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Home My WebLink About[04b] Financial Report a EDA Agenda Item 4(b) CITY'OF ST.JOSEPH MEETING DATE: December 14,2016 AGENDA ITEM: November 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 November 30,2016. The ending undesignated balance shows a surplus of 21,694.12. The designated project balance is$99,613.85. 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 three outstanding revolving loans. The current revolving loan fund balance is$24,739.72. The December tax settlement was received. Coborns and Millstream Shops and Lofts paid their taxes and ok to receive their abatement and TIF payments, respectfully. Staff is requesting the EDA consider approval for payment. The Coborns abatement payment is the final payment under the abatement agreement. BUDGET/FISCAL IMPACT: For Information Only ATTACHMENTS: Request for EDA Action—Finance Reports EDA Financial Summary EDA Balance Sheet EDA Check Register EDA Revenue Report EDA Expenditure Report EDA Summary CIP REQUESTED BOARD ACTION: Consider accepted of the November financial reports. Approve abatement and TIF payments for Coborns and Millstream Shops and Lofts. St. Joseph Economic Development Authority Summary Treasurer's Report - Fund 150 November 2016 Fund 150, EDA Balance as of December 31,2015 (Audited) 85,663.85 Year to Date Revenue: Interest Earnings 1,451.08 TIF/Abatement Deposit 5,000.00 TIF/Abatement Fee 5,000.00 DEED Housing Grant Proceeds 49,425.00 Ad Valorem Taxes 56,549.31 Transfers from Other Funds - Total Revenue 117,425.39 Year to Date Expenditure Total by Project: Market Development - ** Business Development 7,638.53 ** Organizational Development - ** Infrastructure Development - ** Workforce Development - ** 7,638.53 Year to Date Expenditures by Object: Board Stipends (210.00) Staff Salaries/Training (22,676.60) Workers Comp Premium (51.62) Software Support/Office Supplies (594.87) Professional Services (7,310.00) Legal/Engineering Fees (29.10) Telephone (597.76) Greater St. Cloud Development Investment - Marketing - Advertising (584.90) Coborn's Abatement - CM Housing Grant Reimbursement (49,425.00) Computer Hardware/Software (301.42) EDA Programs - Transfer to Other Funds - Total Expenses (81,781.27) Fund Summaries as of November 30,2016: EDA Fund Balance-Fund 150-(Unaudited) 121,307.97 Designated for Capital Programs 99,245.28 Designated for DEED Housing Projects 368.57 Undesignated 21,694.12 TIF 3-1 Central MN Credit Union Fund Balance-Fund 152 (5,845.63) TIF 4-1 Fortitude Senior Apts Fund Balance-Fund 153 1,168.25 TIF 2-1 Millstream Shops and Lofts Fund Balance-Fund 157 19,304.78 TIF 2-2 St.Joseph Meat Market Fund Balance- Fund 158 (180.70) TIF 2-3 Bayou Blues&Alley Flats Fund Balance-Fund 159 (4,924.97) Revolving Loan Fund Balance-Fund 250 24,739.72 **Detail available upon request THIS PAGE INTENTIONALLY LEFT BLANK St. Joseph 12108/161:19 PM J,,,,9),A Page 1 EDA Expenditure Report •"*`"' `°" Current Period:November 2016 2016 November 2016 Account Descr YTD Budget 2016 Amt YTD Amt FUND 150 Economic Development E 150-46500-101 Salaries $18,985.00 $2,001.82 $16,451.29 E 150-46500-103 Legislative Bodies $1,260.00 $0.00 $210.00 E 150-46500-121 PERA Contributions $1,425.00 $150.14 $1,230.43 E 150-46500-122 FICA Contributions $920.00 $120.28 $992.08 E 150-46500-123 Deferred Comp-Employer $385.00 $0.00 $9.37 E 150-46500-125 Medicare Contributions $215.00 $28.12 $232.01 E 150-46500-130 H S A-Employer Contribution $790.00 $0.00 $789.50 E 150-46500-131 Health Insurance $4,190.00 $345.00 $2,070.00 E 150-46500-132 Dental Insurance $755.00 $87.64 $484.57 E 150-46500-133 Life Insurance $60.00 $2.53 $20.72 E 150-46500-134 Disabilty Insurance $175.00 $16.40 $33.06 E 150-46500-151 Workers Comp.Insur.Prem. $140.00 $0.28 $51.62 E 150-46500-171 Clothing Allowance $60.00 $0.00 $0.00 E 150-46500-200 Office Supplies $500.00 $0.00 $3.00 E 150-46500-215 Software Support $530.00 $0.00 $591.87 E 150-46500-300 Professional Services $3,000.00 $0.00 $7,310.00 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 $54.05 $597.76 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 $4.00 $363.57 E 150-46500-340 Advertising $500.00 $0.00 $584.90 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 $0.00 $49,425.00 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 $2,810.26 $81,781.27 FUND 152 TIF 3-1 CMCU E 152-46500-101 Salaries $0.00 $0.00 $181.27 E 152-46500-121 PERA Contributions $0.00 $0.00 $13.60 E 152-46500-122 FICA Contributions $0.00 $0.00 $10.95 E 152-46500-123 Deferred Comp-Employer $0.00 $0.00 $2.82 E 152-46500-125 Medicare Contributions $0.00 $0.00 $2.55 E 152-46500-132 Dental Insurance $0.00 $0.00 $4.45 E 152-46500-133 Life Insurance $0.00 $0.00 $0.35 E 152-46500-134 Disabilty Insurance $0.00 $0.00 $1.01 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 $32.12 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 $0.00 $249.12 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 $0.00 $15,961.25 E 153-46500-340 Advertising $0.00 $0.00 $370.50 nA, St. Joseph EDA Expenditure Report 12/08/16 1:19 PM Page 3 SI. I•3 i`4.4A ... Current Period:November 2016 2016 November 2016 Account Descr YTD Budget 2016 Amt YTD Amt 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 FUND 250 Revolving Loan Fund $0.00 $0.00 $0.00 $164,295.00 $2,810.26 $122,989.08 i.L-k St. Joseph EDA Check Register 12/08/16 1:19 PM Page 1 CHECK # Search Name Comments FUND DEPART Amount 051251 CENTURYLINK BUSINESS SERVICES long distance telephone 150 46500 $4.04 051258 LEAGUE OF MN CITIES INS TRUST final 2015-2016 workers comp 150 46500 $0.28 051277 CENTURYLINK T1 line/20 sets 229#'s 150 46500 $50.01 051347 SENTRY BANK-CREDIT CARD Chamber meeting-Haffner 150 46500 $4.00 $58.33 THIS PAGE INTENTIONALLY LEFT BLANK r4L-CA St. Joseph EDA Revenue Report 12/08!16 1:19 PM Page 1 "`""* °`""°°" Current Period:November 2016 2016 November 2016 FUND Descr SOURCE SOURCE Descr YTD Budget 2016 Amt YTD Amt FUND 150 Economic Development Economic Development 31010 Current Ad Valorem Taxes $122,365.00 $0.00 $56,549.31 Economic Development 33160 Federal Grants-Other $0.00 $0.00 $49,425.00 Economic Development 34150 TIF/MIF Deposit $0.00 -$2,500.00 $10,000.00 Economic Development 34200 DEED Housing Reimbursem $0.00 $0.00 $0.00 Economic Development 36210 Interest Earnings $1,250.00 $31.73 $1,451.08 Economic Development 39201 Transfers from Other Funds $0.00 $0.00 $0.00 FUND 150 Economic Development $123,615.00 -$2,468.27 $117,425.39 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 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 Apts 31050 Tax Increment $0.00 $0.00 $0.00 TIF 4-1 Fortitude Senior Apts 34150 TIF/MIF Deposit $0.00 $Z500.00 $17,500.00 TIF 4-1 Fortitude Senior Apts 36210 Interest Earnings $0.00 $0.00 $0.00 TIF 4-1 Fortitude Senior Apts 39201 Transfers from Other Funds $0.00 $0.00 $0.00 FUND 153 TIF 4-1 Fortitude Senior Apts $0.00 $2,500.00 $17,500.00 FUND 157 TIF 2-1 Millstream TIF 2-1 Millstream 31050 Tax Increment $37,000.00 $0.00 $21,530.67 TIF 2-1 Millstream 36210 Interest Earnings $275.00 $5.26 $317.29 FUND 157 TIF 2-1 Millstream $37,275.00 $5.26 $21,847.96 FUND 158 TIF 2-2 Meat Market TIF 2-2 Meat Market 31050 Tax Increment $4,000.00 $0.00 $4,158.71 TIF 2-2 Meat Market 36210 Interest Earnings $5.00 $0.09 $7.84 TIF 2-2 Meat Market 39201 Transfers from Other Funds $0.00 $0.00 $0.00 FUND 158 TIF 2-2 Meat Market $4,005.00 $0.09 $4,166.55 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 FUND 159 TIF 2-3 Bayou Blues/Alley Flat $0.00 $0.00 $0.00 FUND 220 Lodging Tax Lodging Tax 31600 Lodging Tax $0.00 $682.26 $682.26 Lodging Tax 36210 Interest Earnings $0.00 $0.00 $0.00 FUND 220 Lodging Tax $0.00 $682.26 $682.26 FUND 250 Revolving Loan Fund Revolving Loan Fund 36210 Interest Earnings $250.00 $6.18 $228.31 Revolving Loan Fund 39201 Transfers from Other Funds $0.00 $0.00 $0.00 Revolving Loan Fund 39320 Revolving Loan Principal $10,995.00 $1,055.47 $10,971.46 Revolving Loan Fund 39321 Revolving Loan Interest $1,610.00 $142.25 $1,489.57 Revolving Loan Fund 39322 Revolving Loan Origination $0.00 $0.00 $0.00 FUND 250 Revolving Loan Fund $12,855.00 $1,203.90 $12,689.34 $177,750.00 $1,923.24 $174,311.50 THIS PAGE INTENTIONALLY LEFT BLANK 2016 Capital Expenditures General Fund Capital Improvement Plan-EDA EDA Recommended:August 26,2015 Adopted December 7, 2015 12/31/2015 Available through 11/30 through 11/30 Project Project Reserve wt ,f ' Grants/Aids Spent 2016 Department Account Code Number Equipment Balance i' 4., , i r 2016 2016 Balance EDA 150-46500-582 EDA-1401 Computer Software 1,700 00 ' - ; 301.42 1,398.58 EDA 150-46500-588 EDA-1402 Let's Go Downtown 43,339 50 {,� , : ,, 43,339.50 E p 12 500.00 7,638.53 36,567.31 EDA-1407 Business Development/TIF 8,205 84 .."-, , EDA-1407 Parkway Business Center - tlf EDA-1408 Business Demolition Program 6,710.80 � , I . 6,710.80 EDA-1403 BFA Grant/RLF Loan Program 2,627 67 :y -,, � 12,627.67 � EDA-1404 Rental Conversions - ` , =M EDA-1405 CSAH 2/3 Collection Street _ 60,883.81 , ..f q 12,500.00 7,638.53 99,245.28 TOTAL EDA CIP rte'" * "' � 62,583 81 a .,E;,,,"„is G, 12,500.00 7,939.95 100,643.86 EDA-1409 CDBG Grant Development I 138,516 50 ; ; k£ - 49,425.00 89,091.50 THIS PAGE INTENTIONALLY LEFT BLANK