HomeMy WebLinkAbout[04b] May Financial Report
EDA Agenda Item 4b
MEETING DATE: July 17, 2018
AGENDA ITEM: May 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
May 31, 2018. The ending undesignated balance shows a deficit of $38,123. The designated project
balance is $42,039. The designated balance includes 2018 capital budget balance of $46,600. The
budget is covered by property taxes that will not be received until June, July and December. The
undesignated fund balance is a surplus of $3,916 without showing the 2018 capital budget.
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 one outstanding revolving loan at the end of May for the
st
food co-op. The current, revolving loan fund balance is $206,573 at May 31, including $136,714
reserved balance from the EDA fund to be used for future economic development.
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
Expense Report
REQUESTED BOARD ACTION: Consider acceptance of the May financial reports.
St. Joseph Economic Development Authority
Summary Treasurer's Report - Fund 150
May 2018
Fund 150, EDA Balance as of December 31, 2017(Audited)
39,773.30
Year to Date Revenue:
Interest Earnings(294.71)
TIF/MIF Deposit-
DEED Housing Grant Proceeds-
Ad Valorem Taxes-
Transfers from Other Funds-
Total Revenue(294.71)
Year to Date Expenditures by Object:
Board Stipends-
Staff Salaries/Training(16,464.82)
Workers Comp Premium-
Software Support/Office Supplies(1,175.33)
Professional Services(4,750.00)
Legal/Engineering Fees(7,959.81)
Telephone(213.10)
Greater St. Cloud Development Investment(5,000.00)
Business Round Table Outreach-
Marketing-
Advertising-
CM Housing Grant Reimbursement-
EDA Programs-
Transfer to Other Funds-
Total Expenses(35,563.06)
Fund Summaries as of May 31, 2018:
EDA Fund Balance - Fund 150 - unaudited
3,915.53
Designated for Capital Programs 42,038.77
Undesignated (38,123.24)
TIF 3-1 Central MN Credit Union Fund Balance - Fund 152
(3,249.67)
TIF 4-1 Fortitude Senior Apts Fund Balance - Fund 153
2,129.92
TIF 2-1 Millstream Shops and Lofts Fund Balance - Fund 157
23,288.42
TIF 2-2 St. Joseph Meat Market Fund Balance - Fund 158
(183.79)
TIF 2-3 Bayou Blues & Alley Flats Fund Balance - Fund 159
(7,120.34)
Lodging Tax Fund Balance - Fund 220
19,780.13
DEED CDAP Grant Fund Balance - Fund 225
9,265.40
Revolving Loan Fund Balance - Fund 250
206,573.33
Designated for Revolving Loan Program 69,859.67
Designated for Economic Development 136,713.66
CHECK
#Search NameCommentsFUNDDEPARTAmount
053415SEH, INCMar Professional Plat15046500$782.30
053430CENTURYLINKT1 line/20 sets 229 #'s15046500$154.21
053463SEH, INCProfessional Plat15046500$458.00
053477HVS ACCOUNTING OFFICEhotel study retainer22046500$4,000.00
053477HVS ACCOUNTING OFFICEhotel study retainer15046500$3,500.00
$8,894.51
2018May2018
Account DescrSOURCYTD Budget2018 AmtYTD Amt
FUND 150 Economic Development
R 150-46500-31010 Current Ad Valorem Taxes31010$114,325.00$0.00$0.00
R 150-46500-33160 Federal Grants - Other33160$0.00$0.00$0.00
R 150-46500-34150 TIF/MIF Deposit34150$3,600.00$0.00$0.00
R 150-46500-36210 Interest Earnings36210$1,100.00-$4.19-$294.71
R 150-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 150 Economic Development$119,025.00-$4.19-$294.71
FUND 152 TIF 3-1 CMCU
R 152-46500-31050 Tax Increment31050$0.00$0.00$0.00
R 152-46500-36210 Interest Earnings36210$0.00-$3.01-$13.28
R 152-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 152 TIF 3-1 CMCU$0.00-$3.01-$13.28
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-$2.33-$8.64
R 153-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 153 TIF 4-1 Fortitude Senior Apts$0.00-$2.33-$8.64
FUND 157 TIF 2-1 Millstream
R 157-46500-31050 Tax Increment31050$0.00$0.00$0.00
R 157-46500-36210 Interest Earnings36210$0.00-$25.51-$122.89
FUND 157 TIF 2-1 Millstream$0.00-$25.51-$122.89
FUND 158 TIF 2-2 Meat Market
R 158-46500-31050 Tax Increment31050$0.00$0.00$0.00
R 158-46500-36210 Interest Earnings36210$0.00-$0.36-$2.28
R 158-49302-39201 Transfers from Other Funds39201$0.00$39.91$39.91
FUND 158 TIF 2-2 Meat Market$0.00$39.55$37.63
FUND 159 TIF 2-3 Bayou Blues/Alley Flat
R 159-46500-31050 Tax Increment31050$0.00$0.00$0.00
R 159-46500-36210 Interest Earnings36210$0.00-$0.13-$0.38
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-$0.13-$0.38
FUND 220 Lodging Tax
R 220-46500-31600 Lodging Tax31600$0.00$1,112.97$3,117.14
R 220-46500-36210 Interest Earnings36210$0.00-$24.08-$91.43
FUND 220 Lodging Tax$0.00$1,088.89$3,025.71
FUND 225 DEED CDAP Grant
R 225-46500-34200 DEED Housing Reimbursement34200$0.00$0.00$0.00
R 225-46500-36210 Interest Earnings36210$0.00-$10.14-$46.03
FUND 225 DEED CDAP Grant$0.00-$10.14-$46.03
FUND 250 Revolving Loan Fund
R 250-46500-36210 Interest Earnings36210$0.00-$224.94-$764.08
R 250-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
R 250-46500-39320 Revolving Loan Principal39320$0.00$334.31$1,663.23
R 250-46500-39321 Revolving Loan Interest39321$0.00$9.24$54.52
2018May2018
Account DescrSOURCYTD Budget2018 AmtYTD Amt
R 250-46500-39322 Revolving Loan Origination Fee39322$0.00$0.00$0.00
FUND 250 Revolving Loan Fund$0.00$118.61$953.67
$119,025.00$1,201.74$3,531.08
06/07/18 12:00 PM
City of St. Joseph
Page 1
EDA Expenditure Report
Current Period: May 2018
2018May2018
Account DescrYTD Budget2018 AmtYTD Amt
FUND 150 Economic Development
E 150-46500-101 Salaries$26,050.00$2,323.53$11,056.32
E 150-46500-103 Legislative Bodies$1,260.00$0.00$0.00
E 150-46500-121 PERA Contributions$1,955.00$174.25$829.21
E 150-46500-122 FICA Contributions$1,535.00$138.72$662.40
E 150-46500-123 Deferred Comp-Employer$0.00$0.31$0.31
E 150-46500-125 Medicare Contributions$360.00$32.45$154.94
E 150-46500-130 H S A- Employer Contribution$790.00$0.00$450.00
E 150-46500-131 Health Insurance$4,335.00$442.79$2,202.79
E 150-46500-132 Dental Insurance$420.00$39.65$197.01
E 150-46500-133 Life Insurance$25.00$2.53$12.65
E 150-46500-134 Disabilty Insurance$220.00$22.70$108.96
E 150-46500-151 Workers Comp. Insur. Prem.$130.00$0.00$0.00
E 150-46500-171 Clothing Allowance$0.00$0.00$0.00
E 150-46500-200 Office Supplies$500.00$0.00$36.35
E 150-46500-215 Software Support$775.00$0.00$1,138.98
E 150-46500-300 Professional Services$0.00$3,500.00$4,750.00
E 150-46500-303 Engineering Fee$2,000.00$1,240.30$7,959.81
E 150-46500-304 Legal Fees$1,000.00$0.00$0.00
E 150-46500-321 Telephone$675.00$154.21$213.10
E 150-46500-322 Postage$100.00$0.00$0.00
E 150-46500-328 Marketing$1,000.00$0.00$0.00
E 150-46500-331 Travel & Conference Expense$500.00$0.00$495.23
E 150-46500-340 Advertising$500.00$0.00$0.00
E 150-46500-433 Dues & Memberships$5,295.00$0.00$5,295.00
E 150-46500-582 Computer Software$500.00$0.00$0.00
E 150-46500-588 EDA Programs$51,100.00$0.00$0.00
E 150-46500-622 TIF/Abatement Payments$18,000.00$0.00$0.00
E 150-49300-720 Transfers to Other Funds$0.00$0.00$0.00
FUND 150 Economic Development$119,025.00$8,071.44$35,563.06
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$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$0.00$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
06/07/18 12:00 PM
City of St. Joseph
Page 2
EDA Expenditure Report
Current Period: May 2018
2018May2018
Account DescrYTD Budget2018 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$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$0.00
FUND 158 TIF 2-2 Meat Market
E 158-46500-101 Salaries$0.00$42.43$42.43
E 158-46500-121 PERA Contributions$0.00$3.19$3.19
E 158-46500-122 FICA Contributions$0.00$2.32$2.32
E 158-46500-123 Deferred Comp-Employer$0.00$0.63$0.63
E 158-46500-125 Medicare Contributions$0.00$0.54$0.54
E 158-46500-131 Health Insurance$0.00$5.58$5.58
E 158-46500-132 Dental Insurance$0.00$0.61$0.61
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$55.30$55.30
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$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$39.91$39.91
06/07/18 12:00 PM
City of St. Joseph
Page 3
EDA Expenditure Report
Current Period: May 2018
2018May2018
Account DescrYTD Budget2018 AmtYTD Amt
FUND 159 TIF 2-3 Bayou Blues/Alley Flat$795.00$39.91$39.91
FUND 220 Lodging Tax
E 220-46500-300 Professional Services$0.00$4,000.00$4,000.00
E 220-46500-309 Visitors Bureau$0.00$0.00$0.00
FUND 220 Lodging Tax$0.00$4,000.00$4,000.00
FUND 225 DEED CDAP Grant
E 225-46500-300 Professional Services$0.00$0.00$1,750.00
E 225-46500-340 Advertising$0.00$0.00$84.00
FUND 225 DEED CDAP Grant$0.00$0.00$1,834.00
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$35.00
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$35.00
$159,705.00$12,166.65$41,527.27
2,398.58
39,640.19
178,752.43
EDA
136,713.66176,353.85
Plan
2017
8,
2017
5/31
4,
11,459.81
August
11,459.8111,459.81
Expenditures
Improvement
December
Capital 5/31through
Capital
(5,000.00)
(5,000.00)(5,000.00)
Recommended:
2018
Adopted
Fund
EDA
General
500.00
56,600.00
56,100.0056,100.00
1,898.58
138,612.24
136,713.66136,713.66
Availablethrough
12/31/2017
Computer SoftwareBusiness DevelopmentBusiness Development
EDA-1401EDA-1402EDA-1402
CodeNumberEquipmentBalance201820182018Balance
ProjectProjectReserveBudgetGrants/AidsSpent2018
DepartmentAccount
EDA150-46500-582EDA150-46500-588RLF250-46500-588 TOTAL EDA CIP
St Joseph Economic Development Authority
Expense Report
NamePay Period:
DateEventLocationMtg # Reimbursement
Total
CERTIFICATION:IDECLARETHATTHISTIMESHEETISATRUEANDCORRECTSTATEMENT
OFMEETINGSWORKEDANDTHATNOPARTOFITHASBEENPAID.
SignedDate