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09-20-22 HRA Agenda 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 2462 409 0283. 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 2462 409 0283. Press *3 to raise your hand during public comment sections. Pages 1. Call to Order 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. A. Receive and File Previous Quarter’s Financial Report 3-4 4. Public Hearing 5. Old Business September 20, 2022 – 6:30 pm Council Chambers Hybrid Meeting City of Golden Valley HRA Regular Meeting September 20, 2022 – 6:30 pm 2 6. New Business A. Public Input and Approve Proposed General Fund Budget and Levy 5-9 7. Adjournment Golden Valley HRA Meeting September 20, 2022 Agenda Item 3. A. Receive and File Third Quarter Financial Reports Prepared By Sue Virnig, Finance Director Summary The following quarterly reports are attached. Financial Or Budget Considerations Expenditures are shown on the following financials. The city check register would include any pay-go- note and expenditures. The Housing Fund includes salaries/benefits and expenses outlined in the HRA budget and are for the Housing and Economic Development Manager. Recommended Action Motion to receive and file Third Quarter financial reports. HRA Of Golden Valley 2022 3rd Quarter Financial Report 9000 9190 9300 9350 9400 9250 General Fund Housing Hwy 55/Cornerstone Winnetka North West TIF (4)Med Lk Rd Wirth #3 Cash Balance @07/01/2022 $158,101.93 ($45,167.60)$379,370.59 $7,168.18 $863,147.04 $7,951.99 Add: Tax Levy (July, Dec, & Jan)110,346.97 Tax Increment (July, Dec & Jan)311,247.73 32,768.22 407,447.20 17,081.15 Deposit-Tarvisium 10,000.00 Receipts: Less: Deposit Return Interfund Loan Salaries/Expenses (51,585.85)(2,049.22) Debt Service Payment Pay Go Note ($184,678.75)($16,309.02) ($21,736.00) Expenditures: Cash Balance @09/15/2022 $168,101.93 $13,593.52 $505,939.57 $23,627.38 $1,268,545.02 $3,297.14 9190 - Housing Fund will receive property tax revenue in July, December and January for a total of $214,000. 9300 - Tax Revenue will be received in July and December. Bonds & Note are paid in February and August. 9350 - Pay Go Note is paid in February and August. Tax Revenue is received in July and December. 9400 - Tax Increment is received in July and December. Bond and Pay Go Notes are paid in February and August (3) Capital Proejcts Special Revenue Golden Valley HRA Meeting September 20, 2022 Agenda Item 6. A. Adopt Resolution No. 22-05 Adopting a Proposed Budget and Establishing the Proposed Tax Levy Payable in 2023 Prepared By Sue Virnig, 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 Housing Program Budget. The resolution of consent will need to be approved by the City for which it was created. Financial Or Budget Considerations The HRA 2023 Proposed Budget is $241,000. The HRA will levy $245,000 due to the fiscal disparities and delinquencies that will reduce the amount received by the HRA. The monies are scheduled to arrive in July and December. Recommended Action Motion to Approve Resolution No. 22-05 Approving Proposed Budget and Proposed HRA Levy Payable in 2023. Supporting Documents • Resolution No. 22-05 Approving Proposed Budget and Proposed HRA Levy Payable in 2023 (1 page) • 2023-2024 Proposed HRA Housing Budget (1 page) • 2023-2024 Proposed Housing Revenues (1 page) • 2023-2024 Working Capital (1 page) RESOLUTION No. 22-05 ADOPTING THE HOUSING AND REDEVELOPMENT AUTHORITY BUDGET AND ESTABLISHING THE PROPOSED TAX LEVY PAYABLE IN 2023 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 2023-2024 HRA budget and levy payable in 2023 and requests the City of Golden Valley approves Intent for the HRA Budget and Levy, and 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 $ 245,000 Section 2. That the proposed budget is as follows: HRA HOUSING FUND $ 241,000 Adopted by the Housing and Redevelopment Authority of Golden Valley, Minnesota this 20th day of September, 2022. __________________________ Gillian Rosenquist, Chair ATTEST: ________________________________ Timothy J. Cruikshank, Executive Director DIVISION: Housing (016)PROGRAM: Housing (9190) 2020 2021 2022 2022 2023 2023 2024 OBJECT DESCRIPTION ACTUAL ACTUAL ADOPTED ESTIMATED CONCEPT PROPOSED CONCEPT Personal Services 6110 Salaries-Regular Employees $0 $99,456 $125,150 $125,150 $129,285 $129,920 $133,815 6150 Employee Insurance - 26,620 32,225 32,225 33,290 35,050 31,130 6160 Retirement - 14,539 20,025 20,025 20,685 20,785 21,410 TOTAL Personal Services - 140,615 177,400 177,400 183,260 185,755 186,355 Supplies and Services 6320 Operating Supplies - - 500 500 500 500 500 6340 Professional Services 5,094 49 25,000 44,905 50,000 49,245 45,000 6344 Use of Personal Auto - - 500 500 500 500 500 6411 Conferences and Schools - 164 5,000 5,000 3,000 3,000 5,500 6413 Dues and Subscriptions - 150 2,000 2,000 2,000 2,000 2,000 TOTAL Supplies and Services 5,094 363 33,000 52,905 56,000 55,245 53,500 TOTALS 5,094 140,978 210,400 230,305 239,260 241,000 239,855 CITY OF GOLDEN VALLEY 2023 - 2024 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%$72,000 100.5%$214,000 101.7%$210,400 100.0%$250,000 102.0%$245,000 102.0%$255,000 102.0% Allowance for Delinquencies ($3,600)($4,785)($4,900)-2.0%($4,900)-2.0% Interest 191 100.0%(359) -0.5%$0 0.0%$0 0.0%$0 0.0%$0 0.0%$0 0.0% Fund Balance - 0.0%- 0.0%0 0.0%0 0.0%0 0.0%0 0.0%0 0.0% TOTALS $191 100.0%$71,641 100.0%$210,400 101.7%$210,400 100.0%$245,215 102.0%$240,100 100.0%$250,100 100.0% CITY OF GOLDEN VALLEY HRA HOUSING FUND REVENUE DETAIL Concept 2024Concept 2023Actual 2020 Actual 2021 Adopted 2022 Estimated 2022 Proposed 2023 Fund Balance @ 01/01/22 $31,454 Estimated Revenue - 2022 $210,400 Estimated Expenses - 2022 230,305 Excess of Revenue Over (Under) Expenses (19,905) Estimated Fund Balance @ 12/31/22 $11,549 Proposed Revenue - 2023 245,000 Proposed Expenses - 2023 241,000 Excess of Revenue Over (Under) Expenses 4,000 Projected Fund Balance @ 12/31/23 $15,549 Concept Revenue - 2024 250,100 Concept Expenses - 2024 239,855 Excess of Revenue Over (Under) Expenses 10,245 Projected Fund Balance @ 12/31/24 $25,794 * Working Capital is defined as current assets minus current liabilities. Fiscal Disparities will lower the revenue in 2022 through 2024. CITY OF GOLDEN VALLEY HRA HOUSING FUND FUND BALANCE ANALYSIS *