HomeMy WebLinkAbout[04b] January Finance Report
EDA Agenda Item 4b
MEETING DATE: February 18, 2020
AGENDA ITEM: January 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 January 31, 2020. The ending
undesignated balance shows a deficit of $13,305. The designated project balance is $103,431. The
capital designated balance includes 2020 capital budget balance of $44,100. The balances may reflect
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some 2019 activity. The City has their audit the week of March 16. Receivables and payables will be
reversed after fieldwork.
The other funds reported include the TIF funds, Lodging Tax, DEED CDAP Grant reimbursement and the
Revolving Loan fund. There is one revolving loan for Krewe and Flour to Flower Bakery. Payments
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began Nov. 1 on the new RLF Loan. The current, revolving loan fund balance is $171,395 at January
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31, including $136,714 reserved balance from the EDA fund to be used for future economic
development. $34,682 is available from the State’s RLF fund for future loan requests.
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The Lodging Tax fund has a balance of $33,808 on January 31. A summary of their activity is enclosed
in this report.
The 2018 Housing Rehab grant administered by Central MN Housing Partnership has a balance of
$78,378. Per Ed Zimny at the Partnership, there are no projects in process and suggests opening the grant
area to the phase 2 area. He will market the grant to the phase 1 and, if approved, the phase 2 area in the
spring.
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
CVB Financial Summary
REQUESTED BOARD ACTION: Consider acceptance of the January financial reports.