2024-2025 Proposed HRA Budget2024 — 2025
Housing and
Redevelopment
Authority
Proposed
Budget and Levy
CITY OF GOLDEN VALLEY
HRA HOUSING FUND
REVENUE DETAIL
Actual2021
Actual2022
Adopted 2023
Estimated 2023
Concept2024
PROPOSED 2024
Concept2025
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
$72,000
100.5 %
$213,241
89.5 %
$245,000
101.5%
$245,000
101.5 %
$250.000
102.0%
$288,880
101.4 %
$350,075
101.4%
Allowance for Delinquencies
($3,600)
($3,600)
($4,785)
($4,000)
-1.4%
($4,900)
-1.4%
Transfer from HRA General Fund
$25,000
Interest
(359)
-0.5 %
-
0.0%
$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
$71,641
100.0%
5238.2.1
89.5%
$241,400
101.5%
$241,400
101.50/6
$245.215
102.0%
$284.880
100.0%
$345,175
100.0%
DIVISION: Housing (016)
OBJECT
DESCRIPTION
Personal Services
6110
Salaries -Regular Employees
6150
Employee Insurance
6160
Retirement
TOTAL Personal Services
SuoDlies and Services
6320
Operating Supplies
6340
Professional Services
6344
Use of Personal Auto
6411
Conferences and Schools
6413
Dues and Subscriptions
TOTAL Supplies and Services
TOTALS
CITY OF GOLDEN VALLEY
2024 - 2025 OPERATING BUDGET
PROGRAM: Housing (9190)
2021 2022 2023 2023 2024 2024 2025
ACTUAL ACTUAL ADOPTED ESTIMATED CONCEPT PROPOSED CONCEPT
$99,456
$132,223
$129,920
$130,355
$133,815
$134,265
$138,280
26,620
33,666
35,050
22,290
31,130
34,235
34,570
14,539
17,082
20,785
20,860
21,410
21,480
22,125
140,615
182,971
185,755
$173,505
186,355
189,980
194,975
-
7
500
500
500
500
500
49
8,456
49,245
15,000
45,000
85,000
140,000
-
-
500
-
500
500
300
164
1,073
3,000
3,000
5,500
3,000
3,500
150
545
2,000
1,220
2,000
5,900
5,900
363
10,081
55,245
19,720
53,500
94,900
150,200
140,978
193,052
241,000
193,225
239,855
284,880
345,175
CITY OF GOLDEN VALLEY
HRA HOUSING FUND
FUND BALANCE ANALYSIS
Fund Balance @ 01/01/23
Estimated Revenue - 2023
Estimated Expenses - 2023
Excess of Revenue Over (Under) Expenses
Estimated Fund Balance @ 12/31/23
PROPOSED Revenue - 2024
PROPOSED Expenses - 2024
Excess of Revenue Over (Under) Expenses
Projected Fund Balance @ 12/31/24
Concept Revenue - 2025
Concept Expenses - 2025
Excess of Revenue Over (Under) Expenses
Projected Fund Balance @ 12/31/25
$241,400
193,225
345,175
345,175
* Working Capital is defined as current assets minus current liabilities.
Fiscal Disparities will lower the revenue in 2023 through 2025
$31,454
48,175
$79,629
$79,629
HRA RESOLUTION NO. 23-12
ADOPTING THE HOUSING AND REDEVELOPMENT AUTHORITY BUDGET
AND ESTABLISHING THE PROPOSED TAX LEVY PAYABLE IN 2024
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 consentfrom 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 2024-25 HRA
budget and levy payable in 2024 and requests the City of Golden Valley
approves Intentforthe HRA Budgetand 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 sufficientto produce the amount
as follows:
HRA HOUSING FUND LEVY $ 288,880
Section 2. That the proposed budget is as follows
HRA HOUSING FUND $ 284,880
Adopted by the Housing and Redevelopment Authority in and forthe City of
Golden Valley, Minnesota this 19th day of September 2023.
Maurice Harris, Chair
ATTEST:
Timothy J. Cruikshank, Executive Director