NRHA Board of Commissioners Adopt $102 Million Budget for FY2011

For More Information: 

Kelly R. Williams
kwilliams@nrha.us
757.314.1645

For Immediate Release
Release Date: 
Mon, 05/24/2010

The Norfolk Redevelopment and Housing Authority (NRHA) Board of Commissioners adopted the FY2011 budget.
The FY2011 Consolidated Annual Operating and Capital Budget sets forth both revenue and expenditures for authority-wide activities. It delineates operating and program budgets for specific real estate development initiatives within conservation and redevelopment neighborhoods as well as property management initiatives in assisted-rental communities. FY2011 budget expenditures of $102 million represent a three percent net increase over the previous year’s $99.3 million budget.
 
Primary categories of expenditures are: labor, employee benefits, administrative cost, general expense, payment on debt, capital and multi-year program initiatives. Housing operations account for 76.9 percent of the FY2011 budget, including housing reinvention programs. This is three percent higher than last year. Development operations make up 22.7 percent (also a three percent increase over FY2010). Other miscellaneous activities account for the final 0.4 percent, a 54 percent decrease compared to the previous year.
 
Revenues for housing operations will increase by three percent over FY2010 and account for 76.9 percent of the FY2011 budget. Development operations will also increase by three percent, while other miscellaneous activities will drop 54 percent.
 
The net rise in expenditures are attributable to funding provided by The American Recovery and Reinvestment Act (ARRA), net operating gain from other housing programs and increase in development operations from federal and local funds.
 
NRHA FY2011 Proposed Budget.
 

About NRHA: 

Founded in 1940, NRHA is a national leader in community revitalization and fostering sustainable mixed-income communities. As the largest redevelopment and housing authority in Virginia, NRHA plays a key role in making Norfolk the city of choice to build, work, live and play.

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