NEW ULM - The New Ulm Economic Development Authority approved its 2014 Rental Properties Fund budget and its 2014 Garden Terrace I and II annual budget Tuesday during a meeting at City Hall.
Both budgets suggested only minimal changes. The Rental Properties Fund budget has rental revenues of $6,600 and total expenditures of $6,600.
The Garden Terrace apartments will have a minimal a 2 percent annual inflation adjustment and a minimal increase in its rental rates. One bedroom apartments will increase from $715 to $730. One bedrooms with dens and two bedroom apartments will increase from $800 to $815. Two bedroom apartments with a den will increase from $805 to $825.
The Garden Terrace I budget has $500,779 in total revenues and $283,582 for total expenses, resulting in a operating income of $217,217. The Garden Terrace II budget has $373,169 in total revenues and $244,732 in total expense, resulting in an operating income of $128,437.
(Josh Moniz can be e-mailed at firstname.lastname@example.org)