HomeMy WebLinkAboutIV. g. Review 2012 Levy & BudgetHASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT
AUTHORITY
DRAFT
Combined 2012BudgetSummary, 404 and 407 Accounts
Revenues
20122011Notes
HRA Levy 306,000294,631HRA: .0185% of TMV*
General Levy266,000179,251From Fund 407 –Includes Personnel and
services
Interest27,00027,000On HRA fund balance
2,9002,900On IP fund balance
Loan payments13,00013,000Installment loans w/interest
Rents12,50012,500Farm IP land –Will be rebid in Fall ‘11
Transfer 315,000283,254From fund balance
Total942,400759,254
Expenses
Personnel salary and 126,300118,39325% Community Development Director, 50%
benefitsCommunications Spec. (Estimated)
Administration 8,40010,005Memberships and dues, travel, office,
conferences, advertising, insurance, accounting.
Property expenses1,0003,000Maintenance and replacement
Professional services63,80057,000Consultants, experts, legal, costs & fees –
includes Hudson, Marketing, & analysis of
future sites
Rehabilitation 123,00085,000Loans, grants for owner rehabilitations and
code improvements
40,000 Residential loans
5,000 Res. emergency grants
40,000 Commercial loans
Redevelopment 300,000250,000Majority dedicated to Hudson Demolition &
(capital)Cleanup – including 50% of demo cost
($217,000)
Hudson debt service313,000235,856Actual debt service better than expected
Total expenses 935,500759,254Will be changed by final personnel number
*For the HRA levy this is the statutory maximum based on the 2010 Taxable Market
HEDRA Meeting Packet - July 14, 2011Page 98 of 99
Program activities for 2012
Hudson Property remediation and demolition
Promote riverfront redevelopment
Facilitate commercial redevelopment projects in Downtown and Vermillion
project areas
Make commercial & residential rehabilitation and code improvement loans
Acquire obsolete and blighted property for redevelopment
Promote and assist commercial and industrial projects for job and tax base growth
Assist historic preservationprojects
Cooperate with local and commuter multi-modal transit projects
Fund Balances 7/7/11
404 Account (former HRA) Estimated 593,000
407 Account (former (IP) Estimated 255,000
Receivables
404 Account 210,753 note due from Guardian Angels
HEDRA Meeting Packet - July 14, 2011Page 99 of 99