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Home My WebLink About[04b] Treasurer Report 11 EDA Agenda Item 4b (Try OF S'll JOSE."1011 MEETING DATE: September 21, 2016 AGENDA ITEM: Treasurer Report SUBMITTED BY: EDA Director BACKGROUND INFORMATION: Enclosed please find the reconciled financial reports through August 2016. The ending undesignated balance shows a surplus of S 42,914.76 and a designated balance of S 89,091.50. The Local Blend made their last payment for one of their revolving loans, creating a current balance of S 22,078.85. In talking to the Finance Director, we would like to revisit the policies at the next meeting for both the revolving loan and facade grant. The EDA authorized TIF for the Millstream Shops and Lofts project and the developer will be requesting a re-assignment of the note. It will only impact who the TIF is reimbursed too, all other items remain unchanged. The same is true of the deferred loan that is in place for some restaurant equipment that was installed for in the Bello Suite. The legal documents are being prepared by bond counsel to be reimbursed by the Developer. This is a common practice and the original agreement allows for reassignment. The Check register includes payments for the Abatement, TIF and DEED Housing programs. All the expenditures listed are pass through and the City is or will be reimbursed by the Developer or in the case of the DEED housing draw, State funds. They are not direct expenses to the City. BUDGET/FISCAL IMPACT: n/a ATTACHMENTS: Request for EDA Action Summary Treasurer's Report EDA Balance Sheet EDA Check Register EDA Revenue Report EDA Expenditure Report EDA CIP Summary REQUESTED BOARD ACTION: Accept the August Treasurer Report as presented, acknowledging that the TIF for Millstream and Deferred Grant will be re-assigned to a new financial institution. St. Joseph Economic DevelopmentAuthoritySummaryTreasurer'sReport - Fund 150August2016 Fund150, EDABalance asof December31, 2015 (Audited) 85,663.85 Year toDate Revenue: InterestEarnings 1,353.84TIF/Abatement Deposit 7,500.00TIF/Abatement Fee 5,000.00DEEDHousingGrantProceeds49,425.00AdValoremTaxes56,549.31TransfersfromOtherFunds - Total Revenue 119,828.15 Year to Date Expenditure Totalby Project: WebsiteBusiness Retention/ExpansionPackets, Mtgs, Minutes, yesummaryProfessionalPlatJobsreportstoDEED 6,801.63 Year to Date Expenditures byObject: Board Stipends (210.00) StaffSalaries/Training (14,549.27) WorkersCompPremium - Software Support/Office Supplies (594.87) Professional Services (987.50) Legal/Engineering Fees (29.10) Telephone (435.11) GreaterSt. Cloud Development Investment - Marketing - Advertising (584.90) Coborn'sAbatement - CMHousingGrantReimbursement (49,425.00) Computer Hardware/Software (301.42) EDAPrograms - Transfer toOther Funds - Total Expenses (73,117.17) FundSummariesasofAugust 31, 2016: EDAFundBalance - Fund150 - (Unaudited) 132,374.8389,091.50DesignatedforCapitalPrograms368.57DesignatedforDEEDHousingProjects42,914.76Undesignated TIF 3-1Central MNCreditUnion Fund Balance - Fund 152 5,845.63) TIF 4-1Fortitude Senior AptsFund Balance - Fund 153 1,331.75) TIF 2-1Millstream Shopsand Lofts Fund Balance - Fund 157 19,419.60TIF2-2St. Joseph Meat Market Fund Balance - Fund 158 181.92) TIF 2-3Bayou Blues & Alley Flats Fund Balance - Fund 159 4,924.97) Revolving LoanFund Balance - Fund 250 22,078.85 Detail available uponrequest FUND150EconomicDevelopmentFUND159TIF2-3BayouBlues/AlleyFlatFUND158TIF2-2MeatMarketFUND157TIF2-1MillstreamFUND153TIF4-1Fortitude SeniorAptsFUND152TIF3-1CMCUEconomicDevelopmentRevolving LoanFundRevolvingLoanFundTIF2-3BayouBlues/AllTIF2-3BayouBlues/AllTIF2-3BayouBlues/AllTIF2-3BayouBlues/AllTIF2-3BayouBlues/AllTIF2-2MeatMarketTIF2-2MeatMarketTIF2-2MeatMarketTIF2-2MeatMarketTIF2-2MeatMarketTIF2-1MillstreamTIF 2-1MillstreamTIF2-1MillstreamTIF2-1MillstreamTIF2-1MillstreamTIF 4-1FortitudeSeniorTIF4-1FortitudeSeniorTIF4-1Fortitude SeniorTIF4-1FortitudeSeniorTIF3-1CMCUTIF3-1CMCUTIF3-1CMCUTIF3-1CMCUTIF3-1CMCUEconomicDevelopmentEconomic DevelopmentEconomic DevelopmentEconomic DevelopmentEconomic DevelopmentEconomic DevelopmentEconomicDevelopmentEconomicDevelopmentEconomicDevelopmentG150-10100CashG250-10450InterestReceivableG250-10100CashG159-25310AppropriatedFundBalanceG159-20500DueToOtherFundG159-20200AccountsPayableG159-10450InterestReceivableG159-10100CashG158-25310AppropriatedFundBalanceG158-20500DueToOtherFundG158-20201SalariesPayableG158-10450InterestReceivableG158-10100CashG157-25310AppropriatedFundBalanceG157-20200AccountsPayableG157-13113DueFromotherGovtUnitsG157-10450InterestReceivableG157-10100CashG153-25310AppropriatedFundBalanceG153-20500DueToOtherFundG153-10450InterestReceivableG153-10100CashG152-25310AppropriatedFundBalanceG152-20500DueToOtherFundG152-20200AccountsPayableG152-10450InterestReceivableG152-10100CashG150-25310AppropriatedFundBalanceG150-24415Design. FdBal -CapitalProjG150-22204DeferredInflowofResourcesG150-20201SalariesPayableG150-20200AccountsPayableG150-15500DueFromOtherFundG150-13113DueFromotherGovtUnitsG150-10700TaxesReceivable - DelinquenG150-10450InterestReceivable-$62,583.81$12,015.74-$6,000.00$24$5,596.51-$500.94$403.95$56.00$0.91$112,1 000.00$18,219.02$8,662.92$0.00$890.09$272,188.92$12,969.90$9,663.57$47.95$0.00$0.00$120,419.60-$69,078.85$19,000.00-$1,924.97$1,331.75-$181.92$318.08$0.00$0.00 09/14/169:09 AMSt. JosephFUND150EconomicDevelopmentFUND250RevolvingLoanFundFUND159TIF2-3BayouBlues/AlleyFlatFUND158TIF2-2MeatMarketFUND 157TIF2-1MillstreamFUND153TIF4-1FortitudeSeniorAptsFUND152TIF3- 1 CMCU Page1EDA BalanceSheet CurrentPeriod: August 2016YTDYTDCurrentFUNDDescrAccount FUND250Revolving LoanFundRevolvingLoanFundRevolvingLoanFundRevolvingLoanFundG250-11900NotesReceivableG250-25310AppropriatedFundBalanceG250-22204DeferredInflowofResources-$12,050.38$58,816.28$0.00$69,548.11$351.68$0.00$10,380.15$0.00-$22,078.85$0.00 09/14/169:09AMSt. Joseph 0.00$447,010.70$447,010.70$0.00 Page 2 EDABalance Sheet Current Period: August2016 YTDYTDCurrent FUNDDescrAccountDescrBeginYrDebitCreditBalance 050870050938050924050909050909050897050871CENTURYLINKTRI-COUNTYACTIONPROGRAMINCMINNESOTAHOMEIMPROVEMENTSEHLERS ANDASSOCIATESEHLERS ANDASSOCIATESST. CLOUDTIMESCENTURYLINK BUSINESSSERVICESAug T1line/20sets229 #'sDEEDdraw #36 \[Oren, FrenchDEED housinggrantdraw #36CountryManorabatementFortitude TIFAbatement PHnoticesJulylongdistancetelephone15015015015015315015046 500465004650046500465004650046500$12,108.50$215.00$50.12$4.4409/14/169:09AMSt. Joseph13,586. 96 Page 1EDACheck Register CHECKSearch FUND150EconomicDevelopmentFUND250RevolvingLoanFundFUND159TIF2-3BayouBlues/AlleyFlatFUND158TIF2-2MeatMarketFUND157TIF2-1MillstreamFUND153TIF4-1FortitudeSeniorAptsFUND152TIF3-1CMCUEconomicDevelopmentRevolving LoanFundRevolvingLoanFundRevolvingLoanFundRevolvingLoanFundRevolvingLoanFundTIF2-3BayouBlues/AlleyFlaTIF2-3BayouBlues/AlleyFlaTIF2-3BayouBlues/AlleyFlaTIF2-2MeatMarketTIF2-2MeatMarketTIF2-2MeatMarketTIF 2-1MillstreamTIF2-1MillstreamTIF4-1FortitudeSeniorAptsTIF4-1FortitudeSeniorAptsTIF4-1FortitudeSeniorAptsTIF 4-1FortitudeSeniorAptsTIF3-1CMCUTIF3-1CMCUTIF3-1CMCUEconomicDevelopmentEconomic DevelopmentEconomic DevelopmentEconomic DevelopmentEconomic DevelopmentEconomic Development310103932239321393203920136210392013621031050392013621031050362103105039201362103415031050392013621031050392013621034200341503316031600Current AdValoremTaxesRevolvingLoanOrigination RevolvingLoanInterestRevolvingLoanPrincipalInterestEarningsInterestEarningsTaxIncrementInterestEarningsTaxIncrementInterestEarningsTaxIncrementInterestEarningsTIF/MIFDepositTaxIncrementInterestEarningsTaxIncrementInterestEarningsDEED HousingReimbursemTIF/MIFDepositFederalGrants - OtherLodgingTax$123,615.00$00$37,275.00$4,000.00$250.00$0.00$12,867.18$1,538.85$149.17$13.00$0.00$119,828.500.00$49,165.33$4,297.11$0.00$0.00 09/14/169:13 AMSt. JosephFUND150EconomicDevelopmentFUND250RevolvingLoanFundFUND159TIF2-3BayouBlues/AlleyFlatFUND158TIF2-2MeatMarketFUND157TIF2-1MillstreamFUND153TIF4-1Fortitude SeniorAptsFUND152TIF3- 1CMCU$177,750.00$14,420.36$170, 849.73 Page1EDA Revenue Report CurrentPeriod: August 20162016August2016 FUNDDescrSOURCESOURCE DescrYTDBudget2016 FUND 150EconomicDevelopmentFUND 152TIF3-1CMCUE150-46500-101SalariesE153-46500-300ProfessionalServicesE153-46500-125MedicareContributionsE153-46500-122FICAContributionsE153-46500-121PERAContributionsE153-46500-101SalariesE152-49300-720TransferstoOtherFundsE152-46500-622TIF/AbatementPaymentsE 152-46500-340AdvertisingE152-46500-301AuditAccounting ServicesE152-46500-300ProfessionalServicesE152-46500-134DisabiltyInsuranceE 152-46500-133LifeInsuranceE 152-46500-132DentalInsuranceE 152-46500-125MedicareContributionsE152-46500-123Deferred Comp-EmployerE152-46500-122FICAContributionsE152-46500-121PERAContributionsE152-46500-101SalariesE150-49300-720TransferstoOtherFundsE150-46500-622TIF/AbatementPaymentsE 150-46500-588EDAProgramsE 150-46500-582ComputerSoftwareE150-46500-433Dues & MembershipsE150-46500-340AdvertisingE150-46500-331Travel & Conference ExpenseE150-46500-328MarketingE 150-46500-322PostageE150-46500-321TelephoneE150-46500-309VisitorsBureauE150-46500-303EngineeringFeeE150-46500-300ProfessionalServicesE150-46500-215SoftwareSupportE150-46500-200OfficeSuppliesE150-46500-171ClothingAllowanceE 150-46500-151Workers Comp. Insur. Prem.E150-46500-134DisabiltyInsuranceE150-46500-133LifeInsuranceE150-46500-132DentalInsuranceE150-46500-131HealthInsuranceE150-46500-130HSA- EmployerContributionE150-46500-125Medicare ContributionsE150-46500-123DeferredComp-EmployerE 150-46500-122FICAContributionsE150-46500-121PERAContributionsE150-46500-103LegislativeBodies$123,615.00$33,500.00$1,425.00$385.00$60.00$0.00$17,087.50$2,873.46$174.68$63.49$0.00$49,425.00$6,987.50$788.09$29.10$00$0.2609/14/169:11AMSt. Joseph FUND150EconomicDevelopmentFUND 153TIF4-1Fortitude SeniorAptsFUND152TIF3-1 CMCU Page 1EDAExpenditure Report Current Period: August 2016 2016August2016 AccountDescrYTDBudget2016AmtYTD FUND153TIF4-1FortitudeSeniorAptsFUND159TIF2-3BayouBlues/AlleyFlatFUND158TIF2-2MeatMarketFUND157TIF2-1MillstreamE153-46500-340AdvertisingE250-46500-304LegalFeesE250-46500-300ProfessionalServicesE159-49300-720TransferstoOtherFundsE159-46500-622TIF/AbatementPaymentsE159-46500-340AdvertisingE159-46500-301Audit & AccountingServicesE159-46500-300ProfessionalServicesE159-46500-134DisabiltyInsuranceE159-46500-133LifeInsuranceE159-46500-132DentalInsuranceE159-46500-125MedicareContributionsE159-46500-123DeferredComp-EmployerE159-46500-122FICAContributionsE159-46500-121PERAContributionsE159-46500-101SalariesE158-46500-622TIF/AbatementPaymentsE158-46500-340AdvertisingE158-46500-301Audit & AccountingServicesE158-46500-300ProfessionalServicesE158-46500-134DisabiltyInsuranceE158-46500-133LifeInsuranceE158-46500-132DentalInsuranceE158-46500-131HealthInsuranceE158-46500-125MedicareContributionsE158-46500-123DeferredComp-EmployerE158-46500-122FICAContributionsE158-46500-121PERAContributionsE158-46500-101SalariesE157-49300-720TransferstoOtherFundsE157-46500-622TIF/AbatementPaymentsE157-46500-340AdvertisingE157-46500-301Audit & AccountingServicesE157-46500-300ProfessionalServicesE157-46500-134DisabiltyInsuranceE157-46500-133LifeInsuranceE157-46500-132DentalInsuranceE157-46500-125MedicareContributionsE157-46500-123DeferredComp-EmployerE157-46500-122FICAContributionsE157-46500-121PERAContributionsE157-46500-101SalariesE153-46500-588EDAPrograms$34,545.00$4,545.00$500.00$45.00$0.00$215.00$0.00$19,377.60$4,090.81$280.84$16.85$94$2.5009/14/169:11AMSt. JosephFUND157TIF 2-1MillstreamFUND250RevolvingLoanFundFUND159TIF2-3BayouBlues/AlleyFlatFUND158TIF2-2Meat Market Page 2EDAExpenditure Report Current Period: August 2016 2016August2016 AccountDescrYTDBudget2016AmtYTD FUND250RevolvingLoanFundE250-46500-317OtherfeesE250-46500-455RevolvingLoanProceedsE 250-46500-434CertificationFee$0.00$0.00$0.00 09/14/169:11AMSt. Joseph 164,295.00$17,302.50$114,189.98 Page 3 EDAExpenditure Report Current Period: August2016 2016August2016 AccountDescrYTD Budget2016AmtYTDAmt 2016CapitalExpenditures GeneralFund CapitalImprovementPlan - EDA EDARecommended: August26, 2015 AdoptedDecember7, 2015 12/31/2015 Availablethrough 8/31through8/31 ProjectProjectReserveBudgetGrants/AidsSpent2016 DepartmentAccount CodeNumberEquipmentBalance201620162016Balance 301.42 1,398.58EDA150-46500-582EDA-1401Computer Software 43,339.50 - 43,339.50EDA150-46500-588EDA-1402Let'sGoDowntown 23,500.00 12,500.00 7,316.03 36,889.81EDA-1407Business Development/TIF EDA-1407ParkwayBusinessCenter 6,710.80EDA-1408Business DemolitionProgram 10,000.00 12,627.67EDA-1403BFAGrant/RLFLoanProgram EDA-1404RentalConversions EDA-1405CSAH 2/3CollectionStreet 60,883.81 33,500.00 12,500.00 7,316.03 99,567.78 TOTALEDACIP 62,583.81 7,617.45 100,966.36 138,516.50 - - 49,425.00 89,091.50EDA-1409CDBG GrantDevelopment St Joseph Economic Development Authority Expense Report Name Pay Period: Date Event Location Mtg # Reimbursement Total CERTIFICATION:I DECLARE THAT THIS TIMESHEET IS A TRUE AND CORRECT STATEMENT OF MEETINGS WORKED AND THAT NO PART OF IT HAS BEEN PAID. Signed Date