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Home My WebLink About[04b] Financial Report EDA Agenda Item 4 (b) MEETING DATE: March 15, 2017 AGENDA ITEM: February 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 February 28, 2017. The ending undesignated balance shows a deficit of $22,066.18. The designated project balance is $147,845.28. The 2017 budget includes $49,100 for EDA project funding. The designated balance includes this amount; however, the property taxes have not been received yet. Without showing the 2017 capital expenditures, the undesignated balance would be a surplus of $27,033.82. In addition, balances may reflect 2016 activity that will be reversed out after the 2016 audit is completed. 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 at the end of February. The current revolving loan fund balance is th $43,341.62 at February 28. st I am attaching the 1 quarter expense sheet for your meetings in January-March. Please complete and submit to Judy at the meeting. 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 Expense Sheet REQUESTED BOARD ACTION: Consider accepted of the February financial reports. St. Joseph Economic Development Authority Summary Treasurer's Report - Fund 150 February 2017 Fund 150, EDA Balance as of December 31, 2016 (Unaudited)133,232.22 Year to Date Revenue: Interest Earnings632.76 TIF/MIF Deposit(7,500.00) DEED Housing Grant Proceeds- Ad Valorem Taxes256.51 Transfers from Other Funds- Total Revenue(6,610.73) Year to Date Expenditure Total by Project: Market Development-** Business Development-** Organizational Development-** Infrastructure Development-** Workforce Development-** - Year to Date Expenditures by Object: Board Stipends(6,087.29) Staff Salaries/Training(35.00) Workers Comp Premium- Software Support/Office Supplies(604.25) Consulting Fees5,993.12 Legal/Engineering Fees- Telephone(108.97) Greater St. Cloud Development Investment- Business Round Table Outreach- Marketing- Advertising- Coborn's Abatement- CM Housing Grant Reimbursement- EDA Programs- Transfer to Other Funds- Total Expenses(842.39) Fund Summaries as of January 31, 2017: EDA Fund Balance - Fund 150 - unaudited 125,779.10 Designated for Capital Programs71,091.50 Undesignated54,687.60 TIF 3-1 Central MN Credit Union Fund Balance - Fund 152(5,845.63) TIF 4-1 Fortitude Senior Apts Fund Balance - Fund 1534,407.62 TIF 2-1 Millstream Shops and Lofts Fund Balance - Fund 15720,927.32 TIF 2-2 St. Joseph Meat Market Fund Balance - Fund 158(182.76) TIF 2-3 Bayou Blues & Alley Flats Fund Balance - Fund 159(6,369.03) Revolving Loan Fund Balance - Fund 25043,341.62 ** Detail available upon request EDA Balance Sheet Current Period: February 2017 YTDYTDCurrent FUND DescrAccount DescrBegin YrDebitCreditBalance FUND 150 Economic Development Economic DevelopmentG 150-10100 Cash$123,770.69$27,482.39$34,935.51$116,317.57 Economic DevelopmentG 150-10450 Interest Receivable$33.44$0.00$0.00$33.44 Economic DevelopmentG 150-10500 Accounts Receivable$4,093.12$0.00$0.00$4,093.12 Economic DevelopmentG 150-10700 Taxes Receivable - Delinquen$629.56$0.00$0.00$629.56 Economic DevelopmentG 150-13113 Due From other Gov t Units$632.76$0.00$0.00$632.76 Economic DevelopmentG 150-15500 Due From Other Fund$11,500.00$0.00$0.00$11,500.00 Economic DevelopmentG 150-20200 Accounts Payable-$5,647.79$0.00$0.00-$5,647.79 Economic DevelopmentG 150-20201 Salaries Payable-$1,150.00$0.00$0.00-$1,150.00 Economic DevelopmentG 150-22204 Deferred Inflow of Resources-$629.56$0.00$0.00-$629.56 Economic DevelopmentG 150-24415 Design. Fd Bal - Capital Proj-$71,091.50$0.00$0.00-$71,091.50 Economic DevelopmentG 150-25310 Unassigned Fund Balance-$62,140.72$34,935.51$27,482.39-$54,687.60 FUND 150 Economic Development$0.00$62,417.90$62,417.90$0.00 FUND 152 TIF 3-1 CMCU TIF 3-1 CMCUG 152-10100 Cash$154.37$3,200.00$3,200.00$154.37 TIF 3-1 CMCUG 152-10450 Interest Receivable$0.00$0.00$0.00$0.00 TIF 3-1 CMCUG 152-10500 Accounts 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 Unassigned Fund Balance$5,845.63$3,200.00$3,200.00$5,845.63 FUND 152 TIF 3-1 CMCU$0.00$6,400.00$6,400.00$0.00 FUND 153 TIF 4-1 Fortitude Senior Apts TIF 4-1 Fortitude SeniorG 153-10100 Cash-$148.62$20,478.12$18,200.00$2,129.50 TIF 4-1 Fortitude SeniorG 153-10450 Interest Receivable$0.00$0.00$0.00$0.00 TIF 4-1 Fortitude SeniorG 153-10500 Accounts Receivable$5,478.12$0.00$0.00$5,478.12 TIF 4-1 Fortitude SeniorG 153-20200 Accounts Payable-$3,200.00$0.00$0.00-$3,200.00 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 Unassigned Fund Balance-$2,129.50$18,200.00$20,478.12-$4,407.62 FUND 153 TIF 4-1 Fortitude Senior Apts$0.00$38,678.12$38,678.12$0.00 FUND 157 TIF 2-1 Millstream TIF 2-1 MillstreamG 157-10100 Cash$20,737.15$3,533.99$3,419.20$20,851.94 TIF 2-1 MillstreamG 157-10450 Interest Receivable$6.58$0.00$0.00$6.58 TIF 2-1 MillstreamG 157-10500 Accounts Receivable$2,800.00$0.00$0.00$2,800.00 TIF 2-1 MillstreamG 157-13113 Due From other Gov t Units$688.00$0.00$0.00$688.00 TIF 2-1 MillstreamG 157-20200 Accounts Payable-$3,419.20$0.00$0.00-$3,419.20 TIF 2-1 MillstreamG 157-25310 Unassigned Fund Balance-$20,812.53$3,419.20$3,533.99-$20,927.32 FUND 157 TIF 2-1 Millstream$0.00$6,953.19$6,953.19$0.00 FUND 158 TIF 2-2 Meat Market TIF 2-2 Meat MarketG 158-10100 Cash$316.33$0.74$0.00$317.07 TIF 2-2 Meat MarketG 158-10450 Interest Receivable$0.17$0.00$0.00$0.17 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 Unassigned Fund Balance$183.50$0.00$0.74$182.76 FUND 158 TIF 2-2 Meat Market$0.00$0.74$0.74$0.00 FUND 159 TIF 2-3 Bayou Blues/Alley Flat TIF 2-3 Bayou Blues/AllG 159-10100 Cash$30.97$0.00$700.00-$669.03 TIF 2-3 Bayou Blues/AllG 159-10450 Interest Receivable$0.00$0.00$0.00$0.00 EDA Balance Sheet Current Period: February 2017 YTDYTDCurrent FUND DescrAccount DescrBegin YrDebitCreditBalance TIF 2-3 Bayou Blues/AllG 159-20200 Accounts Payable-$700.00$0.00$0.00-$700.00 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 Unassigned Fund Balance$5,669.03$700.00$0.00$6,369.03 FUND 159 TIF 2-3 Bayou Blues/Alley Flat$0.00$700.00$700.00$0.00 FUND 250 Revolving Loan Fund Revolving Loan FundG 250-10100 Cash$25,212.38$9,724.32$215.62$34,721.08 Revolving Loan FundG 250-10450 Interest Receivable$6.47$0.00$0.00$6.47 Revolving Loan FundG 250-11900 Notes Receivable$47,437.96$0.00$0.00$47,437.96 Revolving Loan FundG 250-22204 Deferred Inflow of Resources-$38,823.89$0.00$0.00-$38,823.89 Revolving Loan FundG 250-25310 Unassigned Fund Balance-$33,832.92$215.62$9,724.32-$43,341.62 FUND 250 Revolving Loan Fund$0.00$9,939.94$9,939.94$0.00 $0.00$125,089.89$125,089.89$0.00 EDA Check Register CHECK #Search NameCommentsFUNDDEPARTAmount 051679RENGEL PRINTING, INC2017 #10 envelopes/perfed st15046500$37.85 051703CENTURYLINKFeb T1 line/20 sets 229 #'s15046500$49.95 051704CENTURYLINK BUSINESS SERVICESJan long distance telephone15046500$0.22 051717KENSINGTON BANKClean up tax settlement TIF Mi15746500$619.20 051733OPG-3, INC.2017 LaserFiche support15046500$522.33 051737RENGEL PRINTING, INC2017 business cards, letterhea15046500$44.07 051742SENTRY BANK-CREDIT CARDJan/Feb chamber mtg15046500$4.00 051743SLICED ON COLLEGE AVE, INC.refund overpmt Jan RLF25046500$215.62 $1,493.24 EDA Revenue Report Current Period: February 2017 2017February2017 FUND DescrSOURCESOURCE DescrYTD Budget2017 AmtYTD Amt FUND 150 Economic Development Economic Development31010Current Ad Valorem Taxes$93,920.00$0.00$632.76 Economic Development33160Federal Grants - Other$0.00$0.00$0.00 Economic Development34150TIF/MIF Deposit$0.00-$15,000.00-$7,500.00 Economic Development34200DEED Housing Reimbursem$0.00$0.00$0.00 Economic Development36210Interest Earnings$1,400.00$38.42$256.51 Economic Development39201Transfers from Other Funds$0.00$0.00$0.00 FUND 150 Economic Development$95,320.00-$14,961.58-$6,610.73 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$0.00-$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$0.00-$15,000.00 FUND 157 TIF 2-1 Millstream TIF 2-1 Millstream31050Tax Increment$0.00$0.00$688.00 TIF 2-1 Millstream36210Interest Earnings$275.00$7.08$45.99 FUND 157 TIF 2-1 Millstream$275.00$7.08$733.99 FUND 158 TIF 2-2 Meat Market TIF 2-2 Meat Market31050Tax Increment$0.00$0.00$0.00 TIF 2-2 Meat Market36210Interest Earnings$5.00$0.11$0.74 TIF 2-2 Meat Market39201Transfers from Other Funds$0.00$0.00$0.00 FUND 158 TIF 2-2 Meat Market$5.00$0.11$0.74 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 220 Lodging Tax Lodging Tax31600Lodging Tax$0.00$0.00$377.35 Lodging Tax36210Interest Earnings$0.00$1.98$7.45 FUND 220 Lodging Tax$0.00$1.98$384.80 FUND 250 Revolving Loan Fund Revolving Loan Fund36210Interest Earnings$250.00$10.16$58.26 Revolving Loan Fund39201Transfers from Other Funds$0.00$0.00$0.00 Revolving Loan Fund39320Revolving Loan Principal$8,955.00$217.66$9,264.46 Revolving Loan Fund39321Revolving Loan Interest$1,295.00$77.34$185.98 Revolving Loan Fund39322Revolving Loan Origination $0.00$0.00$0.00 FUND 250 Revolving Loan Fund$10,500.00$305.16$9,508.70 EDA Revenue Report Current Period: February 2017 2017February2017 FUND DescrSOURCESOURCE DescrYTD Budget2017 AmtYTD Amt $106,100.00-$14,647.25-$10,982.50 EDA Expenditure Report Current Period: February 2017 2017February2017 Account DescrYTD Budget2017 AmtYTD Amt FUND 150 Economic Development E 150-46500-101 Salaries$24,200.00$2,056.88$4,086.23 E 150-46500-103 Legislative Bodies$1,260.00$0.00$35.00 E 150-46500-121 PERA Contributions$1,815.00$154.26$306.46 E 150-46500-122 FICA Contributions$1,395.00$123.38$245.06 E 150-46500-123 Deferred Comp-Employer$0.00$0.00$0.00 E 150-46500-125 Medicare Contributions$325.00$28.86$57.32 E 150-46500-130 H S A- Employer Contribution$790.00$0.00$450.00 E 150-46500-131 Health Insurance$4,190.00$398.84$797.68 E 150-46500-132 Dental Insurance$460.00$47.40$94.80 E 150-46500-133 Life Insurance$25.00$2.53$5.06 E 150-46500-134 Disabilty Insurance$175.00$20.28$36.68 E 150-46500-151 Workers Comp. Insur. Prem.$165.00$0.00$0.00 E 150-46500-171 Clothing Allowance$60.00$0.00$0.00 E 150-46500-200 Office Supplies$500.00$81.92$81.92 E 150-46500-215 Software Support$575.00$522.33$522.33 E 150-46500-300 Professional Services$3,000.00$0.00-$5,993.12 E 150-46500-303 Engineering Fee$2,000.00$0.00$0.00 E 150-46500-304 Legal Fees$1,000.00$0.00$0.00 E 150-46500-321 Telephone$675.00$50.17$108.97 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$1,000.00$4.00$8.00 E 150-46500-340 Advertising$500.00$0.00$0.00 E 150-46500-433 Dues & Memberships$260.00$0.00$0.00 E 150-46500-582 Computer Software$0.00$0.00$0.00 E 150-46500-588 EDA Programs$48,600.00$0.00$0.00 E 150-46500-622 TIF/Abatement Payments$0.00$0.00$0.00 E 150-49300-720 Transfers to Other Funds$0.00$0.00$0.00 FUND 150 Economic Development$95,320.00$3,490.85$842.39 FUND 152 TIF 3-1 CMCU E 152-46500-101 Salaries$0.00$0.00$0.00 E 152-46500-121 PERA Contributions$0.00$0.00$0.00 E 152-46500-122 FICA Contributions$0.00$0.00$0.00 E 152-46500-123 Deferred Comp-Employer$0.00$0.00$0.00 E 152-46500-125 Medicare Contributions$0.00$0.00$0.00 E 152-46500-132 Dental Insurance$0.00$0.00$0.00 E 152-46500-133 Life Insurance$0.00$0.00$0.00 E 152-46500-134 Disabilty Insurance$0.00$0.00$0.00 E 152-46500-300 Professional Services$0.00-$3,200.00$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-$3,200.00$0.00 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 EDA Expenditure Report Current Period: February 2017 2017February2017 Account DescrYTD Budget2017 AmtYTD Amt E 153-46500-125 Medicare Contributions$0.00$0.00$0.00 E 153-46500-300 Professional Services$0.00-$17,278.12-$17,278.12 E 153-46500-340 Advertising$0.00$0.00$0.00 E 153-46500-588 EDA Programs$0.00$0.00$0.00 FUND 153 TIF 4-1 Fortitude Senior Apts$0.00-$17,278.12-$17,278.12 FUND 157 TIF 2-1 Millstream E 157-46500-101 Salaries$0.00$0.00$0.00 E 157-46500-121 PERA Contributions$0.00$0.00$0.00 E 157-46500-122 FICA Contributions$0.00$0.00$0.00 E 157-46500-123 Deferred Comp-Employer$0.00$0.00$0.00 E 157-46500-125 Medicare Contributions$0.00$0.00$0.00 E 157-46500-132 Dental Insurance$0.00$0.00$0.00 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-$2,800.00$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$619.20$619.20 E 157-49300-720 Transfers to Other Funds$0.00$0.00$0.00 FUND 157 TIF 2-1 Millstream$34,545.00-$2,180.80$619.20 FUND 158 TIF 2-2 Meat Market E 158-46500-101 Salaries$0.00$0.00$0.00 E 158-46500-121 PERA Contributions$0.00$0.00$0.00 E 158-46500-122 FICA Contributions$0.00$0.00$0.00 E 158-46500-123 Deferred Comp-Employer$0.00$0.00$0.00 E 158-46500-125 Medicare Contributions$0.00$0.00$0.00 E 158-46500-131 Health Insurance$0.00$0.00$0.00 E 158-46500-132 Dental Insurance$0.00$0.00$0.00 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$0.00 FUND 159 TIF 2-3 Bayou Blues/Alley Flat E 159-46500-101 Salaries$0.00$0.00$0.00 E 159-46500-121 PERA Contributions$0.00$0.00$0.00 E 159-46500-122 FICA Contributions$0.00$0.00$0.00 E 159-46500-123 Deferred Comp-Employer$0.00$0.00$0.00 E 159-46500-125 Medicare Contributions$0.00$0.00$0.00 E 159-46500-132 Dental Insurance$0.00$0.00$0.00 E 159-46500-133 Life Insurance$0.00$0.00$0.00 E 159-46500-134 Disabilty Insurance$0.00$0.00$0.00 E 159-46500-300 Professional Services$0.00$0.00$700.00 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 EDA Expenditure Report Current Period: February 2017 2017February2017 Account DescrYTD Budget2017 AmtYTD Amt FUND 159 TIF 2-3 Bayou Blues/Alley Flat$795.00$0.00$700.00 FUND 220 Lodging Tax E 220-46500-309 Visitors Bureau$0.00$0.00$0.00 FUND 220 Lodging Tax$0.00$0.00$0.00 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 $136,000.00-$19,168.07-$15,116.53 A 1,898.586,710.80 ED 53,339.5060,167.3110,000.0017,627.67 149,743.86 147,845.28 Plan s 2016 2016 20, 2/28 4, July Expenditure Improvement December Capital 2/28through Capital Recommended: 2017 Adopted Fund EDA General 500.00 5,000.00 49,100.00 10,000.0023,600.0010,000.0048,600.00 1,398.586,710.80 43,339.5036,567.3112,627.6799,245.28 100,643.86 Availablethrough 12/31/2016 Computer SoftwareLet's Go DowntownBusiness Development/TIFParkway Business CenterBusiness Demolition ProgramBFA Grant/RLF Loan ProgramCSAH 2/3 Collection Street EDA-1401EDA-1402EDA-1407EDA-1407EDA-1408EDA-1403EDA-1405 CodeNumberEquipmentBalance201720172017Balance P ProjectProjectReserveBudgetGrants/AidsSpent2017 DepartmentAccount EDA150-46500-582EDA150-46500-588 TOTAL EDA CI St Joseph Economic Development Authority Expense Report NamePay Period: DateEventLocationMtg # Reimbursement Total CERTIFICATION:IDECLARETHATTHISTIMESHEETISATRUEANDCORRECTSTATEMENT OFMEETINGSWORKEDANDTHATNOPARTOFITHASBEENPAID. SignedDate