The Crookston Housing and Economic Development Authority (CHEDA) held a special meeting on Thursday morning at Valley Technology Park to set the final budget for 2024.
There are minor differences in the 2024 budget in contrast to the 2024 budget, which includes expected increases. The total income in 2023 was 1.97 million dollars and is expected to increase in 2024 by about $200,000, estimated at $2.133 million. The expenditures in 2023 totaled approximately $1.97 million, and the estimated costs for 2024 are expected to reach $2.12 million. “With our 2024 budget, we are predicting a net income of $4,857, which is our interest,” said Housing Director Theresa Tahran. “We’re not increasing this budget too much.”
CHEDA will receive approximately $406,136 in total rent income in 2024. Other large line items in the income item lines include $1.3 million in total grant income and nearly $24,000 in investment income. Highlighted line items in the expenditures include approximately $194,000 to be disbursed in Administrative salaries and $329,000 spent in total administrative expenses. It also has nearly $128,000 in utility expenses and $251,250 in general maintenance expenses. CHEDA expects to spend $865,930 on housing assistance payments in 2024. The current net income for CHEDA is negative $126,145 due to expenses to the workforce house.
“The largest item in our budget is our public housing and section 8,” said Tahran. “We increase our payment standard for section 8 each year and our flat rent at Oak Court; that’s our income. We also get operating subsidy for public housing, which also increases a little each year.”
According to the Housing Urban Development (HUD), final budgets for Economic and Development Authorities must be set before January 1, 2024. CHEDA approved the 2024 final budget during the meeting.
The consent agenda included the approval of minutes from the meeting on November 29.
