HomeMy WebLinkAbout[04b] Finance Report
EDA Agenda Item 4 (b)
MEETING DATE: November 22, 2017
AGENDA ITEM: October 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
October 31, 2017. The ending undesignated balance shows a deficit of $5,110.95. The designated
project balance is $140,625.88. The 2017 budget includes $49,100 for EDA project funding. The
designated balance includes this amount; however, only the first half tax settlement has been received.
Without showing the 2017 capital expenditures, the undesignated balance would be a surplus of
$43,989.05.
The other funds reported include the TIF funds, Lodging Tax, DEED CDAP Grant reimbursement 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 two outstanding revolving loans at the end of October;
however, the Prego Properties storefront loan was paid in full in November. The current revolving loan
st
fund balance is $39,242.45 at October 31.
BUDGET/FISCAL IMPACT: For Information Only
ATTACHMENTS: Request for EDA Action – Finance Reports
EDA Financial Summary
EDA Check Register
EDA Revenue Report
EDA Expenditure Report
EDA Summary CIP
REQUESTED BOARD ACTION: Consider accepted of the October financial reports.
St. Joseph Economic Development Authority
Summary Treasurer's Report - Fund 150
October 2017
Fund 150, EDA Balance as of December 31, 2016(Audited)
133,380.66
Year to Date Revenue:
Interest Earnings886.04
TIF/MIF Deposit1,500.00
DEED Housing Grant Proceeds-
Ad Valorem Taxes42,045.94
Transfers from Other Funds-
Total Revenue44,431.98
Year to Date Expenditures by Object:
Board Stipends(280.00)
Staff Salaries/Training(31,187.99)
Workers Comp Premium(89.18)
Software Support/Office Supplies(1,271.77)
Professional Services-
Legal/Engineering Fees(3,672.98)
Telephone(596.98)
Greater St. Cloud Development Investment(5,000.00)
Business Round Table Outreach-
Marketing(165.00)
Advertising(33.81)
Coborn's Abatement-
CM Housing Grant Reimbursement-
EDA Programs-
Transfer to Other Funds-
Total Expenses(42,297.71)
Fund Summaries as of October 31, 2017:
EDA Fund Balance - Fund 150 - unaudited
135,514.93
Designated for Capital Programs140,625.88
Undesignated (5,110.95)
TIF 3-1 Central MN Credit Union Fund Balance - Fund 152 (5,356.92)
TIF 4-1 Fortitude Senior Apts Fund Balance - Fund 153 2,132.30
TIF 2-1 Millstream Shops and Lofts Fund Balance - Fund 15721,374.01
TIF 2-2 St. Joseph Meat Market Fund Balance - Fund 158(124.84)
TIF 2-3 Bayou Blues & Alley Flats Fund Balance - Fund 159(7,124.39)
Lodging Tax Fund Balance - Fund 22018,804.89
DEED CDAP Grant Fund Balance - Fund 22511,145.71
Revolving Loan Fund Balance - Fund 25039,242.45
11/09/17 9:29 AM
City of St. Joseph
Page 1
EDA Check Register
CHECK
#Search NameCommentsFUNDDEPARTAmount
052618CENTURYLINKT1 line/20 sets 229 #'s15046500$50.96
052619CENTURYLINK BUSINESS SERVICESlong distance telephone15046500$5.18
052688OSBERG, GARY3rd qtr EDA mtgs15046500$70.00
$126.14
EDA Revenue Report
Current Period: October 2017
2017October2017
Account DescrSOURCYTD Budget2017 AmtYTD Amt
FUND 150 Economic Development
R 150-46500-31010 Current Ad Valorem Taxes31010$93,920.00$0.00$42,045.94
R 150-46500-33160 Federal Grants - Other33160$0.00$0.00$0.00
R 150-46500-34150 TIF/MIF Deposit34150$0.00$0.00$1,500.00
R 150-46500-36210 Interest Earnings36210$1,400.00$56.20$886.04
R 150-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 150 Economic Development$95,320.00$56.20$44,431.98
FUND 152 TIF 3-1 CMCU
R 152-46500-31050 Tax Increment31050$0.00$0.00$21,294.79
R 152-46500-36210 Interest Earnings36210$0.00$0.28$23.06
R 152-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 152 TIF 3-1 CMCU$0.00$0.28$21,317.85
FUND 153 TIF 4-1 Fortitude Senior Apts
R 153-46500-31050 Tax Increment31050$0.00$0.00$0.00
R 153-46500-34150 TIF/MIF Deposit34150$0.00$0.00$0.00
R 153-46500-36210 Interest Earnings36210$0.00$1.01$2.80
R 153-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 153 TIF 4-1 Fortitude Senior Apts$0.00$1.01$2.80
FUND 157 TIF 2-1 Millstream
R 157-46500-31050 Tax Increment31050$0.00$0.00$18,143.48
R 157-46500-36210 Interest Earnings36210$275.00$9.40$177.73
FUND 157 TIF 2-1 Millstream$275.00$9.40$18,321.21
FUND 158 TIF 2-2 Meat Market
R 158-46500-31050 Tax Increment31050$0.00$0.00$4,181.72
R 158-46500-36210 Interest Earnings36210$5.00$0.16$6.22
R 158-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 158 TIF 2-2 Meat Market$5.00$0.16$4,187.94
FUND 159 TIF 2-3 Bayou Blues/Alley Flat
R 159-46500-31050 Tax Increment31050$0.00$0.00$44.36
R 159-46500-36210 Interest Earnings36210$0.00$0.00$0.00
R 159-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 159 TIF 2-3 Bayou Blues/Alley Flat$0.00$0.00$44.36
FUND 220 Lodging Tax
R 220-46500-31600 Lodging Tax31600$0.00$5,142.25$10,675.16
R 220-46500-36210 Interest Earnings36210$0.00$5.32$75.69
FUND 220 Lodging Tax$0.00$5,147.57$10,750.85
FUND 225 DEED CDAP Grant
R 225-46500-34200 DEED Housing Reimbursement34200$0.00$0.00$11,077.71
R 225-46500-36210 Interest Earnings36210$0.00$4.90$68.00
FUND 225 DEED CDAP Grant$0.00$4.90$11,145.71
FUND 250 Revolving Loan Fund
R 250-46500-36210 Interest Earnings36210$250.00$16.69$278.83
R 250-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
R 250-46500-39320 Revolving Loan Principal39320$8,955.00$553.78$4,173.74
R 250-46500-39321 Revolving Loan Interest39321$1,295.00$84.77$928.25
2
EDA Revenue Report
Current Period: October 2017
2017October2017
Account DescrSOURCYTD Budget2017 AmtYTD Amt
R 250-46500-39322 Revolving Loan Origination Fee39322$0.00$0.00$0.00
FUND 250 Revolving Loan Fund$10,500.00$655.24$5,380.82
$106,100.00$5,874.76$115,583.52
EDA Expenditure Report
Current Period: October 2017
2017October2017
Account DescrYTD Budget2017 AmtYTD Amt
FUND 150 Economic Development
E 150-46500-101 Salaries$24,200.00$2,149.42$22,299.20
E 150-46500-103 Legislative Bodies$1,260.00$70.00$280.00
E 150-46500-121 PERA Contributions$1,815.00$161.22$1,672.52
E 150-46500-122 FICA Contributions$1,395.00$129.24$1,343.75
E 150-46500-123 Deferred Comp-Employer$0.00$0.00$0.47
E 150-46500-125 Medicare Contributions$325.00$30.22$314.24
E 150-46500-130 H S A- Employer Contribution$790.00$0.00$900.00
E 150-46500-131 Health Insurance$4,190.00$398.84$3,988.40
E 150-46500-132 Dental Insurance$460.00$39.34$434.16
E 150-46500-133 Life Insurance$25.00$2.53$25.36
E 150-46500-134 Disabilty Insurance$175.00$21.19$205.89
E 150-46500-151 Workers Comp. Insur. Prem.$165.00$0.00$89.18
E 150-46500-171 Clothing Allowance$60.00$0.00$0.00
E 150-46500-200 Office Supplies$500.00$0.00$265.26
E 150-46500-215 Software Support$575.00$0.00$1,006.51
E 150-46500-300 Professional Services$3,000.00$0.00$0.00
E 150-46500-303 Engineering Fee$2,000.00$0.00$3,384.23
E 150-46500-304 Legal Fees$1,000.00$0.00$288.75
E 150-46500-321 Telephone$675.00$56.14$596.98
E 150-46500-322 Postage$350.00$0.00$0.00
E 150-46500-328 Marketing$2,000.00$0.00$165.00
E 150-46500-331 Travel & Conference Expense$1,000.00$0.00$4.00
E 150-46500-340 Advertising$500.00$0.00$33.81
E 150-46500-433 Dues & Memberships$5,260.00$0.00$5,000.00
E 150-46500-582 Computer Software$0.00$0.00$0.00
E 150-46500-588 EDA Programs$43,600.00$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$3,058.14$42,297.71
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$0.00$1,630.00
E 152-46500-301 Audit & Accounting Services$750.00$0.00$0.00
E 152-46500-340 Advertising$45.00$0.00$33.81
E 152-46500-622 TIF/Abatement Payments$0.00$0.00$19,165.33
E 152-49300-720 Transfers to Other Funds$0.00$0.00$0.00
FUND 152 TIF 3-1 CMCU$795.00$0.00$20,829.14
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: October 2017
2017October2017
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$0.00$0.00
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$0.00$0.00
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$0.00$1,426.00
E 157-46500-301 Audit & Accounting Services$500.00$0.00$0.00
E 157-46500-340 Advertising$45.00$0.00$33.81
E 157-46500-622 TIF/Abatement Payments$34,000.00$0.00$16,329.13
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$17,788.94
FUND 158 TIF 2-2 Meat Market
E 158-46500-101 Salaries$0.00$0.00$103.48
E 158-46500-121 PERA Contributions$0.00$0.00$7.76
E 158-46500-122 FICA Contributions$0.00$0.00$6.33
E 158-46500-123 Deferred Comp-Employer$0.00$0.00$1.56
E 158-46500-125 Medicare Contributions$0.00$0.00$1.48
E 158-46500-131 Health Insurance$0.00$0.00$0.00
E 158-46500-132 Dental Insurance$0.00$0.00$1.66
E 158-46500-133 Life Insurance$0.00$0.00$0.12
E 158-46500-134 Disabilty Insurance$0.00$0.00$1.19
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$33.81
E 158-46500-622 TIF/Abatement Payments$4,000.00$0.00$3,972.62
FUND 158 TIF 2-2 Meat Market$4,545.00$0.00$4,130.01
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$1,426.00
E 159-46500-301 Audit & Accounting Services$750.00$0.00$0.00
E 159-46500-340 Advertising$45.00$0.00$33.81
E 159-46500-622 TIF/Abatement Payments$0.00$0.00$39.91
E 159-49300-720 Transfers to Other Funds$0.00$0.00$0.00
EDA Expenditure Report
Current Period: October 2017
2017October2017
Account DescrYTD Budget2017 AmtYTD Amt
FUND 159 TIF 2-3 Bayou Blues/Alley Flat$795.00$0.00$1,499.72
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 225 DEED CDAP Grant
E 225-46500-300 Professional Services$0.00$0.00$0.00
FUND 225 DEED CDAP Grant$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$3,058.14$86,545.52
A
1,898.58
ED
140,625.88
138,727.30138,727.30
Plan
s
2016
2016
20,
9/30
4,
4,117.98
July
4,117.984,117.98
Expenditure
Improvement
December
Capital
9/30through
Capital
Recommended:
(5,000.00)
(5,000.00)(5,000.00)
2017
Adopted
Fund
EDA
General
500.00
49,100.00
48,600.0048,600.00
1,398.58
99,245.2899,245.28
100,643.86
Availablethrough
12/31/2016
Computer SoftwareED Programs2017 - moved $5,000 budget to Great St. Cloud Partnership dues
EDA-1401EDA-1402
CodeNumberEquipmentBalance201720172017Balance
P
ProjectProjectReserveBudgetGrants/AidsSpent2017
DepartmentAccount
EDA150-46500-582EDA150-46500-588 TOTAL EDA CI