Adopt Resolution #15-03-057 Amending 2014 Housing & Redevelopment Authority (HRA) Budget

Purpose:  Until 2015, the city had annually adopted a Housing and Redevelopment Authority budget.  Even though the HRA was dissolved effective December 31, 2014, the city is required to amend the 2014 budget to reflect actual revenues/expenditures for the year. Background:  Attached to this case is Resolution HRA#15-03-057 amending 2014 activity of the HRA.  This is primarily a 'housekeeping' item and is done on an annual basis.  The projections through the end of the year are based on actual activity and will be finalized after the annual city audit in April 2015.

On the Revenue side of the budget you will note an increase under Miscellaneous Revenues.  Gain on Sales of COR land is recorded here (revenue remaining after the cost basis of land and any broker fees).

On the Expenditure side of the budget, the most noticeable change in the budget is the transfer out line.  This again reflects the COR land sales.  This is the amount transferred to the respective funds per the Land Proceeds Policy for the COR area.  The transfer amount reflects both the cost basis of the land and gain on sale, but net of broker fees.

As the activity has already occurred for year 2014, the only recommendation is to approve Resolution #15-03-057 Amending the 2014 HRA Budget.

Motion to recommend the  City Council adopt Resolution #15-03-057 Amending the 2014 HRA Budget.