HomeMy WebLinkAbout[04a] Financial Report
EDA Agenda Item 4a
MEETING DATE: August 20, 2019
AGENDA ITEM: July 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 July 31, 2019. The ending undesignated
balance shows a surplus of $9,562. The designated project balance is $60,911. The capital designated
balance includes 2019 capital budget balance of $44,100. The budget is covered by property taxes. The
second half taxes will be received in December. The undesignated fund balance is a surplus of $70,473
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. There are currently no revolving loans outstanding. The current, revolving loan
st
fund balance is $217,433 at July 31, including $136,714 reserved balance from the EDA fund to be used
for future economic development. $80,720 is available from the State’s RLF fund for future loan
requests, including Krewe’s application.
st
The Lodging Tax fund has a balance of $34,096 on July 31. The CVB Board will review projects and
budget proposals over the next meeting or two for the EDA’s review.
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 July financial reports.
St. Joseph Economic Development Authority
Summary Treasurer's Report - Fund 150
July 2019
Fund 150, EDA Balance as of December 31, 2018(Audited)
60,891.05
Year to Date Revenue:
Interest Earnings765.60
TIF/MIF Deposit500.00
DEED Housing Grant Proceeds38,066.00
Abatement Reimbursement (School District)7,208.00
Ad Valorem Taxes52,795.34
Transfers from Other Funds13,627.66
Total Revenue112,962.60
Year to Date Expenditures by Object:
Board Stipends(280.00)
Staff Salaries/Training(24,745.63)
Workers Comp Premium-
Software Support/Office Supplies(1,353.24)
Professional Services-
Legal/Engineering Fees(14,687.38)
Telephone(366.23)
Greater St. Cloud Development Investment(5,000.00)
Business Round Table Outreach-
Marketing(67.82)
Abatement Payments (Country Manor)(14,234.92)
CM Housing Grant Reimbursement(38,066.00)
EDA Programs(4,579.72)
Transfer to Other Funds-
Total Expenses(103,380.94)
Fund Summaries as of July 31, 2019:
EDA Fund Balance - Fund 150 - unaudited
70,472.71
Designated for Capital Programs 60,911.20
Undesignated 9,561.51
TIF 3-1 Central MN Credit Union Fund Balance - Fund 152 5
1,384.3
TIF 4-1 Fortitude Senior Apts Fund Balance - Fund 153
3,856.81
TIF 2-1 Millstream Shops and Lofts Fund Balance - Fund 157
27,574.42
TIF 2-2 St. Joseph Meat Market Fund Balance - Fund 158
689.27
TIF 2-3 Bayou Blues & Alley Flats Fund Balance - Fund 159
254.87
Lodging Tax Fund Balance - Fund 220
34,096.23
DEED CDAP Grant Fund Balance - Fund 225
26,464.92
Revolving Loan Fund Balance - Fund 250
217,433.23
Designated for Revolving Loan Program 80,719.57
Designated for Economic Development 136,713.66
EDA Check Register
CHECK
#Search NameCommentsFUNDDEPARTAmount
054734CENTRAL MN HOUSING PARTNERSHIPmove CDAP grant obj 300 to 315046500-$38,066.00
054734CENTRAL MN HOUSING PARTNERSHIPmove CDAP grant obj 300 to 315046500$38,066.00
054844KRILLAN, INC.CVB shirts-marketing22046500$992.50
054868BRUNO PRESSMay-July business highlights22046500$2,250.00
054871CENTRAL MN CREDIT UNION1st half TIF - data center15246500$19,852.97
054872CENTURYLINKT1 line/20 sets 229 #'s15046500$52.25
054876COUNTRY MANOR ST. JOSEPH1st half City abatement pmt15046500$7,526.92
054880FORTITUDE SENIOR LIVING1st half TIF pmt - Serenity on 15346500$21,509.35
054886KENSINGTON BANKmove Millstream TIF pmt 159 t15746500$19,832.45
054886KENSINGTON BANK1st half TIF pmt - Bayou Blues15946500$130.59
054886KENSINGTON BANKmove Millstream TIF pmt 159 t15946500-$19,832.45
054886KENSINGTON BANK1st half TIF pmt - Millstream S15946500$19,832.45
054898PFANNENSTEIN, HARVEY & CAROL1st half TIF pmt Meat Market15846500$4,588.41
054916NEWCOMER SERVICECVB magazine22046500$450.00
054920ST. CLOUD TIMES2018 TIF summary15046500$67.82
054920ST. CLOUD TIMES2018 TIF summary15746500$67.82
054920ST. CLOUD TIMES2018 TIF summary15846500$67.82
054920ST. CLOUD TIMES2018 TIF summary15946500$67.83
054920ST. CLOUD TIMES2018 TIF summary15246500$67.83
054920ST. CLOUD TIMES2018 TIF summary15346500$67.83
054926COUNTRY MANOR ST. JOSEPH1st half ISD 742 abatement pa15046500$4,691.00
$82,283.39
EDA Revenue Report
Current Period: July 2019
2019July2019
Account DescrSOURCYTD Budget2019 AmtYTD Amt
FUND 150 Economic Development
R 150-46500-31010 Current Ad Valorem Taxes31010$111,240.00$15,838.60$52,795.34
R 150-46500-33160 Federal Grants - Other33160$178,625.00$0.00$38,066.00
R 150-46500-34150 TIF/MIF Deposit34150$0.00$0.00$500.00
R 150-46500-34160 Tax Abatement Reimbursement34160$0.00$4,691.00$7,208.00
R 150-46500-36210 Interest Earnings36210$850.00$202.56$765.60
R 150-49302-39201 Transfers from Other Funds39201$0.00$0.00$13,627.66
FUND 150 Economic Development$290,715.00$20,732.16$112,962.60
FUND 152 TIF 3-1 CMCU
R 152-46500-31050 Tax Increment31050$0.00$6,586.62$22,058.86
R 152-46500-36210 Interest Earnings36210$0.00$28.84$37.64
R 152-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 152 TIF 3-1 CMCU$0.00$6,615.46$22,096.50
FUND 153 TIF 4-1 Fortitude Senior Apts
R 153-46500-31050 Tax Increment31050$0.00$7,136.12$23,899.28
R 153-46500-34150 TIF/MIF Deposit34150$0.00$0.00$0.00
R 153-46500-36210 Interest Earnings36210$0.00$52.35$124.28
R 153-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 153 TIF 4-1 Fortitude Senior Apts$0.00$7,188.47$24,023.56
FUND 157 TIF 2-1 Millstream
R 157-46500-31050 Tax Increment31050$0.00$6,610.86$22,036.05
R 157-46500-36210 Interest Earnings36210$0.00$177.38$661.92
FUND 157 TIF 2-1 Millstream$0.00$6,788.24$22,697.97
FUND 158 TIF 2-2 Meat Market
R 158-46500-31050 Tax Increment31050$0.00$1,442.19$4,829.91
R 158-46500-36210 Interest Earnings36210$0.00$9.36$18.30
R 158-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 158 TIF 2-2 Meat Market$0.00$1,451.55$4,848.21
FUND 159 TIF 2-3 Bayou Blues/Alley Flat
R 159-46500-31050 Tax Increment31050$0.00$43.37$145.10
R 159-46500-36210 Interest Earnings36210$0.00$5.68$19.82
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$49.05$164.92
FUND 220 Lodging Tax
R 220-46500-31600 Lodging Tax31600$14,000.00$2,917.56$7,111.16
R 220-46500-36210 Interest Earnings36210$100.00$193.76$815.05
FUND 220 Lodging Tax$14,100.00$3,111.32$7,926.21
FUND 225 DEED CDAP Grant
R 225-46500-34200 DEED Housing Reimbursement34200$0.00$0.00$0.00
R 225-46500-36210 Interest Earnings36210$25.00$167.82$831.19
R 225-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 225 DEED CDAP Grant$25.00$167.82$831.19
FUND 250 Revolving Loan Fund
R 250-46500-36210 Interest Earnings36210$100.00$1,233.81$5,298.83
R 250-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
EDA Revenue Report
Current Period: July 2019
2019July2019
Account DescrSOURCYTD Budget2019 AmtYTD Amt
R 250-46500-39320 Loan Principal39320$995.00$0.00$0.00
R 250-46500-39321 Loan Interest39321$5.00$0.00$0.00
R 250-46500-39322 Loan Origination Fee39322$0.00$0.00$0.00
FUND 250 Revolving Loan Fund$1,100.00$1,233.81$5,298.83
$305,940.00$47,337.88$200,849.99
EDA Expenditure Report
Current Period: July 2019
2019July2019
Account DescrYTD Budget2019 AmtYTD Amt
FUND 150 Economic Development
E 150-46500-101 Salaries$28,325.00$3,161.67$17,492.30
E 150-46500-103 Legislative Bodies$1,260.00$0.00$280.00
E 150-46500-121 PERA Contributions$2,125.00$237.13$1,311.96
E 150-46500-122 FICA Contributions$1,710.00$190.45$1,048.58
E 150-46500-123 Deferred Comp-Employer$0.00$0.00$0.00
E 150-46500-125 Medicare Contributions$400.00$44.55$245.27
E 150-46500-130 H S A- Employer Contribution$790.00$450.00$900.00
E 150-46500-131 Health Insurance$5,040.00$470.58$3,294.06
E 150-46500-132 Dental Insurance$415.00$38.54$269.78
E 150-46500-133 Life Insurance$25.00$2.53$17.71
E 150-46500-134 Disabilty Insurance$240.00$24.31$165.97
E 150-46500-151 Workers Comp. Insur. Prem.$155.00$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$110.72
E 150-46500-215 Software Support$935.00$0.00$1,242.52
E 150-46500-300 Professional Services$0.00-$38,066.00$0.00
E 150-46500-303 Engineering Fee$2,000.00$0.00$14,687.38
E 150-46500-304 Legal Fees$1,000.00$0.00$0.00
E 150-46500-308 Community Programs$178,625.00$38,066.00$38,066.00
E 150-46500-321 Telephone$475.00$52.25$366.23
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$67.82$67.82
E 150-46500-433 Dues & Memberships$5,295.00$0.00$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$4,579.72
E 150-46500-622 TIF/Abatement Payments$15,000.00$12,217.92$14,234.92
E 150-49300-720 Transfers to Other Funds$0.00$0.00$0.00
FUND 150 Economic Development$290,715.00$16,957.75$103,380.94
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$990.00
E 152-46500-301 Audit & Accounting Services$750.00$0.00$0.00
E 152-46500-340 Advertising$45.00$67.83$67.83
E 152-46500-622 TIF/Abatement Payments$0.00$19,852.97$19,852.97
E 152-49300-720 Transfers to Other Funds$0.00$0.00$0.00
FUND 152 TIF 3-1 CMCU$795.00$19,920.80$20,910.80
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
EDA Expenditure Report
Current Period: July 2019
2019July2019
Account DescrYTD Budget2019 AmtYTD Amt
E 153-46500-122 FICA Contributions$0.00$0.00$0.00
E 153-46500-125 Medicare Contributions$0.00$0.00$0.00
E 153-46500-300 Professional Services$0.00$0.00$990.00
E 153-46500-340 Advertising$0.00$67.83$67.83
E 153-46500-588 EDA Programs$0.00$0.00$0.00
E 153-46500-622 TIF/Abatement Payments$0.00$21,509.35$21,509.35
E 153-49300-720 Transfers to Other Funds$0.00$0.00$2,139.00
FUND 153 TIF 4-1 Fortitude Senior Apts$0.00$21,577.18$24,706.18
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$990.00
E 157-46500-301 Audit & Accounting Services$500.00$0.00$0.00
E 157-46500-340 Advertising$45.00$67.82$67.82
E 157-46500-622 TIF/Abatement Payments$34,000.00$19,832.45$19,832.45
E 157-49300-720 Transfers to Other Funds$0.00$0.00$0.00
FUND 157 TIF 2-1 Millstream$34,545.00$19,900.27$20,890.27
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$67.82$67.82
E 158-46500-622 TIF/Abatement Payments$4,000.00$4,588.41$4,588.41
FUND 158 TIF 2-2 Meat Market$4,545.00$4,656.23$4,656.23
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$990.00
E 159-46500-301 Audit & Accounting Services$750.00$0.00$0.00
EDA Expenditure Report
Current Period: July 2019
2019July2019
Account DescrYTD Budget2019 AmtYTD Amt
E 159-46500-340 Advertising$45.00$67.83$67.83
E 159-46500-622 TIF/Abatement Payments$0.00$130.59$130.59
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$198.42$1,188.42
FUND 220 Lodging Tax
E 220-46500-300 Professional Services$0.00$2,250.00$3,439.00
E 220-46500-309 Visitors Bureau$14,100.00$0.00$0.00
E 220-46500-328 Marketing$0.00$1,442.50$1,442.50
E 220-46500-340 Advertising$0.00$0.00$0.00
FUND 220 Lodging Tax$14,100.00$3,692.50$4,881.50
FUND 225 DEED CDAP Grant
E 225-46500-300 Professional Services$12,500.00$0.00$9,375.00
E 225-46500-340 Advertising$0.00$0.00$0.00
FUND 225 DEED CDAP Grant$12,500.00$0.00$9,375.00
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$86,903.15$189,989.34
2,898.58
55,932.90
195,545.14
136,713.66192,646.56 140,559.00
7/31
19,267.10
19,267.1019,267.10
7/31through
Reimbursed38,066.00
500.00
44,600.00
EDA
44,100.0044,100.00
Plan
2018
2018
17,
17,
Award178,625.00
July
2,398.58
31,100.00
170,212.24
136,713.66167,813.66
Expenditures
Availablethrough
Improvement
12/31/2018
December
Capital
Capital
Recommended:
Adopted
2019
Fund
EDA
General
Housing Grant Draw Down
Computer SoftwareBusiness DevelopmentBusiness Development
EDA-1401EDA-1402EDA-1402
CodeNumberEquipmentBalance201920192019Balance
ProjectProjectReserveBudgetGrants/AidsSpent2019
DepartmentAccount
EDA150-46500-582EDA150-46500-588RLF250-46500-588 TOTAL EDA CIP