Neighborhood and Community Relations
2022-2027 Financial Plan
Introduction
The Neighborhood & Community Relations (NCR) Special Revenue Fund accounts for neighborhood revitalization efforts within the City and is funded by revenues of the Consolidated Redevelopment Tax Increment Financing District. This district was established pursuant to special legislation adopted in 2008 and decertified on December 31, 2020. This Fund is used for Minneapolis neighborhood-based initiatives and NCR administrative costs.
Historical Financial Performance
This Fund was established in 2011. Growth in the fund was impacted by the two-year hiatus on tax increment collection. The City reduced property tax levies in 2012-2013 by using reprogrammed NRP sources to fund neighborhood revitalization services for these two years and reduce the captured value of the Consolidated TIF District. As of 2014, the captured value of the district was restored to the amount provided in the original plan.
Current Year Projections
Revenues
$7.8 million will be transferred to the NCR Special Revenue Fund in FY 2021 from the Consolidated Redevelopment Tax Increment Financing District Fund available balance.
Expense
$8.0 million of expenditures are projected to be spend in FY 2021 from this Fund for the community engagement and neighborhood-based activities. Expenditures include previous year commitments.
Net Position & Cash Balance
Fund and Cash balance are expected to decrease when previous year commitments in this fund are fully spent.
2022 Budget
Revenues
Due to decertification of TI district, only $4.8 million of new revenue will be transferred to NCR Special Revenue Fund in FY 2022.
Expenses
$4.8 million of NCR Special Revenue 01800 fund expenditures are planned for neighborhood contractual services.
Neighborhood and Community Relations Special Revenue Fund
