Adopt Resolution HRA#14-03-052 Amending the 2013 Housing and Redevelopment Authority Budget (HRA)

Purpose:  Annually the city adopts a Housing and Redevelopment Authority budget.  The city is required to amend the budget to reflect actual revenues/expenditures for the year.

Background:  Attached to this case is Resolution HRA#14-03-052 amending 2013 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 2014.

On the Revenue side of the budget you will note a decrease in interest earnings.  The city received over $800,000 in actual interest earnings, but is required per the Governmental Accounting Standards Board (GASB) to reflect all investments at market value as of December 31 of current year.  The city reflects any changes in market value against interest earnings.  The net result in market value changes for 2013 resulted in a loss in interest earnings as reflected.  

On the expenditure side of the budget, the decrease in personnel is related to the delayed hiring of the Economic Development Manager.  The increase in contracted services was related to the DM contract for services through February and legal fees related to general legal in the COR such as the PUMA, master agreement and DM contract issues.

As the activity has already occurred for year 2013, the only recommendation is to approve Resolution HRA#14-03-052 Amending the 2013 HRA Budget.

Motion to recommend the HRA adopt Resolution HRA#14-03-052 Amending the 2013 HRA Budget.