Title
Approving the August 14, 2019 HRA Board meeting minutes
Body
ROLL CALL
Present 6 - Commissioners Brendmoen, Busuri, Jalali Nelson, Noecker, Prince; and Chair Tolbert
Absent 1 - Commissioner Thao
FOR DISCUSSION
1. Amend the 2019 HRA Housing Trust Fund Project Financing Budget, Citywide
Kristin Guild, Acting Executive Director, stated that this is a budget amendment for project financing budgets that are connected to the Housing Trust Fund. The Housing Trust Fund has a number of different sources that are budgeted to it; HRA sources, STAR dollars and remaining Invest St. Paul program funds. When we bring in new programs we also create a program budget to help track investments over time. Prior budget actions for the 4D and Community Land Trust programs didn’t appropriately match the programs to capital and non-capital dollars.
Specifically, $60,000 of Invest Saint Paul capital dollars were originally budgeted to the 4D program. This action will instead allocate more flexible HRA dollars budgeted to the Housing Trust Fund to the 4D program. Similarly, the Community Land Trust investments were split between $500,000 of capital STAR and $500,000 of ISP, believing ISP to be non-capital funds. Rather than having it split, we now feel comfortable that all the Community Land Trust investments will be capital investments. So, we are recommending allocating just capital ISP dollars to the Community Land Trust investments.
Commissioner Jalali Nelson asked what the final breakdown of the new uses is. Ms. Guild said the 4D program, $60,000, of HRA sources and $1,000,000 of ISP funds directed to the Community Land Trust.
Commissioner Noecker asked if that frees up corresponding STAR dollars that aren’t going to the Housing Trust Fund. Ms. Guild stated that there is $12,000,000 budgeted to the Housing Trust Fund and we are sub allocating dollars to specific programs. This is effectively an accounting action so we can track the funds by program, not any change t...
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