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HomeMy WebLinkAboutV.B - 3rd Quarter Financial Report Memorandum To: HEDRA Board members From: Ashley Parker – Senior Accountant Date: 11/14/2019 Item: 2019 3rd Quarter HEDRA Financial Report Council Action Requested: Review and approve the attached financial report. Background Information: The 3rd quarter financial report is a quarterly update of 2019 activity through September 30, 2019. Consistent with past practice, some numbers in the report are adjusted to take into consideration the effects of year-end accruals and year-to-year allocation differences. Financial Impact: N/A Advisory Commission Discussion: N/A Council Committee Discussion: N/A Attachments:  2019 3rd Quarter Financials 2019 3rd Quarter Financial Update 2 | Page 2019 3rd Quarter HEDRA Financial Update HRA Redevelopment & Economic Development Our HRA Redevelopment revenues are high this quarter, due to the grants we have received surrounding the Hudson project. We don’t typically budget for grant revenues, which is why the percentages are high this quarter. With the grant revenue removed, we are tracking at 72%, which is right on track with third quarter. Our investments are doing better than anticipated, which you can see below. Two loans have been paid off through the third quarter, which include Mecca Properties and Guardian Angels Redevelopment Project totaling $77,276. 2019 3rd Quarter Financial Update 3 | Page As mentioned with the revenues, the grant expense associated with the Hudson property is high this year, overstating our overall expense. With the grant expense removed, expenses are tracking towards 69%, which is right on track with the third quarter.