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HREDA approves HRA fund transfer to cover property taxes for two rental properties
Summary
At a special HREDA meeting, members approved using the HRA general fund to pay property taxes for two rental properties and to record the amounts as receivables, with further discussion deferred to a later meeting.
At a special HREDA meeting, members voted to authorize payment of property taxes for two rental properties and to record the transfers as receivables from the properties.
A staff member said the accounts for the properties showed limited cash: “The only background that I do have is the bank balances for Meadow Meadows Edge is $6,887.14 and for Meadowview is $11,260.71 and this is as of last week,” and that those balances, together with other expenses, left the properties without sufficient cash to pay property taxes.
The staff member explained the bookkeeping approach the agency will use: “The HRA would have to use their general fund, to transfer over to the properties to pay these. And then we'll add to the due from the properties to as and book it as a receivable on the general fund.” The staff member further described the agency's fund structure, saying the HRA operates with multiple funds and that transfers from the general fund (referred to as fund 10) to the proprietary rental fund (referred to as fund 30) are recorded as a receivable in fund 10 and a payable in fund 30. The staff member also noted that proceeds from the sale of two houses in 2024 left a surplus in fund 30 that could be used to support recently purchased properties.
A motion to approve payment of the property taxes and record the resulting transfers and receivables was made by the staff member, and the chair seconded the motion. The chair called for an aye vote; members responded “Aye” and the chair said, “Motion carried.” The meeting record does not show a roll-call tally or dollar amounts of the tax bills.
The motion included a proviso that “further discussion will follow the different meeting,” and meeting participants noted that the special meeting was limited to this agenda item. The chair then moved to adjourn and members approved adjourning by voice vote.
No statutes, ordinances, tax amounts, or specific payment schedules were cited in the discussion. The transcript does not indicate a follow-up meeting date or identify when the receivable will be repaid.
