HomeMy WebLinkAbout[03c] March Finance Reports11 L A mik
EDA Agenda Item
CITY OF ST. JOSEPH
MEETING DATE: April 21, 2020
AGENDA ITEM: March Finance Reports
SUBMITTED BY: Finance
PREVIOUS BOARD ACTION: N/A
3c
BACKGROUND INFORMATION: Enclosed you will find the reconciled financial reports through
March 31, 2020. The ending undesignated balance shows a deficit of $20,556. The designated project
balance is $23,945. The capital designated balance includes 2020 capital budget balance of $44,100.
Without the capital budget, the net position is a surplus of $23,544. The $22,500 program expenditure is
the remaining balance for the Liberty Pointe Outlot C purchase.
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 $224,433 at March 31St, including $189,554 reserved balance from the
EDA fund to be used for future economic development; $34,879 is available from the State's RLF fund
for future loan requests. The City Council allowed Krewe to delay their RLF loan payments for three
months due to the COVID-19 emergency declaration.
The Lodging Tax fund has a balance of $28,929 on March 311. A summary of their activity is enclosed
in this report. Staff will monitor collections. The lodging tax revenue may decrease with the pandemic.
The 2018 Housing Rehab grant administered by Central MN Housing Partnership has a balance of
$78,378. Per Ed Zimny at the Partnership, there is an interested person applying for a project and opened
the grant area to the phase 2 area. Ed is marketing the funds to both the phase 1 and 2 areas. Ed informed
staff he is leaving the CMHP, but will continue in his role until his replacement is found.
Finally, please complete the 1St quarter meeting stipends on the attached Expense Report.
BUDGET/FISCAL IMPACT:
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
Expense Report
REQUESTED BOARD ACTION: Consider acceptance of the March financial reports.
St Joseph Economic Development Authority
Expense Report
NamePay Period:
DateEventLocationMtg # Reimbursement
Total
CERTIFICATION:IDECLARETHATTHISTIMESHEETISATRUEANDCORRECTSTATEMENT
OFMEETINGSWORKEDANDTHATNOPARTOFITHASBEENPAID.
SignedDate