HomeMy WebLinkAbout[04b] Financial Report EDA Agenda Item 4 (b)
CITY OF S'T.JOSEPH
MEETING DATE: October 16, 2018
AGENDA ITEM: September 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
September 30, 2018. The ending undesignated balance shows a surplus of$112. The designated
project balance is $30,648. The capital designated balance includes 2018 capital budget balance of
$46,600. The budget is covered by property taxes (half received in 2018). The balance will be received
in December. The undesignated fund balance is a surplus of$16,064 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. All revolving loans have been paid in full at the end of September. The
current, revolving loan fund balance is$211,235 at September 30th, 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 Balance Sheet
EDA Check Register
EDA Revenue Report
EDA Expenditure Report
EDA Summary CIP
REQUESTED BOARD ACTION: Consider acceptance of the September financial reports.
St. Joseph Economic Development Authority
Summary Treasurer's Report - Fund 150
September 2018
Fund 150, EDA Balance as of December 31, 2017 39,773.30
Year to Date Revenue:
Interest Earnings (239.52)
TIF/MIF Deposit 1,500.00
DEED Housing Grant Proceeds -
Ad Valorem Taxes 53,866.15
Transfers from Other Funds -
Total Revenue 55,126.63
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 (490.00)
Staff Salaries/Training (31,142.96)
Workers Comp Premium (125.59)
Software Support/Office Supplies (1,185.25)
Professional Services (4,500.00)
Legal/Engineering Fees (15,801.07)
Telephone (437.40)
Greater St. Cloud Development Investment (5,000.00)
Business Round Table Outreach -
Marketing -
Advertising (39.36)
CM Housing Grant Reimbursement -
EDA Programs -
Country Manor Abatement Payment (5,418.76)
Transfer to Other Funds -
Total Expenses (64,140.39)
Fund Summaries as of September 30, 2018:
EDA Fund Balance - Fund 150-unaudited 30,759.54
Designated for Capital Programs 30,647.51
Undesignated 112.03
TIF 3-1 Central MN Credit Union Fund Balance- Fund 152 (2,458.51)
TIF 4-1 Fortitude Senior Apts Fund Balance- Fund 153 1,920.44
TIF 2-1 Millstream Shops and Lofts Fund Balance- Fund 157 23,470.96
TIF 2-2 St. Joseph Meat Market Fund Balance - Fund 158 (110.77)
TIF 2-3 Bayou Blues &Alley Flats Fund Balance- Fund 159 (8,524.86)
Lodging Tax Fund Balance- Fund 220 28,917.74
DEED CDAP Grant Fund Balance- Fund 225 25,078.77
Revolving Loan Fund Balance- Fund 250 211,235.16
Designated for Revolving Loan Program 74,521.50
Designated for Economic Development 136,713.66
2018 September 2018
Account Descr SOURC YTD Budget 2018 Amt YTD Amt
FUND 150 Economic Development
R 150-46500-31010 Current Ad Valorem Taxes 31010 $114,325.00 $0.00 $53,866.15
R 150-46500-33160 Federal Grants-Other 33160 $0.00 $0.00 $0.00
R 150-46500-34150 TIF/MIF Deposit 34150 $3,600.00 $0.00 $1,500.00
R 150-46500-34160 Tax Abatement Reimbursement 34160 $0.00 $0.00 $0.00
R 150-46500-36210 Interest Earnings 36210 $1,100.00 $22.96 -$239.52
R 150-49302-39201 Transfers from Other Funds 39201 $0.00 $0.00 $0.00
FUND 150 Economic Development $119,025.00 $22.96 $55,126.63
FUND 152 TIF 3-1 CMCU
R 152-46500-31050 Tax Increment 31050 $0.00 $0.00 $21,635.21
R 152-46500-36210 Interest Earnings 36210 $0.00 $8.38 $33.72
R 152-49302-39201 Transfers from Other Funds 39201 $0.00 $0.00 $0.00
FUND 152 TIF 3-1 CMCU $0.00 $8.38 $21,668.93
FUND 153 TIF 4-1 Fortitude Senior Apts
R 153-46500-31050 Tax Increment 31050 $0.00 $0.00 $17,534.31
R 153-46500-34150 TIF/MIF Deposit 34150 $0.00 $0.00 $0.00
R 153-46500-36210 Interest Earnings 36210 $0.00 $6.11 $27.81
R 153-49302-39201 Transfers from Other Funds 39201 $0.00 $0.00 $0.00
FUND 153 TIF 4-1 Fortitude Senior Apts $0.00 $6.11 $17,562.12
FUND 157 TIF 2-1 Millstream
R 157-46500-31050 Tax Increment 31050 $0.00 $0.00 $14,384.98
R 157-46500-36210 Interest Eamings 36210 $0.00 $26.94 $40.51
FUND 157 TIF 2-1 Millstream $0.00 $26.94 $14,425.49
FUND 158 TIF 2-2 Meat Market
R 158-46500-31050 Tax Increment 31050 $0.00 $0.00 $2,148.95
R 158-46500-36210 Interest Earnings 36210 $0.00 $0.87 $2.65
R 158-49302-39201 Transfers from Other Funds 39201 $0.00 $0.00 $39.91
FUND 158 TIF 2-2 Meat Market $0.00 $0.87 $2,191.51
FUND 159 TIF 2-3 Bayou Blues/Alley Flat
R 159-46500-31050 Tax Increment 31050 $0.00 $0.00 $148.65
R 159-46500-36210 Interest Earnings 36210 $0.00 $0.07 -$0.40
R 159-49302-39201 Transfers from Other Funds 39201 $0.00 $0.00 $0.00
FUND 159 TIF 2-3 Bayou Blues/Alley Flat $0.00 $0.07 $148.25
FUND 220 Lodging Tax
R 220-46500-31600 Lodging Tax 31600 $0.00 $2,622.23 $12,118.72
R 220-46500-36210 Interest Earnings 36210 $0.00 $24.69 $44.60
FUND 220 Lodging Tax $0.00 $2,646.92 $12,163.32
FUND 225 DEED CDAP Grant
R 225-46500-34200 DEED Housing Reimbursement 34200 $0.00 $0.00 $8,167.28
R 225-46500-36210 Interest Earnings 36210 $0.00 $17.59 $36.62
R 225-49302-39201 Transfers from Other Funds 39201 $0.00 $7,563.44 $7,563.44
FUND 225 DEED CDAP Grant $0.00 $7,581.03 $15,767.34
FUND 250 Revolving Loan Fund
R 250-46500-36210 Interest Earnings 36210 $0.00 $211.11 $517.43
R 250-49302-39201 Transfers from Other Funds 39201 $0.00 $0.00 $0.00
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2018 September 2018
Account Descr SOURC YTD Budget 2018 Amt YTD Amt
R 250-46500-39320 Revolving Loan Principal 39320 $0.00 $0.00 $5,025.32
R 250-46500-39321 Revolving Loan Interest 39321 $0.00 $0.00 $72.75
R 250-46500-39322 Revolving Loan Origination Fee 39322 $0.00 $0.00 $0.00
FUND 250 Revolving Loan Fund $0.00 $211.11 $5,615.50
$119,025.00 $10,504.39 $144,669.09
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CHECK
# Search Name Comments FUND DEPART Amount
053823 CENTURYLINK Ti line/20 sets 229#'s 150 46500 $52.19
053824 CENTURYLINK BUSINESS SERVICES long distance telephone 150 46500 $16.42
053881 DANIELSON,DOUG 3rd quarter EDA 150 46500 $35.00
053886 HOSCH,LARRY 3rd quarter EDA mtgs 150 46500 $35.00
053890 OSBERG,GARY 3rd quarter EDA mtgs 150 46500 $35.00
053914 MINNWEST BANK Country Manor ISD Abateme 150 46500 $2,017.00
053919 SEH,INC Industrial Park 150 46500 $800.00
$2,990.61
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2018 September 2018
Account Descr YTD Budget 2018 Amt YTD Amt
FUND 150 Economic Development
E 150-46500-101 Salaries $26,050.00 $2,302.32 $21,416.76
E 150-46500-103 Legislative Bodies $1,260.00 $105.00 $490.00
E 150-46500-121 PERA Contributions $1,955.00 $172.66 $1,606.18
E 150-46500-122 FICA Contributions $1,535.00 $137.56 $1,284.01
E 150-46500-123 Deferred Comp-Employer $0.00 $0.00 $0.31
E 150-46500-125 Medicare Contributions $360.00 $32.18 $300.35
E 150-46500-130 H S A-Employer Contribution $790.00 $0.00 $900.00
E 150-46500-131 Health Insurance $4,335,00 $440.00 $3,962.79
E 150-46500-132 Dental Insurance $420.00 $39.34 $354.37
E 150-46500-133 Life Insurance $25.00 $2.53 $22.77
E 150-46500-134 Disabilty Insurance $220.00 $22.70 $199.76
E 150-46500-151 Workers Comp.Insur.Prem. $130,00 $0.00 $125.59
E 150-46500-200 Office Supplies $500.00 $0.00 $46.27
E 150-46500-215 Software Support $775.00 $0.00 $1,138.98
E 150-46500-300 Professional Services $0.00 $0.00 $4,500.00
E 150-46500-303 Engineering Fee $2,000.00 $800.00 $15,801.07
E 150-46500-304 Legal Fees $1,000.00 $0.00 $0.00
E 150-46500-308 Community Programs $0.00 $0.00 $0.00
E 150-46500-321 Telephone $675.00 $68.61 $437.40
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 $800.66
E 150-46500-340 Advertising $500.00 $0.00 $39.36
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 $2,017.00 $5,418.76
E 150-49300-720 Transfers to Other Funds $0.00 $0.00 $0.00
FUND 150 Economic Development $119,025.00 $6,139.90 $64,140.39
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 $0.00 $1,380.00
E 152-46500-301 Audit&Accounting Services $750.00 $0.00 $0.00
E 152-46500-340 Advertising $45.00 $0.00 $39.36
E 152-46500-622 TIF/Abatement Payments $0.00 $0.00 $19,471.69
E 152-49300-720 Transfers to Other Funds $0.00 $0.00 $0.00
FUND 152 TIF 3-1 CMCU $795.00 $0.00 $20,891.05
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
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2018 September 2018
Account Descr YTD Budget 2018 Amt YTD Amt
E 153-46500-125 Medicare Contributions $0.00 $0.00 $0.00
E 153-46500-300 Professional Services $0.00 $0.00 $1,960.00
E 153-46500-340 Advertising $0.00 $0.00 $39.36
E 153-46500-588 EDA Programs $0.00 $0.00 $0.00
E 153-46500-622 TIF/Abatement Payments $0.00 $0.00 $15,780.88
FUND 153 TIF 4-1 Fortitude Senior Apts $0.00 $0.00 $17,780.24
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 $1,380.00
E 157-46500-301 Audit&Accounting Services $500.00 $0.00 $0.00
E 157-46500-340 Advertising $45.00 $0.00 $39.36
E 157-46500-622 TIF/Abatement Payments $34,000.00 $0.00 $12,946.48
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 $14,365.84
FUND 158 TIF 2-2 Meat Market
E 158-46500-101 Salaries $0.00 $0.00 $42.43
E 158-46500-121 PERA Contributions $0.00 $0.00 $3.19
E 158-46500-122 FICA Contributions $0.00 $0.00 $2.32
E 158-46500-123 Deferred Comp-Employer $0.00 $0.00 $0.63
E 158-46500-125 Medicare Contributions $0.00 $0.00 $0.54
E 158-46500-131 Health Insurance $0.00 $0.00 $5.58
E 158-46500-132 Dental Insurance $0.00 $0.00 $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 $39.36
E 158-46500-622 TIF/Abatement Payments $4,000.00 $0.00 $2,041.50
FUND 158 TIF 2-2 Meat Market $4,545.00 $0.00 $2,136.16
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 $1,380.00
E 159-46500-301 Audit&Accounting Services $750.00 $0.00 $0.00
E 159-46500-340 Advertising $45.00 $0.00 $39.36
E 159-46500-622 TIF/Abatement Payments $0.00 $0.00 $133.79
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2018 September 2018
Account Descr YTD Budget 2018 Amt YTD Amt
E 159-49300-720 Transfers to Other Funds $0.00 $0.00 $39.91
FUND 159 TIF 2-3 Bayou Blues/Alley Flat $795,00 $0.00 $1,593.06
FUND 220 Lodging Tax -
E 220-46500-300 Professional Services $0.00 $0.00 $4,000.00
E 220-46500-309 Visitors Bureau $0.00 $0.00 $0.00
FUND 220 Lodging Tax $0.00 $0.00 $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 $6,139.90 $126,775.74
2018 Capital Expenditures
General Fund Capital Improvement Plan -EDA
EDA Recommended:August 8,2017
Adopted December 4, 2017
12/31/2017
Available through 9/30 through 9/30
Project Project Reserve Budget Grants/Aids Spent 2018
Department Account Code Number Equipment Balance 2018 2018 2018 Balance
EDA 150-46500-582 EDA-1401 Computer Software 1,898.58 500.00 2,398.58
EDA 150-46500-588 EDA-1402 Business Development - 56,100.00 (5,000.00) 22,851.07 28,248.93
RLF 250-46500-588 EDA-1402 Business Development 136,713.66 - 136,713.66
136,713.66 56,100.00 (5,000.00) 22,851.07 164,962.59
TOTAL EDA CIP 138,612.24 56,600.00 (5,000.00) 22,851.07 167,361.17