,230,666 Insurance370,000 262,790 341,320 380,000 298,043 401,002 (21,002) 105.5% 400,000 Contingencies- - - - - - - 0.0% 150,000 Transfers Out3,200,000 3,200,000 3,515,000 3,375,000 2,531,250 3,375,000 - 100.0% 3,275,000 Total Expenditures 27,869,210$ 19,200,268$ 25,661,043$ 30,360,690$ 19,924,374$ 28,757,402$ 1,603,288$ 94.7% 31,785,700$ Change in Fund Balance(250,000) 2,247,900 - Fund Balance January 122,749,110 22,749,110 24,997,010 Fund Balance December 31 (Projected) 22,499,110$ 24,997,010$ 24,997,010$ As of September 30, 2024Financial Status ReportGeneral FundCity of Golden Valley3 30
2024 Budget
2024 YTD
Actual
2024
Projected
Variance to
Budget
Operating Revenue
Pull Tabs 35,000$ 25,568$ 32,750$ (2,250)$
Fundraisers 11,000 12,936 12,936 1,936
Interest on Investments 400 - 2,000 1,600
Total Operating Revenue 46,400 38,504 47,686 1,286
Operating Expenses
Supplies 11,000 3,593 11,000 -
Allocations 40,000 52,250 52,250 (12,250)
Total Operating Expenses 51,000 55,843 63,250 (12,250)
Change in Fund Balance (4,600)$ (17,339)$ (15,564)$ 13,536$
Fund Balance at January 1 162,414$ 162,414$
Fund Balance at December 31 157,814$ 146,850$
Community Services Commission Special Revenue Fund
Operating Statement
Through September 30, 2024
Status Summary
This fund is used to account for the activity of the Community Services Commission (CSC).
Revenue comes from pull tabs from four business around Golden Valley as well as fundraising
efforts throughout the year. The CSC meets regularly and decides how to allocate resources to
support organizations and programs that address human services needs within the City.
As of September 30, 2024, the CSC has received $25,568 in pull tab revenue or approximately
73.1% of the budgeted amount of $35,000. In addition, the CSC has received more fundraising
revenue than budgeted, collecting $12,936 or $1,936 more than the budgeted amount of
$11,000.
Through September 30, 2024, the CSC spent $52,250 to support various organizations
throughout Golden Valley. There are no more expected allocation payments to other
organizations for the remainder of 2024.
4 31
2024 Budget
2024 YTD
Actual
2024
Projected
Variance to
Budget
Operating Revenue
Banquet Facilities 271,000$ 206,224$ 300,124$ (29,124)$
Catering Rental 18,000 15,743 23,243 (5,243)
Backyard Indoor Play Area 266,500 185,731 188,759 77,741
Total Operating Revenue 555,500 407,698 512,126 43,374
Operating Expenditures
General Area Rooms 432,700 312,794 384,867 47,833
Indoor Play Area 65,570 48,219 59,120 6,450
Total Operating Expenditures 498,270 361,013 443,987 54,283
Operating Revenue Over/
(Under) Expense 57,230 46,685 68,139 (10,909)
Non-Operating Revenue (Expenses)
Capital 285,000 22,580 50,000 235,000
Change in Fund Balance (227,770)$ 24,105$ 18,139$ (245,909)$
Fund Balance at January 1 695,709$ 695,709$
Fund Balance at December 31 467,939$ 713,848$
Brookview Special Revenue Fund
Operating Statement
Through September 30, 2024
Status Summary
The Brookview Special Revenue Fund is used to account for the revenues and expenditures at the Brookview
Community Center facility. The primary sources of revenue are room rental for events and proceeds from fees
for the use of the indoor play area. Primary expenditures consist of personnel, materials, and contractual
services needed to maintain and support the rental rooms and indoor play area. There is also a capital plan to
assist with maintenance of the facility.
Through September 30, 2024, Brookview Community Center collected a total of $407,698 in revenue. This
represents approximately 73.4% of budgeted revenue for the year. Current projections show revenue finishing
the year under budget as a result of lower than budgeted revenue from room rental and catering services.
As of September 30, 2024, Brookview Community Center spent a total of $361,013.The total spending is
approximately 72.5% of the budgeted amount of $498,270. Capital spending through September 30 was
$22,580, only 7.9% of the budgeted amount of $285,000.
5 32
2024 Budget
2024 YTD
Actual
2024
Projected
Variance to
Budget
Operating Revenue
Taxes 284,880$ 143,679$ 280,750$ (4,130)$
State Aid - 68,548 137,096 137,096
Total Operating Revenue 284,880 212,227 417,846 132,966
Operating Expenses
Personnel 189,980 96,706 146,206 43,774
Materials/Supplies 500 - 500 -
HOPE Home Acquisition 315,000 270,000 270,000
Contractual Services 94,400 68,314 70,000 24,400
Total Operating Expenses 599,880 435,020 486,706 68,174
Operating Revenue Over/
(Under) Expense (315,000) (222,793) (68,860) 64,792
Change in Fund Balance (315,000)$ (222,793)$ (68,860)$ 64,792$
Fund Balance at January 1 423,238$ 423,238$
Fund Balance at December 31 108,238$ 354,378$
Housing and Redevelopment Authority Capital Project Fund
Operating Statement
Through September 30, 2024
Status Summary
The Housing and Redevelopment Authority (HRA) Capital Project Fund serves as the main operating fund
of the HRA. Within this fund, we deposit the proceeds of the HRA tax levy and the new for 2024 Local
Affordable Housing Aid (LAHA) from the State of Minnesota. The HRA pays for personnel, materials, and
other operational needs from this fund as well.
Through the first three quarters of 2024, the HRA Capital Project Fund collected $212,227 in revenue,
with $143,679 from the first-half tax settlement and $68,548 from the first-half LAHA payment. The
LAHA revenue was not budgeted for 2024, so total revenue is projected to exceed budget by $132,966
because of that.
As of September 30, 2024, the HRA fund had spent $435,020 including $270,000 for the acquisition of
three properties as part of the HOPE program. The funding for these purchases was a transfer from the
City's General Fund completed at the end of 2023.
The HRA levies taxes to support operations. For 2025, the proposed levy for the HRA is $319,181 to fund
ongoing activity related to economic and housing development.
6 33
2024 Budget
2024 YTD
Actual 2024 Projected
Variance to
Budget
Operating Revenue
Charges for Services 10,675,625$ 8,155,364$ 10,873,819$ 198,194$
Grants 750,000 71,415 100,000 (650,000)
Investment Earnings 100,000 - 100,000 -
Other Miscellaneous 1,558,000 24,067 1,590,000 32,000
Total Operating Revenue 13,083,625 8,250,846 12,663,819 (419,806)
Operating Expenses
Personnel 1,878,925 1,047,861 1,450,000 428,925
Materials/Supplies 323,625 177,061 320,000 3,625
Contractual Services 1,250,850 331,125 1,250,000 850
Water & Sewer Services for Resale 6,030,525 4,127,169 5,227,747 802,778
Vehicle Maintenance Charges 147,775 99,440 145,000 2,775
Total Operating Expenses 9,631,700 5,782,656 8,392,747 1,238,953
Operating Revenue Over/
(Under) Expense 3,451,925 2,468,190 4,271,071 (1,658,759)
Non-Operating Revenue (Expenses)
Debt Service (369,975) - (369,975) -
Capital (8,510,000) (2,606,443) (6,250,000) 2,260,000
Transfers (300,000) (225,000) (300,000) -
Total Nonoperating Revenue (Expense)(9,179,975) (2,831,443) (6,919,975) 2,260,000
Change in Cash Position (5,728,050)$ (363,253)$ (2,648,904)$ 601,241$
Water and Sewer Utility Enterprise Fund
Financial Status Report
Through September 30, 2024
Status Summary
The Water and Sewer Utility fund is used to account for the operational and capital activity of the City's water and sewer
utility services. The fund has outstanding debt related to capital improvements and uses the revenues from charges to utility
customers to fund payments on that debt. The fund also transfers $300,000 to the City's General Fund for various services
provided by General Fund Departments.
As of third quarter 2024, the Water and Sewer Utility fund collected revenue in the amount of $8,250,846 or 63.1% of the
budgeted amount of $13,083,625. Charges for services to utility customers is at 76.4% of the budgeted amount, but both
grants and other revenues are less than expected through September 30. The grants revenue will vary from year to year
based on what is available, and the other revenue includes $1,500,000 of franchise fees that are allocated at year end.
The fund has spent $5,782,656 of operating expenses or 60.0% of the budgeted amount of $9,631,700. In addition the fund
has spent $2,606,443 or 30.6% of the budgeted capital budget and $225,000 or 75.0% of the budgeted transfers. By year
end, it's projected that the fund will be under budget in operations by $1,238,953 and under budget on capital by
$2,260,000.
7 34
2024 Budget
2024 YTD
Actual
2024
Projected
Variance to
Budget
Operating Revenue
Charges for Services 3,345,000$ 2,133,735$ 2,950,000$ (395,000)$
Grants 2,584,000 - - (2,584,000)
Investment Earnings 282,025 - 285,000 2,975
Other Miscellaneous 60,500 - 65,000 4,500
Total Operating Revenue 6,271,525 2,133,735 3,300,000 (2,971,525)
Operating Expenses
Personnel 721,640 419,078 575,000 146,640
Materials/Supplies 62,860 57,926 62,860 -
Contractual Services 496,855 77,592 425,000 71,855
Vehicle Maintenance Charges 94,335 73,881 94,335 -
Total Operating Expenses 1,375,690 628,477 1,157,195 218,495
Operating Revenue Over/
(Under) Expense 4,895,835 1,505,258 2,142,805 (3,190,020)
Non-Operating Revenue (Expenses)
Debt Service (182,850) (156,850) (182,850) -
Capital (7,094,000) (158,334) (1,750,000) 5,344,000
Transfers (250,000) (187,500) (250,000) -
Total Nonoperating Revenue
(Expense)(7,526,850) (502,684) (2,182,850) 5,344,000
Change in Cash Position (2,631,015)$ 1,002,574$ (40,045)$ 2,153,980$
Storm Sewer Utility Enterprise Fund
Financial Status Report
Through September 30, 2024
Status Summary
The Storm Water Utility Enterprise funds accounts for the operation and capital activities of the City's storm
water system. The fund collects revenue through the utility bills to residential and commercial customers as
well as various grants that may be available for use in storm water systems.
Through September 30th, 2024, the fund has collected $2,133,735 from charges to utility customers and no
other revenue. It is projected that year-end revenue will be less than budgeted unless any substantial grants
are received prior to year-end.
The fund has spent approximately 45.7% or $628,477 of the operating budget of $1,375,690 and is projected
to finish the year under budget. In total, the operating activity of the fund is projected to result in an
operating gain of $2,142,805. In addition to operations, the fund will complete its debt service obligations
and transfers to the General Fund. As of this report, the fund is not projected to spend a significant amount
of the capital budget.
8 35
2024 Budget
2024 YTD
Actual
2024
Projected
Variance to
Budget
Operating Revenue
Charges for Services 1,123,980$ 694,365$ 1,050,000$ (73,980)$
Grants 40,000 44,602 44,602 4,602
Investment Earnings 10,000 - 25,000 15,000
Other Miscellaneous 13,000 12,091 12,091 (909)
Total Operating Revenue 1,186,980 751,058 1,131,693 (55,287)
Operating Expenses
Materials/Supplies 11,500 1,983 7,500 4,000
Contractual Services 1,145,600 800,478 1,067,304 78,296
Total Operating Expenses 1,157,100 802,461 1,074,804 82,296
Operating Revenue Over/
(Under) Expense 29,880 (51,403) 56,889 (137,583)
Non-Operating Revenue (Expenses)
Transfers (75,000) (56,250) (75,000) -
Total Nonoperating Revenue
(Expense)(75,000) (56,250) (75,000) -
Change in Cash Position (45,120)$ (107,653)$ (18,111)$ (137,583)$
Recycling Enterprise Fund
Financial Status Report
Through September 30, 2024
Status Summary
The Recycling Utility fund accounts for the City's curbside recycling and organics collection services. The City
contracts for both services and charges users a fee on their regular utility bill. The fund also transfers
$75,000 to the City's General Fund to offset the cost of program administration.
Through third quarter, the fund has collected $751,058 in revenue from users, grants, and other
miscellaneous sources. This represents approximately 63.3% of the budgeted amount of $1,186,980. The
projected revenue for year end is less than budgeted as a result of collecting less revenue from customers
than budgeted. The rate of charges and participating users varies from year to year which can result in over
and under collections in any given year.
The fund has spent $802,461 through September 30 which is 69.4% of the budgeted amount of $1,157,100.
Nearly of that spending was on the contract for recycling and other services as mentioned above. The Fund
is projected to complete the budgeted transfer by year end as well.
9 36
2024 Budget
2024 YTD
Actual
2024
Projected
Over/(Under)
Budget -
Projected
Operating Revenue
Golf Course 1,755,000$ 1,777,666$ 1,961,518$ 206,518$
Golf Pro Shop 490,000 467,844 492,576 2,576
316 Grill 2,700,000 1,902,781 2,109,891 (590,109)
Lawn Bowling/Other 155,000 115,894 117,499 (37,501)
Total Operating Revenue 5,100,000 4,264,184 4,681,484 (418,516)
Operating Expenses
Golf Course 1,834,225 1,391,056 1,802,878 31,347
Golf Pro Shop 187,120 213,192 248,947 (61,827)
316 Grill 2,031,345 1,415,388 1,784,588 246,757
Lawn Bowling/Other 35,835 24,436 35,294 541
Total Operating Expenses 4,088,525 3,044,072 3,871,707 216,818
Operating Revenue Over/
(Under) Expense 1,011,475 1,220,112 809,777 (635,334)
Non-Operating Revenue (Expenses)
Debt Service (111,100) - (111,100) -
Capital (175,000) (9,744) (50,000) (125,000)
Transfers (85,000) (63,750) (85,000) -
Total Nonoperating Revenue
(Expense)(371,100) (73,494) (246,100) (125,000)
Change in Cash Position 640,375$ 1,146,618$ 563,677$ (760,334)$
Brookview Golf Course and 316 Grill Enterprise Fund
Financial Status Report
Through September 30, 2024
Status Summary
The Brookview Golf Course and 316 Grill Enterprise fund accounts for all business-type activities that
take place at the Brookview property related to golf, restaurant, pro shop, and other recreational
activities. The fund also pays debt service on an inter-fund borrowing related to the irrigation system
project and manages capital projects. In addition, the fund transfers $85,000 to the City's General Fund
in 2024.
As of September 30, 2024 the fund has collected $4,264,184 or 83.6% of the budgeted revenue amount.
The fund is projected that revenue will fall below the budgeted amount by year end, finishing with
91.8% of the budgeted amount.
The funds various business operations have spent a total of $3,044,072 or 74.5% of the budgeted
amount of $4,088,525 through third quarter. By year end, the fund is projected to be $216,818 under
budget for operating expenses, primarily in the 316 Grill department. The fund is expected to complete
the debt service and transfer amounts by year end.
10 37
2024 Budget
2024 YTD
Actual
2024
Projected
Variance to
Budget
Operating Revenue
Charges for Services 472,325$ 375,000$ 465,000$ (7,325)$
Investment Earnings 7,500 - 12,500 5,000
Other Miscellaneous 1,500 1,250 1,500 -
Total Operating Revenue 481,325 376,250 479,000 (2,325)
Operating Expenses
Personnel 516,900 359,044 478,725 38,175
Materials/Supplies 2,000 1,247 2,000 -
Contractual Services 37,690 25,196 32,250 5,440
Total Operating Expenses 556,590 385,487 512,975 43,615
Operating Revenue Over/
(Under) Expense (75,265) (9,237) (33,975) (45,940)
Non-Operating Revenue (Expenses)
Transfers (60,000) (45,000) (60,000) -
Total Nonoperating Revenue
(Expense)(60,000) (45,000) (60,000) -
Change in Cash Position (135,265)$ (54,237)$ (93,975)$ (45,940)$
Department of Motor Vehicles Enterprise Fund
Financial Status Report
Through September 30, 2024
Status Summary
The Department of Motor Vehicles Enterprise fund operates a deputy registrar office to issue registration
and licensing of motor vehicles and recreational crafts as well as issuing hunting and fishing licenses. The
rates for most services are set by the State of Minnesota and the DMV remits a majority of registration fees
to the State while maintaining a portion to offset costs. The fund also transfers $60,000 to the General Fund
to offset costs of supporting the DMV.
Through September, 30, the revenue generated is approximately $376,250 which is 78.2% of the budgeted
amount of $481,325. The fund has also spent approximately 69.3% or $385,487 of the $556,590 operating
budget through third quarter.
ff
11 38
Third Quarter 2024
Financial Status
Update
City Council Work Session
November 12, 2024
39
Quarterly Report Overview
•Financial report as of September 30, 2024:
•General Fund
•Projected to collect more revenue then budgeted and spend less than budgeted
•Overall cash and fund balance projected to increase as a result
•Special Revenue and Capital Project Fund
•Expected to spend near budget in most funds
•Includes the operational budget of the HRA
•Enterprise Funds
•Planned capital investments will decrease cash position in most funds
•Operational revenues will exceed operational costs in all funds which helps
fund future project spending.
40
General Fund Summary
•Overall, General Fund revenue is expected to be over budget by approximately $1.3M
•Permit Revenue is anticipated to come in approximately $1.5M over budget
•Tax collections are expected to be $699,223 less than budgeted which represents a
collection rate of 97.4%, consistent with recent historical collection rates
•Other revenue categories are projected to finish 2024 relatively close to budget
•Since 2020, the General Fund has received an average of 104.3% of total budgeted revenues
•Overall, General Fund spending is expected to be under budget by approximately
$1.6M, largely due to vacancies in 2024
•Nearly all departments projected to be below budget at year end
•Police and Fire have the largest dollar savings which generally relates to personnel savings
•Around 60% of the General Fund budget is for personnel (salary and benefits) so staffing
levels, hiring replacements, and other personnel related changes are impactful to overall
spending
•Since 2020, the General Fund has spent an average of 97.2% of total budgeted expenditures
41
General Fund Summary
Note – City Management & Admin. includes City Council, City Manager, Legal, Admin Services, Communications, Finance, and Insurance.Public
works includes Building Maintenance, Park Maintenance, and Streets.
Revenues 2023 Budget
2023 Year
to Date
2023 Year End
Actual 2024 Budget
2024 Year
to Date
2024
Year End
Projected
Variance to
Budget
Projected
Amount as a
Percent of
Budget
2025 Proposed
Budget
Property Taxes 24,843,020$ 12,435,482$ 24,097,267$ 26,613,525$ 13,427,099$ 25,914,302$ (699,223)$ 97.4%27,800,845$
Licenses Fees Permits 1,231,020 2,317,057 3,276,286 1,613,270 2,878,404 3,170,000 1,556,730 196.5%2,010,325
Charges for Service and Fines 605,270 566,512 1,795,576 666,795 566,342 706,000 39,205 105.9%718,430
Transfers In 895,000 650,883 881,647 895,000 577,600 895,000 - 100.0%895,000
Investment Earnings & Other 294,900 138,322 1,026,058 322,100 166,194 320,000 (2,100) 99.3%361,100
Total Revenue 27,869,210 16,108,256 31,076,834 30,110,690 17,615,638 31,005,302 894,612 103.0%31,785,700
Expenditures
City Management & Admin 5,725,350 3,945,300 5,436,157 6,364,135 4,184,726 6,287,402 76,733 98.8%7,168,458
Police 7,705,215 4,107,919 6,087,127 8,533,560 5,526,507 7,750,000 783,560 90.8%2,506,743
FIre 2,184,600 1,267,436 1,812,500 2,318,220 1,424,151 2,100,000 218,220 90.6%8,021,047
Public Works 5,217,140 4,106,273 5,382,251 5,631,150 3,775,037 5,375,000 256,150 95.5%6,094,756
Parks & Recreation 1,453,140 972,503 1,241,464 1,528,070 872,609 1,395,000 133,070 91.3%1,583,750
Community Development 2,383,765 1,600,838 2,186,544 2,610,555 1,610,094 2,475,000 135,555 94.8%2,985,946
Contingencies - - - - - - - 150,000
Transfers Out 3,200,000 3,200,000 3,515,000 3,375,000 2,531,250 3,375,000 - 100.0%3,275,000
Total Expenditures 27,869,210$ 19,200,268$ 25,661,043$ 30,360,690$ 19,924,374$ 28,757,402$ 1,603,288$ 94.7%31,785,700$
Change in Fund Balance (250,000) 2,247,900 -
Fund Balance January 1 22,749,110 22,749,110 24,997,010
Fund Balance December 31 (Projected)22,499,110$ 24,997,010$ 24,997,010$
City of Golden Valley
General Fund
Financial Status Report
As of September 30, 2024
42
General Fund Summary
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
2020 Actual 2021 Actual 2022 Actual 2023 Actual 2024 Projected
General Fund Revenue & Expenditure
with Change in Cash and Fund Balance
2020-2024 (projected)
Expenditure Revenue Cash Fund Balance
•The projected cash balance for year-
end 2024 is $26.7 million, an increase
of $1.6 million compared to year-end
2023 cash of $25.1 million
•The projected fund balance for year-
end 2024 is $25.0 million, an increase
of $2.2 million compared to year-end
2023
43
Special Revenue Funds
•Special revenue funds account for revenue that is restricted for use on
specific activities. Fund balance is reported as restricted or committee for
the intended use
•There are two Special Revenue Funds in this Report:
•Community Services Commission – accounts for the activity of the CSC with revenue from
local gambling (pull tabs) and fundraisers. Expenditures of the fund go to local organizations
that address human services needs.
•Revenue and expenditures are both projected to exceed budgeted amounts, with ending fund
balance projected to be $146,850.
•Brookview Facility – accounts for the activity of the Brookview Facility with revenue from
room rental and fees for use of the indoor play area with expenditures to support those
functions
•Revenue and expenditures are both projected to be under budgeted amounts, with ending fund
balance projected to be $713,848.
44
Housing & Redevelopment Authority (HRA)
•For 2024, the HRA will collect
revenue from the property tax
levy and a new source of
funding in Local Affordable
Housing Aid (LAHA).
Expenditures include
operations and the purchase
of properties under the HOPE
program. The operating
statement to the left shows
details.
2024 Budget
2024 YTD
Actual
2024
Projected
Variance
to Budget
Operating Revenue
Taxes 284,880$ 143,679$ 280,750$ (4,130)$
State Aid - 68,548 137,096 137,096
Total Operating Revenue 284,880 212,227 417,846 132,966
Operating Expenses
Personnel 189,980 96,706 146,206 43,774
Materials/Supplies 500 - 500 -
HOPE Home Acquisition 315,000 270,000 270,000
Contractual Services 94,400 68,314 70,000 24,400
Total Operating Expenses 599,880 435,020 486,706 68,174
Operating Revenue Over/
(Under) Expense (315,000) (222,793) (68,860) 64,792
Change in Fund Balance (315,000)$ (222,793)$ (68,860)$ 64,792$
Fund Balance at January 1 423,238$ 423,238$
Fund Balance at December 31 108,238$ 354,378$
Housing and Redevelopment Authority Capital Project Fund
Operating Statement
Through September 30, 2024
45
Enterprise Funds
•Enterprise funds operate as business-type activities. These funds sell
products or services outside the organization and use the proceeds to
support operations, capital investments, debt service and transfers.
•There are five enterprise funds at the City – Utility (Water & Sewer),
Storm Sewer, Recycling, Brookview Golf Course, and the Motor Vehicle
fund.
46
Enterprise Funds
•In the snapshot below, you can see the difference between projected
operating gains and projected total change in cash position for the fund.
•Total projected change in cash position includes all expected transfers,
capital, and debt service payments.
Fund
Projected
Operating
Revenue
Projected
Operating
Expense
Projected
Operating
Gain/(Loss)
Total Projected
Change in
Cash Position
Utility 12,663,819$ 8,392,747 4,271,071 (2,648,904)$
Storm Sewer 3,300,000$ 1,157,195 2,142,805 (40,045)$
Recycling 1,131,693$ 1,074,804 56,889 (18,111)$
Brookview Golf Course 4,681,484$ 3,871,707 809,777 563,677$
Motor Vehicle 479,000$ 512,975 (33,975) (93,975)$
47
EXECUTIVE SUMMARY
Finance
763-512-2345 / 763-512-2344 (fax)
Golden Valley Housing and Redevelopment Authority Meeting
December 3, 2024
Agenda Item
6.A. Public Comment and Adoption of the 2025-2026 Budget and 2025 Tax Levy for the Housing and
Redevelopment Authority, HRA Resolution No. 24-06
Prepared By
Lyle Hodges, Finance Director
Summary
At the September 17, 2024, HRA meeting a proposed 2025-2026 budget and levy payable were
approved. This item is the final consideration of the 2025-2026 Housing Fund Budget and the 2025
HRA Tax Levy. Staff will make a presentation.
Financial or Budget Considerations
The HRA 2025 Proposed Budget is $451,276. The HRA will levy $319,181 and expects to receive
$137,095 in Local Affordable Housing Aid from the State of MN. Both the tax levy and Housing Aid are
scheduled to be received in July and December.
Legal Considerations
MN 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 affordable housing
programs, and services that provide 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. 24-06 adopting the Housing and Redevelopment Authority
Budget and Adopting the HRA Tax Levy Payable in 2025.
Supporting Documents
2025 Proposed Housing Fund Revenue Budget
2025 Proposed Housing Fund Expenditure Budget
Fund Balance Analysis
HRA Resolution No. 24-06 - Adopting the HRA Budget 2025-2026 and Adopting the HRA Tax Levy
Payable 2025
48
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% $499,478100.0%CITY OF GOLDEN VALLEYHRA HOUSING FUND REVENUE DETAILProposed 2025Concept 2026Estimated 2024Actual 2023Actual 2022Adopted 20249149
DIVISION: Housing and Economic Development (016) PROGRAM: Housing (9190) 2022 2023 2023 2024 202520252026OBJECT DESCRIPTION ACTUAL BUDGET ACTUAL BUDGET CONCEPTPROPOSEDConceptPersonal Services6110 Salaries-Regular Employees 132,223 129,920 124,612 134,265 138,280 132,204 142,843 6150 Employee Insurance 33,666 35,050 24,879 34,235 34,570 36,299 39,928 6160 Retirement 17,082 20,785 17,699 21,480 22,125 22,678 23,812 TOTAL Personal Services 182,971 185,755 167,190 189,980 194,975 191,181 206,583 Supplies and Services6320 Operating Supplies 7 500 305 500 500 300 300 6340 Professional Services 8,456 49,245 39,886 85,000 140,000 248,295 146,500 6344 Use of Personal Auto - 500 - 500 300 300 300 6411 Conferences and Schools 1,073 3,000 48 3,000 3,500 5,900 3,400 6413 Dues and Subscriptions 545 2,000 215 5,900 5,900 5,300 5,300 TOTAL Supplies and Services 10,081 55,245 40,454 94,900 150,200 260,095 155,800 TOTALS 193,052 241,000 207,644 284,880 345,175 451,276 362,383 Golden Valley Housing and Redevelopment Authority2025 - 2026 OPERATING BUDGET150
Fund Balance @ 01/01/24 421,618$
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 *
51
HRA RESOLUTION NO. 24-06
ADOPTING THE HOUSING AND REDEVELOPMENT AUTHORITY BUDGET
AND ADOPTING HRA 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 27, 2024 Approved
HRA Resolution No. 24-03 Adopting a Proposed Housing and Redevelopment
Authority Budget and Proposed Tax Levy in 2025; and
WHEREAS,The Golden Valley City Council on September 17, 2024
Approved Resolution No. 24-057 Consenting to the 2025 Proposed 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 Housing and
Redevelopment Authority of the City of Golden Valley, Minnesota 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 3rd day of December 2024.
Gillian Rosenquist, Chair
ATTEST:
Noah Schuchman, Executive Director
52