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HRA Work Session <br />Meeting Date: 08/30/2011 <br />By: <br />Heidi Nelson, Administrative Services <br />5. 1. <br />Title: <br />Consider 2012 HRA Levy and Budget <br />Background: <br />As a part of the annual budget process, the Housing and Redevelopment Authority (HRA) sets its levy and <br />develops its operating budget for the year ahead. Staff has prepared a draft budget for consideration. The HRA is <br />currently engaged as the Master Developer of the COR at Ramsey project. The budget as drafted represents the <br />costs of development management, marketing and maintenance costs incurred in this effort. <br />Also for consideration for the upcoming budget year or for the balance of 2011, is $357,250 in tax increment <br />interest revenue that is available for un- restricted uses outside of the districts. As a part of this year's preparations <br />of TIF reports for the City, staff learned that there were interest earnings from prior to 1997 that were being held in <br />the district revenues that are un- restricted dollars. These interest revenues do not need to be held in the districts, but <br />can be utilized in an un- restricted manner for other city expenses. Attached to this case are reports from Ehlers <br />showing the amount of non -TIF related to interest earnings prior to 1997 that did not have to be retained in <br />TIF. Staff is recommending these dollars be transferred to the HRA fund. <br />Observations: <br />HRA will need to set a preliminary levy prior to September 15, 2011. <br />Recommendation: <br />Review the proposed levy and budget and provide feedback. Provide direction regarding allocation of unrestricted <br />TIF interest. <br />Funding Source: <br />Annual HRA levy. <br />Council Action: <br />HRA Action: Review the proposed levy and budget and provide feedback. Provide direction regarding <br />unrestricted TIF interest. <br />2012 Proposed HRA Budget <br />Ehlers Report re Unrestricted Interest Dollars <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Heidi Nelson (Originator) Heidi Nelson 08/25/2011 12:55 PM <br />Form Started By: Heidi Nelson Started On: 08/25/2011 11:16 AM <br />Final Approval Date: 08/25/2011 <br />