08-10-21 HRA Working Session PacketWORK SESSION AGENDA
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Pages
1.Housing Budget and Levy Discussion 2-5
August 10, 2021 – 6:30 pm
Meeting Held Hybrid
Golden Valley Housing and Redevelopment Authority Work Session
August 10, 2021
Agenda Item
Discussion on Proposed 2022 HRA Budget and Levy
Prepared By
Sue Virnig, Finance Director
Summary
At the August 10, 2021 Housing and Redevelopment Authority (HRA) Work Session, the HRA
commissioners will be reviewing the 2022-2023 HRA budget. Staff will present the proposed budget
and levy. The proposed budget and levy will be presented again at the September 21, 2021 HRA
meeting. Final approval of the 2022-2023 proposed levy and budget will be sent to Hennepin County
and included on the 2022 Proposed Property Tax Statements.
Financial Or Budget Considerations
In 2021, the HRA levied for the first time and did not pay into the fiscal disparities pool. In 2022, the
HRA will have to contribute to the pool; and therefore the levy is slightly higher than the expenditures.
The 2022 proposed tax levy for the HRA will be $194,000.
Supporting Documents
•2022-2023 Housing Budget and Levy (3 page)
DIVISION: Housing (016)PROGRAM: Housing (9190)
2019 2020 2021 2021 2022 2022 2023
OBJECT DESCRIPTION ACTUAL ACTUAL ADOPTED ESTIMATED CONCEPT PROPOSED CONCEPT
Personal Services
6110 Salaries-Regular Employees $0 $0 $109,400 $97,315 $112,685 $125,150 $129,285
6150 Employee Insurance - - 18,305 25,060 18,425 32,225 33,290
6160 Retirement - - 18,545 15,570 19,100 20,025 20,685
TOTAL Personal Services - - 146,250 137,945 150,210 177,400 183,260
Supplies and Services
6320 Operating Supplies - - 250 250 250 500 500
6340 Professional Services - 5,094 10,000 10,000 10,000 5,000 50,000
6344 Use of Personal Auto - - 500 500 500 500 500
6411 Conferences and Schools - - 3,000 2,500 3,000 5,000 3,000
6413 Dues and Subscriptions - - 2,000 2,000 2,000 2,000 2,000
TOTAL Supplies and Services - 5,094 15,750 1,430 15,750 13,000 56,000
TOTALS - 5,094 162,000 139,375 165,960 190,400 239,260
CITY OF GOLDEN VALLEY
2022 - 2023 OPERATING BUDGET
1
Percent 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 Amount of Total
Property Tax Revenues $0 0.0% 0.0% 72,000 44.4% $72,000 44.4% $165,960 100.0%$194,000 100.0%$244,045 100.0%
Interest 1,443 100.0% 191 100.0% 0 0.0% $0 0.0% $0 0.0%$0 0.0%$0 0.0%
Fund Balance - 0.0% 0.0% 90,000 55.6% 90,000 55.6% 0 0.0%0 0.0%0 0.0%
TOTALS $1,443 100.0% $191 100.0% $162,000 100.0% $162,000 100.0% $165,960 100.0% $194,000 100.0% $244,045 100.0%
HRA HOUSING FUND
REVENUE DETAIL
Concept 2023Concept 2022Actual 2019 Actual 2020 Adopted 2021 Estimated 2021 Proposed 2022
Fund Balance @ 01/01/21 $100,792
Estimated Revenue - 2021 $72,000
Estimated Expenses - 2021 139,375
Excess of Revenue Over (Under) Expenses (67,375)
Estimated Fund Balance @ 12/31/21 $33,417
Proposed Revenue - 2022 194,000
Proposed Expenses - 2022 190,400
Excess of Revenue Over (Under) Expenses 3,600
Projected Fund Balance @ 12/31/22 $37,017
Concept Revenue - 2023 244,045
Concept Expenses - 2023 239,260
Excess of Revenue Over (Under) Expenses 4,785
Projected Fund Balance @ 12/31/23 $41,802
* Working Capital is defined as current assets minus current liabilities.
Fiscal Disparities will lower the revenue in 2022 and 2023.
CITY OF GOLDEN VALLEY
HRA HOUSING FUND
FUND BALANCE ANALYSIS *