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Home My WebLink About[04b] Finance Report EDA Agenda Item 4 b MEETING DATE: April 20, 2016 AGENDA ITEM: Finance Report SUBMITTED BY: Finance BOARD/COMMISSION/COMMITTEE/COUNCIL RECOMMENDATION: N/A PREVIOUS EDA ACTION: None BACKGROUND INFORMATION: Enclosed you will find the reconciled financial reports through March 31, 2016. The balances reflect 2016 activity as of the first quarter end. The ending undesignated balance shows a deficit of$12,778. The deficit will exist until the first tax settlement is received in June. The designated project balance is$95,435. 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 deficits. The EDA has four outstanding revolving loans; one will be completed in 2016. The current revolving loan balance is $16,023 for future loans. BUDGET/FISCAL IMPACT: For Information Only ATTACHMENTS: Request for EDA Action—Financial Reports Summary Treasurer's Report EDA Balance Sheet EDA Check Register EDA Revenue Report EDA Expenditure Report EDA Summary CIP REQUESTED BOARD ACTION: Consider accepting the financial reports as presented. St. Joseph Economic Development Authority Summary Treasurer's Report - Fund 150 March 2016 Fund 150, EDA Balance as of December 31, 2015 (Audited)84,344.97 Year to Date Revenue: Interest Earnings 655.11 TIF/MIF Deposit - DEED Housing Grant Proceeds 11,653.00 Ad Valorem Taxes - Transfers from Other Funds - Total Revenue 12,308.11 Year to Date Expenditure Total by Project: Market Development - ** Business Development 648.29 ** Organizational Development - ** Infrastructure Development - ** Workforce Development - ** 648.29 Year to Date Expenditures by Object: Board Stipends - Staff Salaries/Training (999.86) Workers Comp Premium - Software Support/Office Supplies (522.33) Consulting Fees - Legal/Engineering Fees (29.10) Telephone (166.33) Greater St. Cloud Development Investment - Business Round Table Outreach - Marketing - Advertising (256.37) Coborn's Abatement - CM Housing Grant Reimbursement (11,653.00) EDA Programs - Transfer to Other Funds - Total Expenses (13,626.99) Fund Summaries as of March 31, 2016: EDA Fund Balance - Fund 150 - unaudited 83,026.09 Designated for Capital Programs 95,435.52 Designated for DEED Housing Projects 368.57 Undesignated (12,778.00) 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 17,400.69 TIF 2-2 St. Joseph Meat Market Fund Balance - Fund 158 (266.81) TIF 2-3 Bayou Blues & Alley Flats Fund Balance - Fund 159 (4,262.70) Revolving Loan Fund Balance - Fund 250 16,023.08 ** Detail available upon request Current Period: March 2016 FUND Descr Account Descr Begin Yr YTD Debit YTD Credit Current Balance FUND 150 Economic Development Economic Development G 150-10100 Cash $73,708.56 $24,566.40 $25,429.99 $72,844.97 Economic Development G 150-10450 Interest Receivable $242.55 $0.00 $242.55 $0.00 Economic Development G 150-10700 Taxes Receivable - Delinquen $1,706.71 $0.00 $1,706.71 $0.00 Economic Development G 150-13113 Due From other Gov t Units $12,015.74 $0.00 $12,015.74 $0.00 Economic Development G 150-15500 Due From Other Fund $11,500.00 $0.00 $0.00 $11,500.00 Economic Development G 150-20200 Accounts Payable -$11,803.00 $11,803.00 $0.00 $0.00 Economic Development G 150-20201 Salaries Payable $0.00 $0.00 $0.00 $0.00 Economic Development G 150-22204 Deferred Inflow of Resources -$1,706.71 $1,706.71 $0.00 $0.00 Economic Development G 150-24415 Design. Fd Bal - Capital Proj -$62,583.81 $0.00 $0.00 -$62,583.81 Economic Development G 150-25310 Appropriated Fund Balance -$23,080.04 $37,688.28 $36,369.40 -$21,761.16 $0.00 $75,764.39 $75,764.39 $0.00FUND 150 Economic Development FUND 152 TIF 3-1 CMCU TIF 3-1 CMCU G 152-10100 Cash $403.49 $0.00 $0.00 $403.49 TIF 3-1 CMCU G 152-10450 Interest Receivable $0.00 $0.00 $0.00 $0.00 TIF 3-1 CMCU G 152-20200 Accounts Payable $0.00 $0.00 $0.00 $0.00 TIF 3-1 CMCU G 152-20500 Due To Other Fund -$6,000.00 $0.00 $0.00 -$6,000.00 TIF 3-1 CMCU G 152-25310 Appropriated Fund Balance $5,596.51 $0.00 $0.00 $5,596.51 $0.00 $0.00 $0.00 $0.00FUND 152 TIF 3-1 CMCU FUND 157 TIF 2-1 Millstream TIF 2-1 Millstream G 157-10100 Cash $17,162.21 $1,395.23 $1,156.75 $17,400.69 TIF 2-1 Millstream G 157-10450 Interest Receivable $47.95 $0.00 $47.95 $0.00 TIF 2-1 Millstream G 157-13113 Due From other Gov t Units $1,205.24 $0.00 $1,205.24 $0.00 TIF 2-1 Millstream G 157-20200 Accounts Payable -$1,084.72 $1,084.72 $0.00 $0.00 TIF 2-1 Millstream G 157-25310 Appropriated Fund Balance -$17,330.68 $2,409.94 $2,479.95 -$17,400.69 $0.00 $4,889.89 $4,889.89 $0.00FUND 157 TIF 2-1 Millstream FUND 158 TIF 2-2 Meat Market TIF 2-2 Meat Market G 158-10100 Cash $242.94 $2.25 $12.00 $233.19 TIF 2-2 Meat Market G 158-10450 Interest Receivable $0.62 $0.00 $0.62 $0.00 TIF 2-2 Meat Market G 158-20201 Salaries Payable $0.00 $0.00 $0.00 $0.00 TIF 2-2 Meat Market G 158-20500 Due To Other Fund -$500.00 $0.00 $0.00 -$500.00 TIF 2-2 Meat Market G 158-25310 Appropriated Fund Balance $256.44 $12.62 $2.25 $266.81 $0.00 $14.87 $14.87 $0.00FUND 158 TIF 2-2 Meat Market FUND 159 TIF 2-3 Bayou Blues/Alley Flat TIF 2-3 Bayou Blues/All G 159-10100 Cash $737.30 $0.00 $0.00 $737.30 TIF 2-3 Bayou Blues/All G 159-10450 Interest Receivable $0.00 $0.00 $0.00 $0.00 TIF 2-3 Bayou Blues/All G 159-20200 Accounts Payable $0.00 $0.00 $0.00 $0.00 TIF 2-3 Bayou Blues/All G 159-20500 Due To Other Fund -$5,000.00 $0.00 $0.00 -$5,000.00 TIF 2-3 Bayou Blues/All G 159-25310 Appropriated Fund Balance $4,262.70 $0.00 $0.00 $4,262.70 $0.00 $0.00 $0.00 $0.00FUND 159 TIF 2-3 Bayou Blues/Alley Flat FUND 250 Revolving Loan Fund Revolving Loan Fund G 250-10100 Cash $11,993.70 $4,029.38 $0.00 $16,023.08 Revolving Loan Fund G 250-10450 Interest Receivable $56.68 $0.00 $56.68 $0.00 Revolving Loan Fund G 250-11900 Notes Receivable $58,816.28 $0.00 $58,816.28 $0.00 Revolving Loan Fund G 250-22204 Deferred Inflow of Resources -$58,816.28 $58,816.28 $0.00 $0.00 Revolving Loan Fund G 250-25310 Appropriated Fund Balance -$12,050.38 $56.68 $4,029.38 -$16,023.08 $0.00 $62,902.34 $62,902.34 $0.00FUND 250 Revolving Loan Fund FUND Descr Account Descr Begin Yr YTD Debit YTD Credit Current Balance EDA Balance Sheet CITY OF ST. JOSEPH Current Period: March 2016 $0.00 $143,571.49 $143,571.49 $0.00 CHECK # Search Name Comments FUND DEPART Amount 050277 CENTURYLINK BUSINESS SERVICES long distance telephone 150 46500 $7.64 050301 OPG-3, INC. Laserfiche annual service 4/2/ 150 46500 $522.33 050318 CENTURYLINK MAR T1 line/20 sets 229 #'s 150 46500 $49.66 050325 ST. CLOUD TIMES advertise CDD 150 46500 $256.37 050342 JOVANOVICH, KADLEC & ATHMANN CDD FEB 150 46500 $29.10 050363 CENTURYLINK BUSINESS SERVICES Mar long distance telephone 150 46500 $6.07 $871.17 Current Period: March 2016 FUND Descr SOURCE SOURCE Descr 2016 YTD Budget March 2016 Amt 2016 YTD Amt FUND 150 Economic Development Economic Development 31010 Current Ad Valorem Taxes $122,365.00 $0.00 $0.00 Economic Development 33160 Federal Grants - Other $0.00 $0.00 $11,653.00 Economic Development 34150 TIF/MIF Deposit $0.00 $0.00 $0.00 Economic Development 34200 DEED Housing Reimbursem $0.00 $0.00 $0.00 Economic Development 36210 Interest Earnings $1,250.00 $155.87 $655.11 Economic Development 39201 Transfers from Other Funds $0.00 $0.00 $0.00 $123,615.00 $155.87 $12,308.11FUND 150 Economic Development FUND 152 TIF 3-1 CMCU TIF 3-1 CMCU 31050 Tax Increment $0.00 $0.00 $0.00 TIF 3-1 CMCU 36210 Interest Earnings $0.00 $0.00 $0.00 TIF 3-1 CMCU 39201 Transfers from Other Funds $0.00 $0.00 $0.00 $0.00 $0.00 $0.00FUND 152 TIF 3-1 CMCU FUND 157 TIF 2-1 Millstream TIF 2-1 Millstream 31050 Tax Increment $37,000.00 $0.00 $0.00 TIF 2-1 Millstream 36210 Interest Earnings $275.00 $35.83 $142.04 $37,275.00 $35.83 $142.04FUND 157 TIF 2-1 Millstream FUND 158 TIF 2-2 Meat Market TIF 2-2 Meat Market 31050 Tax Increment $4,000.00 $0.00 $0.00 TIF 2-2 Meat Market 36210 Interest Earnings $5.00 $0.49 $1.63 TIF 2-2 Meat Market 39201 Transfers from Other Funds $0.00 $0.00 $0.00 $4,005.00 $0.49 $1.63FUND 158 TIF 2-2 Meat Market FUND 159 TIF 2-3 Bayou Blues/Alley Flat TIF 2-3 Bayou Blues/Alley Fla 31050 Tax Increment $0.00 $0.00 $0.00 TIF 2-3 Bayou Blues/Alley Fla 36210 Interest Earnings $0.00 $0.00 $0.00 TIF 2-3 Bayou Blues/Alley Fla 39201 Transfers from Other Funds $0.00 $0.00 $0.00 $0.00 $0.00 $0.00FUND 159 TIF 2-3 Bayou Blues/Alley Flat FUND 250 Revolving Loan Fund Revolving Loan Fund 36210 Interest Earnings $250.00 $27.65 $76.66 Revolving Loan Fund 39201 Transfers from Other Funds $0.00 $0.00 $0.00 Revolving Loan Fund 39320 Revolving Loan Principal $10,995.00 $1,043.11 $3,436.32 Revolving Loan Fund 39321 Revolving Loan Interest $1,610.00 $141.05 $459.72 Revolving Loan Fund 39322 Revolving Loan Origination $0.00 $0.00 $0.00 $12,855.00 $1,211.81 $3,972.70FUND 250 Revolving Loan Fund $177,750.00 $1,404.00 $16,424.48 Current Period: March 2016 Account Descr 2016 YTD Budget March 2016 Amt 2016 YTD Amt FUND 150 Economic Development E 150-46500-101 Salaries $18,985.00 $0.00 $543.78 E 150-46500-103 Legislative Bodies $1,260.00 $0.00 $0.00 E 150-46500-121 PERA Contributions $1,425.00 $0.00 $40.79 E 150-46500-122 FICA Contributions $920.00 $0.00 $32.83 E 150-46500-123 Deferred Comp-Employer $385.00 $0.00 $8.43 E 150-46500-125 Medicare Contributions $215.00 $0.00 $7.68 E 150-46500-130 H S A- Employer Contribution $790.00 $0.00 $0.00 E 150-46500-131 Health Insurance $4,190.00 $0.00 $0.00 E 150-46500-132 Dental Insurance $755.00 $0.00 $14.78 E 150-46500-133 Life Insurance $60.00 $0.00 $0.00 E 150-46500-134 Disabilty Insurance $175.00 $0.00 $0.00 E 150-46500-151 Workers Comp. Insur. Prem. $140.00 $0.00 $0.00 E 150-46500-171 Clothing Allowance $60.00 $0.00 $0.00 E 150-46500-200 Office Supplies $500.00 $0.00 $0.00 E 150-46500-215 Software Support $530.00 $522.33 $522.33 E 150-46500-300 Professional Services $3,000.00 $0.00 $0.00 E 150-46500-303 Engineering Fee $2,000.00 $0.00 $0.00 E 150-46500-304 Legal Fees $1,000.00 $29.10 $29.10 E 150-46500-321 Telephone $630.00 $63.37 $166.33 E 150-46500-322 Postage $350.00 $0.00 $0.00 E 150-46500-328 Marketing $2,000.00 $0.00 $0.00 E 150-46500-331 Travel & Conference Expense $245.00 $0.00 $351.57 E 150-46500-340 Advertising $500.00 $256.37 $256.37 E 150-46500-433 Dues & Memberships $0.00 $0.00 $0.00 E 150-46500-582 Computer Software $0.00 $0.00 $0.00 E 150-46500-588 EDA Programs $33,500.00 $0.00 $11,653.00 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 $0.00 $123,615.00 $871.17 $13,626.99FUND 150 Economic Development FUND 152 TIF 3-1 CMCU E 152-46500-300 Professional Services $0.00 $0.00 $0.00 E 152-46500-301 Audit & Accounting Services $750.00 $0.00 $0.00 E 152-46500-340 Advertising $45.00 $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 $0.00 $795.00 $0.00 $0.00FUND 152 TIF 3-1 CMCU FUND 157 TIF 2-1 Millstream E 157-46500-101 Salaries $0.00 $0.00 $60.42 E 157-46500-121 PERA Contributions $0.00 $0.00 $4.53 E 157-46500-122 FICA Contributions $0.00 $0.00 $3.65 E 157-46500-123 Deferred Comp-Employer $0.00 $0.00 $0.94 E 157-46500-125 Medicare Contributions $0.00 $0.00 $0.85 E 157-46500-132 Dental Insurance $0.00 $0.00 $1.64 E 157-46500-133 Life Insurance $0.00 $0.00 $0.00 E 157-46500-134 Disabilty Insurance $0.00 $0.00 $0.00 E 157-46500-300 Professional Services $0.00 $0.00 $0.00 E 157-46500-301 Audit & Accounting Services $500.00 $0.00 $0.00 E 157-46500-340 Advertising $45.00 $0.00 $0.00 E 157-46500-622 TIF/Abatement Payments $34,000.00 $0.00 $0.00 E 157-49300-720 Transfers to Other Funds $0.00 $0.00 $0.00 $34,545.00 $0.00 $72.03FUND 157 TIF 2-1 Millstream Account Descr 2016 YTD Budget March 2016 Amt 2016 YTD Amt EDA Expenditure Report CITY OF ST. JOSEPH Current Period: March 2016 FUND 158 TIF 2-2 Meat Market E 158-46500-101 Salaries $0.00 $0.00 $10.07 E 158-46500-121 PERA Contributions $0.00 $0.00 $0.75 E 158-46500-122 FICA Contributions $0.00 $0.00 $0.61 E 158-46500-123 Deferred Comp-Employer $0.00 $0.00 $0.16 E 158-46500-125 Medicare Contributions $0.00 $0.00 $0.14 E 158-46500-131 Health Insurance $0.00 $0.00 $0.00 E 158-46500-132 Dental Insurance $0.00 $0.00 $0.27 E 158-46500-133 Life Insurance $0.00 $0.00 $0.00 E 158-46500-134 Disabilty Insurance $0.00 $0.00 $0.00 E 158-46500-300 Professional Services $0.00 $0.00 $0.00 E 158-46500-301 Audit & Accounting Services $500.00 $0.00 $0.00 E 158-46500-340 Advertising $45.00 $0.00 $0.00 E 158-46500-622 TIF/Abatement Payments $4,000.00 $0.00 $0.00 $4,545.00 $0.00 $12.00FUND 158 TIF 2-2 Meat Market FUND 159 TIF 2-3 Bayou Blues/Alley Flat E 159-46500-300 Professional Services $0.00 $0.00 $0.00 E 159-46500-301 Audit & Accounting Services $750.00 $0.00 $0.00 E 159-46500-340 Advertising $45.00 $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 $0.00 $795.00 $0.00 $0.00FUND 159 TIF 2-3 Bayou Blues/Alley Flat FUND 250 Revolving Loan Fund E 250-46500-300 Professional Services $0.00 $0.00 $0.00 E 250-46500-304 Legal Fees $0.00 $0.00 $0.00 E 250-46500-317 Other fees $0.00 $0.00 $0.00 E 250-46500-434 Certification Fee $0.00 $0.00 $0.00 E 250-46500-455 Revolving Loan Proceeds $0.00 $0.00 $0.00 $0.00 $0.00 $0.00FUND 250 Revolving Loan Fund $164,295.00 $871.17 $13,711.02 20 1 6 Ca p i t a l Ex p e n d i t u r e s Ge n e r a l Fu n d Ca p i t a l Im p r o v e m e n t Pl a n ‐ ED A ED A Re c o m m e n d e d : Au g u s t 26 , 20 1 5 Ad o p t e d De c e m b e r 7, 20 1 5 12 / 3 1 / 2 0 1 5 Av a i l a b l e t h r o u g h 3/ 3 1 t h r o u g h 3/31 Pr o j e c t P r o j e c t R e s e r v e B u d g e t G r a n t s / A i d s S p e n t 2 0 1 6 De p a r t m e n t A c c o u n t Co d e N u m b e r E q u i p m e n t B a l a n c e 2 0 1 6 2 0 1 6 2 0 1 6 B a l a n c e ED A 1 5 0 - 4 6 5 0 0 - 5 8 2 ED A - 1 4 0 1 Co m p u t e r S o f t w a r e 1, 7 0 0 . 0 0 ‐ ‐ ‐ 1,700.00 ED A 1 5 0 - 4 6 5 0 0 - 5 8 8 ED A - 1 4 0 2 Le t ' s G o D o w n t o w n 43 , 3 3 9 . 5 0 ‐ 43,339.50 ED A - 1 4 0 7 Bu s i n e s s D e v e l o p m e n t / T I F 8, 2 0 5 . 8 4 23 , 5 0 0 . 0 0 648.29 31,057.55 ED A - 1 4 0 7 Pa r k w a y B u s i n e s s C e n t e r ‐ ‐ ‐ ED A - 1 4 0 8 Bu s i n e s s D e m o l i t i o n P r o g r a m 6, 7 1 0 . 8 0 ‐ 6,710.80 ED A - 1 4 0 3 BF A G r a n t / R L F L o a n P r o g r a m 2, 6 2 7 . 6 7 10 , 0 0 0 . 0 0 12,627.67 ED A - 1 4 0 4 Re n t a l C o n v e r s i o n s ‐ ‐ ‐ ED A - 1 4 0 5 CS A H 2 / 3 C o l l e c t i o n S t r e e t ‐ ‐ ‐ 60 , 8 8 3 . 8 1 33 , 5 0 0 . 0 0 ‐ 648.29 93,735.52 TO T A L E D A C I P 62 , 5 8 3 . 8 1 33 , 5 0 0 . 0 0 ‐ 648.29 95,435.52 ED A - 1 4 0 9 CD B G G r a n t D e v e l o p m e n t 13 8 , 5 1 6 . 5 0 ‐ ‐ 11 , 6 5 3 . 0 0 126,863.50