HomeMy WebLinkAbout[05] Financial Reports +L' W Of BT JOSHIPH
Memo
To: EDA
From: Lori Bartlett
Date: 10/28/15
Re: August/September Financial Reports
Enclosed you will find the reconciled financial reports through September 30, 2015. EDA received 62% of the
budgeted revenues and expended 44% after the first nine months. The second half tax settlement is due in
December. Project spending includes revolving loans, facade grants, business development and one demolition
grant. The EDA has a fund balance of$95,165; $31,212 is undesignated.
The other funds reported include the TIF funds and the Revolving Loan fund. The TIF funds with deficit balances
will be covered by the EDA until TIF revenue is received to cover the deficit. The EDA has four outstanding
Revolving Loans;one will be completed in 2016. The current balance is$8,502 for future loan proposals.
Finally, the September Municipal Development Group invoice was received. Cynthia was still under contract in
September. The invoice totals$2,983.58.
Action: Consider accepting the financial reports as of September 30, 2015 including payment of the September
MDG consulting services.
Respectfully submitted,
L i Bartlett
Encl.
St. Joseph Economic Development Authority
Summary Treasurer's Report - Fund 150
September 2015
Fund 150, EDA Balance as of December 31, 2014 (Audited) 103,522.49
Year to Date Revenue:
Interest Earnings 1,109.43
TIF/MIF Deposit (unused returned to Bayou Blues) (10,751.78)
DEED Housing Grant Proceeds 96,962.00
Ad Valorem Taxes 49,362.75
Transfers from Other Funds 9,134.00
Total Revenue 145,816.40
Year to Date Expenditure Total by Prosect:
Market Development 3,715.10 **
Business Development 21,172.70 **
Organizational Development 2,239.17 **
Infrastructure Development 1,016.70 **
Workforce Development - **
28,143.67
Year to Date Expenditures by Object:
Board Stipends (385.00)
Staff Salaries (1,651.23)
Workers Comp Premium (3.55)
Software Support/Office Supplies (591.17)
Municipal Development Group (20,589.63)
Legal/Engineering Fees (1,583.80)
Telephone (571.44)
Greater St. Cloud Development Investment (5,000.00)
Business Round Table Outreach -
Marketing (2,070.26)
Advertising (194.91)
Coborn's Abatement -
CM Housing Grant Reimbursement (96,962.00)
EDA Programs (16,620.09)
Transfer to Other Funds (7,951.00)
Total Expenses (154,174.08)
Fund Summaries as of September 30, 2015:
EDA Fund Balance - Fund 150 - unaudited 95,164.81
Designated for Capital Programs 63,583.81
Designated for DEED Housing Projects 368.57
Undesignated 31,212.43
TIF 3-1 Central MN Credit Union Fund Balance - Fund 152 (5,596.51)
TIF 2-1 Millstream Shops and Lofts Fund Balance - Fund 157 15,704.82
TIF 2-2 St. Joseph Meat Market Fund Balance - Fund 158 (354.79)
TIF 2-3 Bayou Blues &Alley Flats Fund Balance - Fund 159 (4,262.70)
Revolving Loan Fund Balance -Fund 250 8,501.96
*'Detail available upon request
EDA Balance Sheet
Current Period:September 2u1s
YTD YTD Current
FUND Descr Account Descr __��Yr Debit Cred it Balance
FUND 15oEconomic Development
Economic Development G 150-10100 Cash $189,**3.65 $167,778.78 $182,557.62 $94,66*.81
Economic Development G 150-10450 Interest Receivable $215.58 $8.80 $215.58 $8.80
Economic Development G 150-10700 Taxes Receivable oe|mqven $1,316.15 $8.88 $1,316.15 $8.80
Economic Development G 158'13113 Due From other Gov tUnits $8.80 $8.80 $8.88 $8.80
Economic Development G zs8'zss8UDue From Other Fund $588.80 $8.80 $8.88 $588.80
Economic Development G 150-20200 Accounts pnynU|e -$6,601.0 $6,601.0 $8.88 $8.80
Economic Development G zs8'2828zSalaries Payable -$35.83 $35.83 $8.80 $8.80
Economic Development G 158'22284 Deferred Inflow ofResources -$1,316.15 $1,316.15 $8.80 $8.80
Economic Development G 158'2**15 Design. Fd Bal [npno| pnoj -$53,841.94 $8.88 $8.80 -$53,841.94
Economic Development G 150-25310 Appropriated Fund Balance
FUND 150 Economic Development $8.80 $358,584.71 $358,584.71 $8.80
Fumo 152 TIF 3-1 CMCu
TIF 3-1 CMCu G 152-10100 Cash $8.80 $8.88 $5,596.51 -$5,596.51
TIF 3-1 CMCu G 152-10450 Interest Receivable $8.80 $8.80 $8.80 $8.80
TIF 3-1 CMCu G 152-20200 Accounts pnynU|e $8.80 $8.88 $8.80 $8.80
TIF 3-1 CMCu G 152-25310 Appropriated Fund Balance
Fumo 152 TIF 3-1 CMCu $8.80 $5,596.51 $5,596.51 $8.80
FUND 157TIF 2-1 Millstream
TIF 2-1 Millstream G 157-10100 Cash $17,951.81 $21,759.*3 $2*,806.*2 $15,784.82
TIF 2-1 Millstream G 157-10450 Interest Receivable $29.72 $8.80 $29.72 $8.80
TIF 2-1 Millstream G 157-25310 Appropriated Fund Balance
FUND 157TIF 2-1 Millstream $8.80 $*5,795.57 $*5,795.57 $8.80
Fumo 158 TIF 2-2 Meat Market
TIF 2-2 Ment Market G 158-10100 Cash $116.36 $1,986.85 $1,958.80 $1*5.21
TIF 2-2 Ment Market G 158-10450 Interest Receivable $8.25 $8.88 $8.25 $8.80
TIF 2-2 Ment Market G 158-28281 Salaries Payable -$17.52 $17.52 $8.80 $8.80
TIF 2-2 Ment Market G 158-28580 Due ToOther Fund -$580.80 $8.80 $8.80 -$588.80
TIF 2-2 Ment Market G 158-25310 Appropriated Fund Balance
Fumo 158 TIF 2-2 Meat Market $8.80 $3,962.62 $3,962.62 $8.80
FUND 15yTIF 2-3 Bayou Blues/Alley Flat
TIF 2-3 Bayou a|ve$A|| G 159-10100 Cash $8.88 $8.80 $*,262.78 -$*,262.78
TIF 2-3 Bayou a|ve$A|| G 159-10450 Interest Receivable $8.88 $8.80 $8.80 $8.80
TIF 2-3 Bayou a|ve$A|| G 159-20200 Accounts pnynU|e $8.88 $8.80 $8.80 $8.80
TIF 2-3 Bayou a|ve$A|| G 159-25310 Appropriated Fund Balance $8.80 $*,262.78 $8.80 $*,262.78
FUND 15yTIF 2-3 Bayou Blues/Alley Flat $8.80 $*,262.78 $*,262.78 $8.88
FUND 25oRevolving Loan Fund
Revolving Loan Fund G2s8'z8z8UCash $39,*69.77 $18,371.*7 $*9,339.28 $8,581.96
Revolving Loan Fund G2s8'z84s8Interest Receivable $63.29 $8.80 $0.29 $8.80
Revolving Loan Fund G2s8'zz9UUNotes Receivable $21,723.72 $8.88 $21,723.72 $8.80
Revolving Loan Fund G 258-22284 Deferred Inflow ofResources -$21,723.72 $21,723.72 $8.80 $8.80
Revolving Loan Fund G 250-25310 Appropriated Fund Balance
FUND 25oRevolving Loan Fund $8.80 $89,*97.76 $89,*97.76 $8.80
$8.80 $587,619.87 $587,619.87 $8.80
CITY OF ST. JOSEPH
r
CHECK
# Search Name Comments FUND DEPART Amount
049562 CENTURYLINK TI line/20 sets 229 #'s-Aug 150 46500 $62.92
049563 CENTURYLINK BUSINESS SERVICES long distance telephone 150 46500 $4.04
049596 MUNICIPAL DEVELOPMENT CORP 3uly organizational developmen 150 46500 $389.42
049596 MUNICIPAL DEVELOPMENT CORP 3uly marketing materials 150 46500 $253.03
049596 MUNICIPAL DEVELOPMENT CORP 3uly business retention 150 46500 $1,713.53
049596 MUNICIPAL DEVELOPMENT CORP 3uly RLF loans 150 46500 $38.89
049596 MUNICIPAL DEVELOPMENT CORP 3uly BFA grants 150 46500 $331.10
049596 MUNICIPAL DEVELOPMENT CORP 3uly mtgs w/qualified projects 150 46500 $194.71
049596 MUNICIPAL DEVELOPMENT CORP 3uly website 150 46500 $116.95
049601 RENGEL PRINTING, INC perfect stock paper/#10 windo 150 46500 $36.70
049618 BRAND BUILT HOMES,INC. CDAP Draw#26 [Schmitt] 150 46500 $9,776.00
049619 CENTRAL MN HOUSING PARTNERSHIP CDAP Draw#26 admin fee 150 46500 $3,750.00
049622 MN HOME IMPROVEMENTS,INC CDAP Draw #26 [Motschke-Col 150 46500 $14,150.00
049629 TRI-COUNTY ACTION PROGRAM INC CDAP Draw#26[Motschke-Col 150 46500 $250.00
049638 BABYGIRLZ BOUTIQUE BFA-window/soffit/signage 150 46500 $1,000.00
049639 BAD HABIT BREWING CO. BFA- replace windows w/door 150 46500 $1,000.00
049655 ROLLING RIDGE, LLC BFA grant-fagade upgrades t 150 46500 $1,000.00
049656 SEH,INC 3uly CBD Alley Improvements 150 46500 $419.12
049656 SEH,INC move CBD from 150 to 101 150 46500 -$419.12
049658 SLICED ON COLLEGE AVE, INC. BFA grant-store front signage 150 46500 $1,000.00
049666 CENTURYLINK BUSINESS SERVICES long distance telephone-Aug 150 46500 $5.50
049699 CENTURYLINK Sept Ti line/20 sets 229 #'s 150 46500 $39.91
049712 LEAGUE OF MN CITIES INS TRUST workers comp 8/8/15-8/8/16 150 46500 $3.55
049716 MUNICIPAL DEVELOPMENT CORP Aug organizational developme 150 46500 $532.69
049716 MUNICIPAL DEVELOPMENT CORP Aug business retention 150 46500 $1,886.69
049716 MUNICIPAL DEVELOPMENT CORP Aug marketing 150 46500 $44.54
049716 MUNICIPAL DEVELOPMENT CORP Aug mtgs w/qualified projects 150 46500 $177.56
049716 MUNICIPAL DEVELOPMENT CORP Aug revolving loans 150 46500 $22.27
049716 MUNICIPAL DEVELOPMENT CORP Aug BFA loans 150 46500 $266.35
049725 SENTRY BANK-CREDIT CARD business journal - EDA 150 46500 $697.94
$38,744.29
Current Period:September 2u1s
2815 September 2815
FUND Descr SOURCE SOURCE Descr YTD Bud2et 2015 Amt YTD Amt
FUND zs8Economic Development
Economic Development 31818 Current Ad Valorem Taxes $94,595.80 $8.80 $*9,362.75
Economic Development 33160 Federal Grants Other $8.80 $8.80 $96,962.80
Economic Development 3*158 TzRMzpoeposit $8.80 $8.88 -$18,751.78
Economic Development 3*280 DEED Housing Re|mUvmem $8.88 $8.80 $8.80
Economic Development 36218 Interest Earnings $1,800.88 $255.17 $1,189.*3
Economic Development 39281 Transfers from Other Funds
pumo zs8Economic Development $95,595.80 $255.17 $1*5,816.*8
pumo zs2TIF 3-z CMCu
TIF 3-1 CMCu 31858 Tax Increment $8.80 $8.88 $8.80
TIF 3-1 CMCu 36218 Interest Earnings
pumo zs2TIF 3-z CMCu $8.88 $8.88 $8.80
FUND zs7TIF 2-1 Millstream
TIF 2-1 Millstream 31858 Tax Increment $8.80 $8.80 $21,**7.84
TIF 2-1 Millstream 36218 Interest Earnings
FUND zs7TIF 2-1 Millstream $8.88 $51.92 $21,658.27
FUND zs8TIF 2-2Meat Market
TIF 2-2 Ment Market 31858 Tax Increment $8.80 $8.88 $1,981.*1
TIF 2-2 Ment Market 36218 Interest Earnings $8.80 $1.*9 $3.52
TIF 2-2 Ment Market 39281 Transfers from Other Funds
FUND zs8TIF 2-2Meat Market $8.88 $1.*9 $1,98*.93
pumo zs9TIF 2-3 Bayou a|ve$A||ey Flat
TIF 2-3 Bayou a|ve$A||eyRn 31858 Tax Increment $8.88 $8.80 $8.80
TIF 2-3 Bayou a|ve$A||eyRn 36218 Interest Earnings
pumo zs9TIF 2-3 Bayou a|ve$A||ey Flat $8.88 $8.88 $8.80
FUND 2s8Revolving Loan Fund
Revolving Loan Fund 36218 Interest Earnings $380.80 $15.73 $277.32
Revolving Loan Fund 39281 Transfers from Other Funds $8.88 $8.88 $7,951.80
Revolving Loan Fund 39328 Revolving Loan Principal $7,895.80 $1,826.82 $6,81*.53
Revolving Loan Fund 39321 Revolving Loan Interest $985.80 $157.35 $782.28
Revolving Loan Fund 39322 Revolving Loan Origination
FUND 2s8Revolving Loan Fund $8,388.88 $1,199.90 $16,295.13
$183,975.80 $1,588.*8 $185,7*6.73
CITY OF ST. JOSEPH
Expenditure r
Current Period:September 2015
2015 September 2015
Account Descr YTD Budget 2015 Amt YTD Amt
FUND 150 Economic Development
E 150-46500-101 Salaries $4,000.00 $0.00 $1,533.90
E 150-46500-103 Legislative Bodies $1,260.00 $0.00 $385.00
E 150-46500-121 PERA Contributions $0.00 $0.00 $0.57
E 150-46500-122 FICA Contributions $0.00 $0.00 $94.98
E 150-46500-123 Deferred Comp-Employer $0.00 $0.00 -$0.43
E 150-46500-125 Medicare Contributions $0.00 $0.00 $22.21
E 150-46500-130 H S A- Employer Contribution $0.00 $0.00 $0.00
E 150-46500-131 Health Insurance $0.00 $0.00 $0.00
E 150-46500-132 Dental Insurance $0.00 $0.00 $0.00
E 150-46500-133 Life Insurance $0.00 $0.00 $0.00
E 150-46500-134 Disabilty Insurance $0.00 $0.00 $0.00
E 150-46500-151 Workers Comp. Insur. Prem. $10.00 $3.55 $3.55
E 150-46500-171 Clothing Allowance $0.00 $0.00 $0.00
E 150-46500-200 Office Supplies $500.00 $0.00 $68.84
E 150-46500-215 Software Support $540.00 $0.00 $522.33
E 150-46500-300 Professional Services $28,000.00 $3,117.32 $20,589.63
E 150-46500-303 Engineering Fee $2,000.00 $0.00 $1,151.80
E 150-46500-304 Legal Fees $1,000.00 $0.00 $432.00
E 150-46500-321 Telephone $785.00 $45.41 $571.44
E 150-46500-322 Postage $350.00 $0.00 $0.00
E 150-46500-328 Marketing $3,000.00 $44.54 $2,070.26
E 150-46500-331 Travel&Conference Expense $150.00 $0.00 $0.00
E 150-46500-340 Advertising $500.00 $0.00 $194.91
E 150-46500-433 Dues&Memberships $5,000.00 $0.00 $5,000.00
E 150-46500-582 Computer Software $0.00 $0.00 $0.00
E 150-46500-588 EDA Programs $33,500.00 $466.18 $113,582.09
E 150-46500-622 TIF/Abatement Payments $50,000.00 $0.00 $0.00
E 150-49300-720 Transfers to Other Funds $0.00 $0.00 $7,951.00
FUND 150 Economic Development $130,595.00 $3,677.00 $154,174.08
FUND 152 TIF 3-1 CMCU
E 152-46500-300 Professional Services $0.00 $0.00 $4,579.51
E 152-46500-301 Audit&Accounting Services $0.00 $0.00 $0.00
E 152-46500-340 Advertising $0.00 $0.00 $0.00
E 152-46500-622 TIF/Abatement Payments $0.00 $0.00 $0.00
E 152-49300-720 Transfers to Other Funds $0.00 $0.00 $1,017.00
FUND 152 TIF 3-1 CMCU $0.00 $0.00 $5,596.51
FUND 157 TIF 2-1 Millstream
E 157-46500-101 Salaries $420.00 $0.00 $0.00
E 157-46500-121 PERA Contributions $30.00 $0.00 $0.00
E 157-46500-122 FICA Contributions $25.00 $0.00 $0.00
E 157-46500-123 Deferred Comp-Employer $10.00 $0.00 $0.00
E 157-46500-125 Medicare Contributions $5.00 $0.00 $0.00
E 157-46500-131 Health Insurance $60.00 $0.00 $0.00
E 157-46500-132 Dental Insurance $10.00 $0.00 $0.00
E 157-46500-133 Life Insurance $5.00 $0.00 $0.00
E 157-46500-134 Disabilty Insurance $5.00 $0.00 $0.00
E 157-46500-300 Professional Services $0.00 $0.00 $312.51
E 157-46500-301 Audit&Accounting Services $0.00 $0.00 $0.00
E 157-46500-340 Advertising $0.00 $0.00 $45.32
E 157-46500-622 TIF/Abatement Payments $0.00 $0.00 $19,302.34
E 157-49300-720 Transfers to Other Funds $0.00 $0.00 $4,266.81
CITY OF ST. JOSEPH
Expenditure r
Current Period:September 2015
2015 September 2015
Account Descr YTD Budget 2015 Amt YTD Amt
FUND 157 TIF 2-1 Millstream $570.00 $0.00 $23,926.98
FUND 158 TIF 2-2 Meat Market
E 158-46500-101 Salaries $420.00 $0.00 $3.83
E 158-46500-121 PERA Contributions $30.00 $0.00 $0.29
E 158-46500-122 FICA Contributions $25.00 $0.00 $0.17
E 158-46500-123 Deferred Comp-Employer $10.00 $0.00 $0.05
E 158-46500-125 Medicare Contributions $5.00 $0.00 $0.04
E 158-46500-131 Health Insurance $60.00 $0.00 $5.37
E 158-46500-132 Dental Insurance $10.00 $0.00 $0.89
E 158-46500-133 Life Insurance $5.00 $0.00 $0.07
E 158-46500-134 Disabilty Insurance $5.00 $0.00 $0.44
E 158-46500-300 Professional Services $0.00 $0.00 $0.00
E 158-46500-301 Audit&Accounting Services $0.00 $0.00 $0.00
E 158-46500-340 Advertising $0.00 $0.00 $45.32
E 158-46500-622 TIF/Abatement Payments $0.00 $0.00 $1,882.34
FUND 158 TIF 2-2 Meat Market $570.00 $0.00 $1,938.81
FUND 159 TIF 2-3 Bayou Blues/Alley Flat
E 159-46500-300 Professional Services $0.00 $0.00 $412.51
E 159-46500-301 Audit&Accounting Services $0.00 $0.00 $0.00
E 159-46500-340 Advertising $0.00 $0.00 $0.00
E 159-46500-622 TIF/Abatement Payments $0.00 $0.00 $0.00
E 159-49300-720 Transfers to Other Funds $0.00 $0.00 $3,850.19
FUND 159 TIF 2-3 Bayou Blues/Alley Flat $0.00 $0.00 $4,262.70
FUND 250 Revolving Loan Fund
E 250-46500-300 Professional Services $0.00 $0.00 $434.23
E 250-46500-304 Legal Fees $0.00 $0.00 $0.10
E 250-46500-317 Other fees $0.00 $0.00 -$108.10
E 250-46500-434 Certification Fee $0.00 $0.00 $0.00
E 250-46500-455 Revolving Loan Proceeds $0.00 $0.00 $47,000.00
FUND 250 Revolving Loan Fund $0.00 $0.00 $47,326.23
$131,735.00 $3,677.00 $237,225.31
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