NEW ULM — The New Ulm Economic Development Authority unanimously approved the public housing operating budget for the fiscal year ending June 30 Tuesday.

Through May, the public housing budget has a $454,564 surplus.

“That number was kind of a surprise to me,” said New Ulm Economic Development Director Heather Bregel. “I think the surprise is a combination of things. I think we’ve been doing a good job managing our expenses. We’re getting interest on our money in the bank. It’s one of the biggest surpluses I’ve seen here. There is a credit that accounts for some of the surplus.”

The budget covers day to day operations of the EDA’s 50 public housing units (40 units at Broadway Haus Apartments and 10 scattered site family unit rental houses).

Bregel said the EDA has adequate reserve funds to address any out-of-the ordinary or catastrophic events that might occur.

The projected surplus for the 2026 budget is $126,583.

The public housing operating budget for fiscal year ending June 30 was approved on a motion by Lindsey Henn, seconded by Char Reinhart-Kalk.

Bregel’s May administrative report showed Broadway Haus fully leased with 30 on a waiting list. There is one family unit vacancy and 18 on a waiting list.

EDA May action included a fund increase due to a transfer from the Milford Heights TIF District and EDA lot sale finalized at the end of the month.

The homebuyer assistance loan program has $39,076.94 in available funds as of May 31. Other available funds are $84,120 for the Get It Ready loan program that provides financial support and resources to individuals preparing for home ownership, and $50,000 in multifamily rental rehab loans.

Bregel said the childcare team discussed insurance costs for providers and childcare centers. A Sleepy Eye center (Little Sprouts Learning Center) recently closed due to high insurance renewal costs.

“It caused parents to scramble to find childcare for their children. There are childcare shortages in our area. Our providers at Westridge Place and all area providers are finding it more of a challenge to find insurance coverage and make a profit. It’s discouraging,” said Bregel.