2025 HRA Budget
HOUSING AND REDEVELOPMENT AUTHORITY
The Housing and Redevelopment Authority (HRA) is a legally separate
organization created in accordance with Minnesota Statutes section 469. Its
purpose is to clear and redevelop blighted areas within the City and to
provide adequate housing for low and moderate-income residents. The
HRA is fiscally dependent upon the City, its governing board consists of the
City’s mayor and councilmembers, and the City’s management has
operational responsibility for the HRA.
Beginning in 2024, the HRA began receiving Local Affordable Housing Aid
(LAHA), as part of new legislation passed by the State of Minnesota in 2023.
This aid will enhance the HRA’s efforts to accomplish its stated goals and is
programmed into the 2025 and 2026 budget.
Percent Percent Percent Percent Percent Percent
Revenue Amount of Total Amount of Total Amount of Total Amount of Total Amount of Total Amount of Total
Property 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%
TOTALS 238,241$ 100.0% 553,212$ 100.0% 284,880$ 100.0% 421,975$ 100.0% 451,276$ 100.0% 499,478$ 100.0%
CITY OF GOLDEN VALLEY
HRA HOUSING FUND
REVENUE DETAIL
Adopted 2025 Concept 2026Estimated 2024Actual 2023Actual 2022 Adopted 2024
DIVISION: Housing and Economic Development (016)
2022 2023 2023 2024 2025 2025 2026 % Change % Change
OBJECT DESCRIPTION ACTUAL BUDGET ACTUAL BUDGET CONCEPT ADOPTED Concept 2024 to 2025 2025 to 2026
Personal Services
6110 Salaries-Regular Employees 132,223 129,920 124,612 134,265 138,280 132,204 142,843 -1.5% 8.0%
6150 Employee Insurance 33,666 35,050 24,879 34,235 34,570 36,299 39,928 6.0% 10.0%
6160 Retirement 17,082 20,785 17,699 21,480 22,125 22,678 23,812 5.6% 5.0%
TOTAL Personal Services 182,971 185,755 167,190 189,980 194,975 191,181 206,583 0.6% 8.1%
Supplies and Services
6320 Operating Supplies 7 500 305 500 500 300 300 -40.0% 0.0%
6340 Professional Services 8,456 49,245 39,886 85,000 140,000 248,295 146,500 192.1% -41.0%
6344 Use of Personal Auto - 500 - 500 300 300 300 -40.0% 0.0%
6411 Conferences and Schools 1,073 3,000 48 3,000 3,500 5,900 3,400 96.7% -42.4%
6413 Dues and Subscriptions 545 2,000 215 5,900 5,900 5,300 5,300 -10.2% 0.0%
TOTAL Supplies and Services 10,081 55,245 40,454 94,900 150,200 260,095 155,800 174.1% -40.1%
TOTALS 193,052 241,000 207,644 284,880 345,175 451,276 362,383 58.4% -19.7%
Golden Valley Housing and Redevelopment Authority
2025 - 2026 OPERATING BUDGET
DIVISION: Housing and Economic Development (016)PROGRAM: Housing (9190)
2022 2023 2023 2024 2025 2025 2026 % Change % Change
OBJECT DESCRIPTION ACTUAL BUDGET ACTUAL BUDGET CONCEPT ADOPTED Concept 2024 to 20252025 to 2026
Personal Services
6110 Salaries-Regular Employees 132,223$ 129,920$ 124,612$ 134,265$ 138,280$ 132,204$ 142,843$ -1.5% 8.0%
6150 Employee Insurance 33,666 35,050 24,879 34,235 34,570 36,299 39,928 6.0% 10.0%
6160 Retirement 17,082 20,785 17,699 21,480 22,125 22,678 23,812 5.6% 5.0%
TOTAL Personal Services 182,971 185,755 167,190 189,980 194,975 191,181 206,583 0.6% 8.1%
Supplies and Services
6320 Operating Supplies 7 500 305 500 500 300 300 -40.0% 0.0%
6340 Professional Services 8,456 49,245 39,886 85,000 140,000 111,200 146,500 30.8% 31.7%
6344 Use of Personal Auto -500 -500 300 300 300 -40.0% 0.0%
6411 Conferences and Schools 1,073 3,000 48 3,000 3,500 5,900 3,400 96.7% -42.4%
6413 Dues and Subscriptions 545 2,000 215 5,900 5,900 5,300 5,300 -10.2% 0.0%
TOTAL Supplies and Services 10,081 55,245 40,454 94,900 150,200 123,000 155,800 29.6% 26.7%
TOTALS 193,052$ 241,000$ 207,644$ 284,880$ 345,175$ 314,181$ 362,383$ 10.3% 15.3%
Golden Valley Housing and Redevelopment Authority
2025 - 2026 OPERATING BUDGET
DIVISION: Housing (016) PROGRAM: LAHA Funding
2025 2026
OBJECT DESCRIPTION ADOPTED Concept
Supplies and Services
6320 Operating Supplies - -
6340 Professional Services 137,095 137,095
6344 Use of Personal Auto - -
6411 Conferences and Schools - -
6413 Dues and Subscriptions - -
TOTAL Supplies and Services 137,095 137,095
Golden Valley Housing and Redevelopment Authority
2025 - 2026 OPERATING BUDGET
1
Fund Balance @ 01/01/24 554,747$
Estimated Revenue - 2024 421,975
Estimated Expenses - 2024 554,880
Excess of Revenue Over (Under) Expenses (132,905)
Estimated Fund Balance @ 12/31/24 421,842
Budgeted Revenue - 2025 451,276
Budgeted Expenses - 2025 451,276
Excess of Revenue Over (Under) Expenses -
Projected Fund Balance @ 12/31/25 421,842
Concept Revenue - 2026 499,478
Concept Expenses - 2026 362,383
Excess of Revenue Over (Under) Expenses 137,095
Projected Fund Balance @ 12/31/26 558,937$
CITY OF GOLDEN VALLEY
HRA HOUSING FUND
FUND BALANCE ANALYSIS