HomeMy WebLinkAbout[04b] Financial Report EDA Agenda Item 4 b
MEETING DATE: July 20, 2016
AGENDA ITEM: June Finance Reports
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
June 30, 2016. The ending undesignated balance shows a surplus of$33,075. The designated project
balance is$90,733.
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 by September 2016. The current revolving loan fund
balance is$19,305 [$16,805 available for new projects}.
Also,finance requests submitting TIF proceeds to the two TIF projects currently receiving increment.
The projects include the Millstream Shops & Lofts and the St.Joseph Meat Market. The first half tax
payments were received by the City. Per the TIF agreements, Millstream Shops and Lofts receives 90%
of the increment, and the St.Joseph Meat Market receives 95%of the increment. The summary of
increment payments are as follows:
Millstream Shops & Lofts $19,377.60
St.Joseph Meat Market $3,950.77
BUDGET/FISCAL IMPACT: For Information Only
ATTACHMENTS: Request for EDA Action—Finance Reports
EDA Balance Sheet
EDA Check Register
EDA Revenue Report
EDA Expenditure Report
EDA Summary CIP
REQUESTED BOARD ACTION: Consider accepted of the June financial reports and payment of the
TIF proceeds.
St. Joseph Economic Development Authority
Summary Treasurer's Report - Fund 150
June 2016
Fund 150, EDA Balance as of December 31, 2015(Audited)
85,663.85
Year to Date Revenue:
Interest Earnings1,014.28
TIF/Abatement Deposit7,500.00
TIF/Abatement Fee5,000.00
DEED Housing Grant Proceeds36,622.00
Ad Valorem Taxes39,585.33
Transfers from Other Funds-
Total Revenue89,721.61
Year to Date Expenditure Total by Project:
Market Development-**
Business Development5,049.50**
Organizational Development-**
Infrastructure Development-**
Workforce Development-**
5,049.50
Year to Date Expenditures by Object:
Board Stipends(210.00)
Staff Salaries/Training(7,824.01)
Workers Comp Premium-
Software Support/Office Supplies(591.87)
Professional Services(4,945.00)
Legal/Engineering Fees(29.10)
Telephone(324.63)
Greater St. Cloud Development Investment-
Marketing-
Advertising(360.87)
Coborn's Abatement-
CM Housing Grant Reimbursement(36,622.00)
Computer Hardware/Software(301.42)
EDA Programs-
Transfer to Other Funds-
Total Expenses(51,208.90)
Fund Summaries as of June 30, 2016:
EDA Fund Balance - Fund 150 -(Unaudited)
124,176.56
Designated for Capital Programs 90,732.89
Designated for DEED Housing Projects 368.57
Undesignated 33,075.10
TIF 3-1 Central MN Credit Union Fund Balance - Fund 152
(5,765.62)
TIF 2-1 Millstream Shops and Lofts Fund Balance - Fund 157
32,342.77
TIF 2-2 St. Joseph Meat Market Fund Balance - Fund 158
2,603.18
TIF 2-3 Bayou Blues & Alley Flats Fund Balance - Fund 159
(4,576.20)
Revolving Loan Fund Balance - Fund 250
19,305.11
** Detail available upon request
EDA Balance Sheet
Current Period: June 2016
YTDYTDCurrent
FUND DescrAccount DescrBegin YrDebitCreditBalance
FUND 150 Economic Development
Economic DevelopmentG 150-10100 Cash$73,708.56$116,979.90$78,011.90$112,676.56
Economic DevelopmentG 150-10450 Interest Receivable$242.55$0.00$242.55$0.00
Economic DevelopmentG 150-10700 Taxes Receivable - Delinquen$1,706.71$0.00$1,706.71$0.00
Economic DevelopmentG 150-13113 Due From other Gov t Units$12,015.74$0.00$12,015.74$0.00
Economic DevelopmentG 150-15500 Due From Other Fund$11,500.00$0.00$0.00$11,500.00
Economic DevelopmentG 150-20200 Accounts Payable-$11,803.00$11,803.00$0.00$0.00
Economic DevelopmentG 150-20201 Salaries Payable$0.00$0.00$0.00$0.00
Economic DevelopmentG 150-22204 Deferred Inflow of Resources-$1,706.71$1,706.71$0.00$0.00
Economic DevelopmentG 150-24415 Design. Fd Bal - Capital Proj-$62,583.81$0.00$0.00-$62,583.81
Economic DevelopmentG 150-25310 Appropriated Fund Balance-$23,080.04$90,270.19$128,782.90-$61,592.75
FUND 150 Economic Development$0.00$220,759.80$220,759.80$0.00
FUND 152 TIF 3-1 CMCU
TIF 3-1 CMCUG 152-10100 Cash$403.49$8,969.25$9,138.36$234.38
TIF 3-1 CMCUG 152-10450 Interest Receivable$0.00$0.00$0.00$0.00
TIF 3-1 CMCUG 152-20200 Accounts Payable$0.00$0.00$0.00$0.00
TIF 3-1 CMCUG 152-20500 Due To Other Fund-$6,000.00$0.00$0.00-$6,000.00
TIF 3-1 CMCUG 152-25310 Appropriated Fund Balance$5,596.51$9,138.36$8,969.25$5,765.62
FUND 152 TIF 3-1 CMCU$0.00$18,107.61$18,107.61$0.00
FUND 153 TIF 4-1 Fortitude Senior Apts
TIF 4-1 Fortitude SeniorG 153-10100 Cash$0.00$15,000.00$8,969.25$6,030.75
TIF 4-1 Fortitude SeniorG 153-10450 Interest Receivable$0.00$0.00$0.00$0.00
TIF 4-1 Fortitude SeniorG 153-20500 Due To Other Fund$0.00$0.00$0.00$0.00
TIF 4-1 Fortitude SeniorG 153-25310 Appropriated Fund Balance$0.00$8,969.25$15,000.00-$6,030.75
FUND 153 TIF 4-1 Fortitude Senior Apts$0.00$23,969.25$23,969.25$0.00
FUND 157 TIF 2-1 Millstream
TIF 2-1 MillstreamG 157-10100 Cash$17,162.21$16,546.51$1,365.95$32,342.77
TIF 2-1 MillstreamG 157-10450 Interest Receivable$47.95$0.00$47.95$0.00
TIF 2-1 MillstreamG 157-13113 Due From other Gov t Units$1,205.24$0.00$1,205.24$0.00
TIF 2-1 MillstreamG 157-20200 Accounts Payable-$1,084.72$1,084.72$0.00$0.00
TIF 2-1 MillstreamG 157-25310 Appropriated Fund Balance-$17,330.68$2,619.14$17,631.23-$32,342.77
FUND 157 TIF 2-1 Millstream$0.00$20,250.37$20,250.37$0.00
FUND 158 TIF 2-2 Meat Market
TIF 2-2 Meat MarketG 158-10100 Cash$242.94$2,920.25$60.01$3,103.18
TIF 2-2 Meat MarketG 158-10450 Interest Receivable$0.62$0.00$0.62$0.00
TIF 2-2 Meat MarketG 158-20201 Salaries Payable$0.00$0.00$0.00$0.00
TIF 2-2 Meat MarketG 158-20500 Due To Other Fund-$500.00$0.00$0.00-$500.00
TIF 2-2 Meat MarketG 158-25310 Appropriated Fund Balance$256.44$60.63$2,920.25-$2,603.18
FUND 158 TIF 2-2 Meat Market$0.00$2,980.88$2,980.88$0.00
FUND 159 TIF 2-3 Bayou Blues/Alley Flat
TIF 2-3 Bayou Blues/AllG 159-10100 Cash$737.30$0.00$313.50$423.80
TIF 2-3 Bayou Blues/AllG 159-10450 Interest Receivable$0.00$0.00$0.00$0.00
TIF 2-3 Bayou Blues/AllG 159-20200 Accounts Payable$0.00$0.00$0.00$0.00
TIF 2-3 Bayou Blues/AllG 159-20500 Due To Other Fund-$5,000.00$0.00$0.00-$5,000.00
TIF 2-3 Bayou Blues/AllG 159-25310 Appropriated Fund Balance$4,262.70$313.50$0.00$4,576.20
FUND 159 TIF 2-3 Bayou Blues/Alley Flat$0.00$313.50$313.50$0.00
FUND 250 Revolving Loan Fund
Revolving Loan FundG 250-10100 Cash$11,993.70$7,606.41$295.00$19,305.11
Revolving Loan FundG 250-10450 Interest Receivable$56.68$0.00$56.68$0.00
EDA Balance Sheet
Current Period: June 2016
YTDYTDCurrent
FUND DescrAccount DescrBegin YrDebitCreditBalance
Revolving Loan FundG 250-11900 Notes Receivable$58,816.28$0.00$58,816.28$0.00
Revolving Loan FundG 250-22204 Deferred Inflow of Resources-$58,816.28$58,816.28$0.00$0.00
Revolving Loan FundG 250-25310 Appropriated Fund Balance-$12,050.38$351.68$7,606.41-$19,305.11
FUND 250 Revolving Loan Fund$0.00$66,774.37$66,774.37$0.00
$0.00$353,155.78$353,155.78$0.00
EDA Check Register
CHECK
#Search NameCommentsFUNDDEPARTAmount
050319EHLERS AND ASSOCIATESmove TIF/Abate costs 101 to 115046500$913.75
050594CENTURYLINK BUSINESS SERVICESMay long distance telephone15046500$5.14
050658MINNESOTA HOME IMPROVEMENTSDEED draw #34 \[Layton\]15046500$13,565.00
050676CENTURYLINKT1 line/20 sets 229 #'s15046500$49.64
050680EHLERS AND ASSOCIATESmove TIF 4-1 152-15315346500$8,598.75
050680EHLERS AND ASSOCIATESmove TIF 4-1 152-15315246500-$8,598.75
050680EHLERS AND ASSOCIATESFortitude senior housing TIF re15246500$6,878.75
050680EHLERS AND ASSOCIATESCM of St. Joe abatement revie15046500$2,311.25
050680EHLERS AND ASSOCIATESFortitude senior housing TIF re15246500$1,720.00
050696OSBERG, GARYEDA mtgs Jan-June15046500$210.00
050703ST. JOSEPH NEWSLEADER, INCmove TIF 4-1 PH 152 -015315246500-$370.50
050703ST. JOSEPH NEWSLEADER, INCmove TIF 4-1 PH 152 -015315346500$370.50
050703ST. JOSEPH NEWSLEADER, INCPH TIF 4-115246500$370.50
050703ST. JOSEPH NEWSLEADER, INCPH Tax Abatement15046500$104.50
$26,128.53
CITY OF ST. JOSEPH
Page 1
EDA Revenue Report
Current Period: June 2016
2016June2016
FUND DescrSOURCESOURCE DescrYTD Budget2016 AmtYTD Amt
FUND 150 Economic Development
Economic Development31010Current Ad Valorem Taxes$122,365.00$39,585.33$39,585.33
Economic Development31600Lodging Tax$0.00$0.00$0.00
Economic Development33160Federal Grants - Other$0.00$13,565.00$36,622.00
Economic Development34150TIF/MIF Deposit$0.00-$15,000.00$12,500.00
Economic Development34200DEED Housing Reimbursem$0.00$0.00$0.00
Economic Development36210Interest Earnings$1,250.00$101.50$1,014.28
Economic Development39201Transfers from Other Funds$0.00$0.00$0.00
FUND 150 Economic Development$123,615.00$38,251.83$89,721.61
FUND 152 TIF 3-1 CMCU
TIF 3-1 CMCU31050Tax Increment$0.00$0.00$0.00
TIF 3-1 CMCU36210Interest Earnings$0.00$0.00$0.00
TIF 3-1 CMCU39201Transfers from Other Funds$0.00$0.00$0.00
FUND 152 TIF 3-1 CMCU$0.00$0.00$0.00
FUND 153 TIF 4-1 Fortitude Senior Apts
TIF 4-1 Fortitude Senior Apts31050Tax Increment$0.00$0.00$0.00
TIF 4-1 Fortitude Senior Apts34150TIF/MIF Deposit$0.00$15,000.00$15,000.00
TIF 4-1 Fortitude Senior Apts36210Interest Earnings$0.00$0.00$0.00
TIF 4-1 Fortitude Senior Apts39201Transfers from Other Funds$0.00$0.00$0.00
FUND 153 TIF 4-1 Fortitude Senior Apts$0.00$15,000.00$15,000.00
FUND 157 TIF 2-1 Millstream
TIF 2-1 Millstream31050Tax Increment$37,000.00$15,071.47$15,071.47
TIF 2-1 Millstream36210Interest Earnings$275.00$21.02$221.85
FUND 157 TIF 2-1 Millstream$37,275.00$15,092.49$15,293.32
FUND 158 TIF 2-2 Meat Market
TIF 2-2 Meat Market31050Tax Increment$4,000.00$2,916.95$2,916.95
TIF 2-2 Meat Market36210Interest Earnings$5.00$0.26$2.68
TIF 2-2 Meat Market39201Transfers from Other Funds$0.00$0.00$0.00
FUND 158 TIF 2-2 Meat Market$4,005.00$2,917.21$2,919.63
FUND 159 TIF 2-3 Bayou Blues/Alley Flat
TIF 2-3 Bayou Blues/Alley Fla31050Tax Increment$0.00$0.00$0.00
TIF 2-3 Bayou Blues/Alley Fla36210Interest Earnings$0.00$0.00$0.00
TIF 2-3 Bayou Blues/Alley Fla39201Transfers from Other Funds$0.00$0.00$0.00
FUND 159 TIF 2-3 Bayou Blues/Alley Flat$0.00$0.00$0.00
FUND 250 Revolving Loan Fund
Revolving Loan Fund36210Interest Earnings$250.00$20.79$149.74
Revolving Loan Fund39201Transfers from Other Funds$0.00$0.00$0.00
Revolving Loan Fund39320Revolving Loan Principal$10,995.00$730.92$6,262.08
Revolving Loan Fund39321Revolving Loan Interest$1,610.00$109.70$842.91
Revolving Loan Fund39322Revolving Loan Origination $0.00$0.00$0.00
FUND 250 Revolving Loan Fund$12,855.00$861.41$7,254.73
$177,750.00$72,122.94$130,189.29
EDA Expenditure Report
Current Period: June 2016
2016June2016
Account DescrYTD Budget2016 AmtYTD Amt
FUND 150 Economic Development
E 150-46500-101 Salaries$18,985.00$1,855.78$5,724.18
E 150-46500-103 Legislative Bodies$1,260.00$210.00$210.00
E 150-46500-121 PERA Contributions$1,425.00$139.19$425.86
E 150-46500-122 FICA Contributions$920.00$111.60$345.14
E 150-46500-123 Deferred Comp-Employer$385.00$0.00$8.74
E 150-46500-125 Medicare Contributions$215.00$26.10$80.72
E 150-46500-130 H S A- Employer Contribution$790.00$0.00$419.50
E 150-46500-131 Health Insurance$4,190.00$345.00$345.00
E 150-46500-132 Dental Insurance$755.00$67.86$118.21
E 150-46500-133 Life Insurance$60.00$5.09$5.09
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$0.00$591.87
E 150-46500-300 Professional Services$3,000.00$3,225.00$4,945.00
E 150-46500-303 Engineering Fee$2,000.00$0.00$0.00
E 150-46500-304 Legal Fees$1,000.00$0.00$29.10
E 150-46500-321 Telephone$630.00$54.78$324.63
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$104.50$360.87
E 150-46500-433 Dues & Memberships$0.00$0.00$0.00
E 150-46500-582 Computer Software$0.00$0.00$301.42
E 150-46500-588 EDA Programs$33,500.00$13,565.00$36,622.00
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
FUND 150 Economic Development$123,615.00$19,709.90$51,208.90
FUND 152 TIF 3-1 CMCU
E 152-46500-101 Salaries$0.00$60.43$140.99
E 152-46500-121 PERA Contributions$0.00$4.52$10.57
E 152-46500-122 FICA Contributions$0.00$3.65$8.51
E 152-46500-123 Deferred Comp-Employer$0.00$0.94$2.19
E 152-46500-125 Medicare Contributions$0.00$0.85$1.99
E 152-46500-132 Dental Insurance$0.00$1.65$3.84
E 152-46500-133 Life Insurance$0.00$0.25$0.25
E 152-46500-134 Disabilty Insurance$0.00$0.77$0.77
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
FUND 152 TIF 3-1 CMCU$795.00$73.06$169.11
FUND 153 TIF 4-1 Fortitude Senior Apts
E 153-46500-101 Salaries$0.00$0.00$0.00
E 153-46500-121 PERA Contributions$0.00$0.00$0.00
E 153-46500-122 FICA Contributions$0.00$0.00$0.00
E 153-46500-125 Medicare Contributions$0.00$0.00$0.00
E 153-46500-300 Professional Services$0.00$8,598.75$8,598.75
E 153-46500-340 Advertising$0.00$370.50$370.50
EDA Expenditure Report
Current Period: June 2016
2016June2016
Account DescrYTD Budget2016 AmtYTD Amt
E 153-46500-588 EDA Programs$0.00$0.00$0.00
FUND 153 TIF 4-1 Fortitude Senior Apts$0.00$8,969.25$8,969.25
FUND 157 TIF 2-1 Millstream
E 157-46500-101 Salaries$0.00$0.00$240.56
E 157-46500-121 PERA Contributions$0.00$0.00$17.74
E 157-46500-122 FICA Contributions$0.00$0.00$14.41
E 157-46500-123 Deferred Comp-Employer$0.00$0.00$1.88
E 157-46500-125 Medicare Contributions$0.00$0.00$3.36
E 157-46500-132 Dental Insurance$0.00$0.00$3.28
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
FUND 157 TIF 2-1 Millstream$34,545.00$0.00$281.23
FUND 158 TIF 2-2 Meat Market
E 158-46500-101 Salaries$0.00$0.00$50.35
E 158-46500-121 PERA Contributions$0.00$0.00$3.77
E 158-46500-122 FICA Contributions$0.00$0.00$3.04
E 158-46500-123 Deferred Comp-Employer$0.00$0.00$0.78
E 158-46500-125 Medicare Contributions$0.00$0.00$0.71
E 158-46500-131 Health Insurance$0.00$0.00$0.00
E 158-46500-132 Dental Insurance$0.00$0.00$1.36
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
FUND 158 TIF 2-2 Meat Market$4,545.00$0.00$60.01
FUND 159 TIF 2-3 Bayou Blues/Alley Flat
E 159-46500-101 Salaries$0.00$180.71$261.27
E 159-46500-121 PERA Contributions$0.00$13.56$19.61
E 159-46500-122 FICA Contributions$0.00$10.90$15.76
E 159-46500-123 Deferred Comp-Employer$0.00$1.87$3.12
E 159-46500-125 Medicare Contributions$0.00$2.55$3.69
E 159-46500-132 Dental Insurance$0.00$5.47$7.66
E 159-46500-133 Life Insurance$0.00$0.85$0.85
E 159-46500-134 Disabilty Insurance$0.00$1.54$1.54
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
FUND 159 TIF 2-3 Bayou Blues/Alley Flat$795.00$217.45$313.50
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
EDA Expenditure Report
Current Period: June 2016
2016June2016
Account DescrYTD Budget2016 AmtYTD Amt
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
FUND 250 Revolving Loan Fund$0.00$0.00$0.00
$164,295.00$28,969.66$61,002.00
1,398.586,710.80
90,732.89
43,339.5026,656.3412,627.6789,334.31
101,894.50
6/30
301.42
5,350.92
5,049.505,049.50
36,622.00
6/30through
33,500.00
23,500.0010,000.0033,500.00
EDA
Plan
2015
26,
2015
7,
1,700.008,205.846,710.802,627.67
62,583.81
43,339.5060,883.81
August
Availablethrough 138,516.50
Expenditures
12/31/2015
Improvement
December
Capital
Capital
Recommended:
2016
Adopted
Fund
EDA
General
Computer SoftwareLet's Go DowntownBusiness Development/TIFParkway Business CenterBusiness Demolition ProgramBFA Grant/RLF Loan ProgramRental ConversionsCSAH 2/3 Collection StreetCDBG
Grant Development
EDA-1401EDA-1402EDA-1407EDA-1407EDA-1408EDA-1403EDA-1404EDA-1405EDA-1409
CodeNumberEquipmentBalance201620162016Balance
ProjectProjectReserveBudgetGrants/AidsSpent2016
DepartmentAccount
EDA150-46500-582EDA150-46500-588 TOTAL EDA CIP