HomeMy WebLinkAbout[04b] January Financial Report EDA Agenda Item 4 (b)
CITY OF ST,JOSEPH
MEETING DATE: February 19,2019
AGENDA ITEM: January Finance Reports
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE/COUNCIL RECOMMENDATION: N/A
PREVIOUS EDA ACTION: None
BACKGROUND INFORMATION:
Note:The reports may have 2018 activity that will be moved once the annual audit is completed in
March.
Enclosed you will find the reconciled financial reports through January 31, 2019. The ending
undesignated balance shows a deficit of$15,171. The designated project balance is$55,653. The
capital designated balance includes 2019 capital budget balance of$44,100. The budget is covered by
property taxes that will not be received until July/December. The undesignated fund balance is a
surplus of$28,929 without showing the 2019 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. There are currently no revolving loans outstanding. The current,
revolving loan fund balance is$214,139 at January 31th, including$136,714 reserved balance from the
EDA fund to be used for future economic development.
The City will continue the on-going contract with Northland Securities to complete the 2018 TIF reports
for all TIF's,except TIF 1-4 St.Joseph Development and TIF 2-3 St.Joseph Meat Market. TIF 1-4 and 2-3
will be completed in house. The reports will be prepared after the audit is completed.
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 acceptance of the January financial reports.
St. Joseph Economic Development Authority
Summary Treasurer's Report - Fund 150
January 2019
Fund 150, EDA Balance as of December 31, 2018 (Unaudited) 57,825.99
Year to Date Revenue:
Interest Earnings 160.11
TIF/MIF Deposit -
DEED Housing Grant Proceeds -
Ad Valorem Taxes 704.77
Transfers from Other Funds -
Total Revenue 864.88
Year to Date Expenditures by Oblect:
Board Stipends -
Staff SalariesITraining (5,017.68)
Workers Comp Premium -
Software Support/Office Supplies (80.85)
Professional Services -
Legal/Engineering Fees (8,058.28)
Telephone (52.37)
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 (18,209.18)
Fund Summaries as of January 31,2019:
EDA Fund Balance-Fund 150-unaudited 40,481.69
Designated for Capital Programs 55,653.06
Undesignated (15,171.37)
TIF 3-1 Central MN Credit Union Fund Balance- Fund 152 (252.43)
TIF 4-1 Fortitude Senior Apts Fund Balance- Fund 153 3,709.05
TIF 2-1 Millstream Shops and Lofts Fund Balance- Fund 157 26,314.82
TIF 2-2 St.Joseph Meat Market Fund Balance-Fund 158 2.65
TIF 2-3 Bayou Blues&Alley Flats Fund Balance-Fund 159 (9,772.18)
Lodging Tax Fund Balance- Fund 220 31,321.26
DEED CDAP Grant Fund Balance-Fund 225 35,269.51
Revolving Loan Fund Balance-Fund 260 214,138.71
Designated for Revolving Loan Program 77,425.05
Designated for Economic Development 136,713.66
City of St. Joseph 02/05/19 10:39 AM
Page 1
EDA Revenue Report
Current Period:January 2019
2019 January 2019
Account Descr SOURC YTD Budget 2019 Amt YTD Amt
FUND 150 Economic Development
R 150-46500-31010 Current Ad Valorem Taxes 31010 $111,240.00 $704.77 $704.77
R 150-46500-33160 Federal Grants-Other 33160 $178,625.00 $0.00 $0.00
R 150-46500-34150 TIF/MIF Deposit 34150 $0.00 $0.00 $0.00
R 150-46500-34160 Tax Abatement Reimbursement 34160 $0.00 $0.00 $0.00
R 150-46500-36210 Interest Earnings 36210 $850.00 $160.11 $160.11
R 150-49302-39201 Transfers from Other Funds 39201 $0.00 $0.00 $0.00
FUND 150 Economic Development $290,715.00 $864.88 $864.88
FUND 152 TIF 3-1 CMCU
R 152-46500-31050 Tax Increment 31050 $0.00 $0.00 $0.00
R 152-46500-36210 Interest Earnings 36210 $0.00 $17.73 $17.73
R 152-49302-39201 Transfers from Other Funds 39201 $0.00 $0.00 $0.00
FUND 152 TIF 3-1 CMCU $0.00 $17.73 $17.73
FUND 153 TIF 4-1 Fortitude Senior Apts
R 153-46500-31050 Tax Increment 31050 $0.00 $0.00 $0.00
R 153-46500-34150 TIF/MIF Deposit 34150 $0.00 $0.00 $0.00
R 153-46500-36210 Interest Earnings 36210 $0.00 $18.27 $18.27
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 $18.27 $18.27
FUND 157 TIF 2-1 Millstream
R 157-46500-31050 Tax Increment 31050 $0.00 $340.80 $340.80
R 157-46500-36210 Interest Earnings 36210 $0.00 $176.41 $176.41
FUND 157 TIF 2-1 Millstream $0.00 $517.21 $517.21
FUND 158 TIF 2-2 Meat Market
R 158-46500-31050 Tax Increment 31050 $0.00 $0.00 $0.00
R 158-46500-36210 Interest Earnings 36210 $0.00 $3.10 $3.10
R 158-49302-39201 Transfers from Other Funds 39201 $0.00 $0.00 $0.00
FUND 158 TIF 2-2 Meat Market $0.00 $3.10 $3.10
FUND 159 TIF 2-3 Bayou Blues/Alley Flat
R 159-46500-31050 Tax Increment 31050 $0.00 $0.00 $0.00
R 159-46500-36210 Interest Earnings 36210 $0.00 $0.07 $0.07
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 $0.07
FUND 220 Lodging Tax
R 220-46500-31600 Lodging Tax 31600 $14,000.00 $625.55 $625.55
R 220-46500-36210 Interest Earnings 36210 $100.00 $218.62 $218.62
FUND 220 Lodging Tax $14,100.00 $844.17 $844.17
FUND 225 DEED CDAP Grant
R 225-46500-34200 DEED Housing Reimbursement 34200 $0.00 $0.00 $0.00
R 225-46500-36210 Interest Earnings 36210 $25.00 $206.88 $206.88
R 225-49302-39201 Transfers from Other Funds 39201 $0.00 $0.00 $0.00
FUND 225 DEED CDAP Grant $25.00 $206.88 $206.88
FUND 250 Revolving Loan Fund
R 250-46500-36210 Interest Earnings 36210 $100.00 $1,540.96 $1,540.96
R 250-49302-39201 Transfers from Other Funds 39201 $0.00 $0.00 $0.00
City of St. Joseph 02/05/19 10:39 AM
Page 2
EDA Revenue Report
Current Period:January 2019
2019 January 2019
Account Descr SOURC YTD Budget 2019 Amt YTD Amt
R 250-46500-39320 Loan Principal 39320 $995.00 $0.00 $0.00
R 250-46500-39321 Loan Interest 39321 $5.00 $0.00 $0.00
R 250-46500-39322 Loan Origination Fee 39322 $0.00 $0.00 $0.00
FUND 250 Revolving Loan Fund $1,100.00 $1,540.96 $1,540.96
$305,940.00 $4,013.27 $4,013.27
City of St. Joseph 02/05/19 10:39 AM
Page 1
EDA Expenditure Report
Current Period:January 2019
2019 January 2019
Account Descr YTD Budget 2019 Amt YTD Amt
FUND 150 Economic Development
E 150-46500-101 Salaries $28,325.00 $3,508.15 $3,508.15
E 150-46500-103 Legislative Bodies $1,260.00 $0.00 $0.00
E 150-46500-121 PERA Contributions $2,125.00 $263.11 $263.11
E 150-46500-122 FICA Contributions $1,710.00 $211.94 $211.94
E 150-46500-123 Deferred Comp-Employer $0.00 $0.00 $0.00
E 150-46500-125 Medicare Contributions $400.00 $49.57 $49.57
E 150-46500-130 H S A-Employer Contribution $790.00 $450.00 $450.00
E 150-46500-131 Health Insurance $5,040.00 $470.58 $470.58
E 150-46500-132 Dental Insurance $415.00 $38.54 $38.54
E 150-46500-133 Life Insurance $25.00 $2.53 $2.53
E 150-46500-134 Disabilty Insurance $240.00 $23.26 $23.26
E 150-46500-151 Workers Comp. Insur. Prem. $155.00 $0.00 $0.00
E 150-46500-200 Office Supplies $500.00 $80.85 $80.85
E 150-46500-215 Software Support $935.00 $0.00 $0.00
E 150-46500-300 Professional Services $0.00 $0.00 $0.00
E 150-46500-303 Engineering Fee $2,000.00 $8,058.28 $8,058.28
E 150-46500-304 Legal Fees $1,000.00 $0.00 $0.00
E 150-46500-308 Community Programs $178,625.00 $0.00 $0.00
E 150-46500-321 Telephone $475.00 $52.37 $52.37
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 $0.00
E 150-46500-340 Advertising $200.00 $0.00 $0.00
E 150-46500-433 Dues&Memberships $5,295.00 $5,000.00 $5,000.00
E 150-46500-582 Computer Software $500.00 $0.00 $0.00
E 150-46500-588 EDA Programs $44,100.00 $0.00 $0.00
E 150-46500-622 TIF/Abatement Payments $15,000.00 $0.00• $0.00
E 150-49300-720 Transfers to Other Funds $0.00 $0.00 $0.00
FUND 150 Economic Development $290,715.00 $18,209.18 $18,209.18
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
City of St. Joseph 02/05/19 10:39 AM
Page 2
EDA Expenditure Report
Current Period:January 2019
2019 January 2019
Account Descr YTD Budget 2019 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 $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
E 153-46500-622 TIF/Abatement Payments $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 $306.72 $306.72
E 157-49300-720 Transfers to Other Funds $0.00 $0.00 $0.00
FUND 157 TIF 2-1 Millstream $34,545.00 $306.72 $306.72
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 $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
City of St. Joseph 02/05/19 10:39 AM
Page 3
EDA Expenditure Report
Current Period:January 2019
2019 January 2019
Account Descr YTD Budget 2019 Amt YTD Amt
E 159-49300-720 Transfers to Other Funds $0.00 $0.00 $0.00
FUND 159 TIF 2-3 Bayou Blues/Alley Flat $795.00 $0.00 $0.00
FUND 220 Lodging Tax
E 220-46500-300 Professional Services $0.00 $0.00 $0.00
E 220-46500-309 Visitors Bureau $14,100.00 $0.00 $0.00
FUND 220 Lodging Tax $14,100.00 $0.00 $0.00
FUND 225 DEED CDAP Grant
E 225-46500-300 Professional Services $12,500.00 $0.00 $0.00
E 225-46500-340 Advertising $0.00 $0.00 $0.00
FUND 225 DEED CDAP Grant $12,500.00 $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
$357,995.00 $18,515.90 $18,515.90
City of St. Joseph 02/05/19 10:38 AM
Page 1
EDA Check Register
CHECK
# Search Name Comments FUND DEPART Amount
054258 GREATER ST.CLOUD DEVELOP CORP 2019 dues 150 46500 $5,000.00
054274 CENTURYLINK JAN 20 sets 229#'s 150 46500 $15.49
054287 CENTURYLINK T1 JAN 150 46500 $36.88
054336 KENSINGTON BANK 2018 cleanup TIF2-1 settleme 157 46500 $306.72
054345 RENGEL PRINTING,INC 2019 letterhead 150 46500 $9.92
054345 RENGEL PRINTING,INC 2019 perfed stock/#10 windo 150 46500 $70.93
054346 SEH,INC DEC Prof Plat 150 46500 $7,285.00
054346 SEH,INC DEC Prof Plat 150 46500 $773.28
$13,498.22
2019 Capital Expenditures
General Fund Capital Improvement Plan-EDA
EDA Recommended:July 17,2018
Adopted December 17,2018
12/31/2018
Available through'1/31 through'1/31
Project Project Reserve Budget Grants/Aids Spent 2019
Department Account Code Number Equipment Balance 2019 2019 2019 Balance
EDA 150-46500-582 EDA-1401 Computer Software 2,398.58 500.00 2,898.58
EDA 150-46500-588 EDA-1402 Business Development 11,553.06 44,100.00 55,653.06
RLF 250-46500-588 EDA-1402 Business Development 136,713.66 - 136,713.66
148,266.72 44,100.00 - - 192,366.72
TOTAL EDA CIP 150,665.30 44,600.00 - - 195,265.30