HomeMy WebLinkAbout[03b] February Finance Reports11 L A mik
EDA Agenda Item A
CITY OF ST. JOSEPH
MEETING DATE: April 21, 2020
AGENDA ITEM: February Finance Reports
SUBMITTED BY: Finance
PREVIOUS BOARD ACTION: N/A
BACKGROUND INFORMATION: Enclosed you will find the reconciled financial reports through
February 29, 2020. The ending undesignated balance shows a deficit of $14,462. The designated project
balance is $190,041. The capital designated balance includes 2020 capital budget balance of $44,100.
Without the capital budget, the net position is a surplus of $29,638. The balances may reflect some 2019
activity. The City has their audit the week of March 16t''. 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. The current
revolving loan fund balance is $225,416 at February 29', including $190,041 reserved balance from the
EDA fund to be used for future economic development; $35,375 is available from the State's RLF fund
for future loan requests.
The Lodging Tax fund has a balance of $33,808 on February 291}i. 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:
ATTACHMENTS:
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 February financial reports.
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St Joseph Economic Development Authority
Expense Report
NamePay Period:
DateEventLocationMtg # Reimbursement
Total
CERTIFICATION:IDECLARETHATTHISTIMESHEETISATRUEANDCORRECTSTATEMENT
OFMEETINGSWORKEDANDTHATNOPARTOFITHASBEENPAID.
SignedDate