HomeMy WebLinkAbout5A Approval of 1st Quarter Financial Report���
4646 Dakota Street SE
Prior Lake, MN 5537
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: May 9, 2011
AGENDA #: 5A
PREPARED BY: Jerilyn Erickson, Assistant Treasurer
PRESENTED BY: Jerilyn Erickson, Assistant Treasurer
AGENDA ITEM: CONSIDER APPROVAL OF THE 1ST QUARTER FINANCIAL REPORT
FOR THE ECONOMIC DEVELOPMENT AUTHORITY SPECIAL
REVENUE FUND
DISCUSSION: Introduction
Staff has prepared a preliminary summary financial report as of March 31,
2011 for the Economic Development Authority Special Revenue Fund. The
report reflects revenue and expenditure activity for the first three months of
2011. The reports are preliminary, unaudited and may change. The
attached memorandum provides a summary of the significant issues.
If commissioners have questions please feel free to contact me at 952 -447-
9841 for more information.
ALTERNATIVES: The following alternatives are available to the EDA:
1. A motion to accept the March 31, 2011 Financial Report as submitted.
2. Take no action and provide the staff with specific direction.
RECOMMENDED Alternative 1.
MOTION:
� rxr MEMORANDUM
TO: Prior Lake Economic Development Authority
FROM: Jerilyn Erickson, Assistant Treasurer
�.^�^,�so�* RE: Financial Report dated 03/31/2011
The financial report presented as part of this agenda item reflects activity for the first three
months of 2011. The significant issues identified at this time are summarized below.
Revenues
Interest earnings are the only revenues that have been received during first quarter.
Expenditures
No expenditures have been paid during the first quarter.
oe PR ` O �p City of Prior Lake
Economic Development Authority Special Revenue Fund
As of 03/31/2011
'nNNESO' (Unaudited) Variance with
2011 2011 Budget- Actual
Budget Actual Positive (Negative) Percent
Intergovernmental revenues
33610 County /city aids & grants 15,000 - 15,000 0%
Miscellaneous revenues
36210 Interest earnings
Total revenues
Economic development
46500 Economic development
Total economic development
2,000 795 1,205 40%
17,000 795 16,205 5%
55,000
55,000 0%
55,000 - 55,000 0%
Total expenditures 55,000 - 55,000 0%
Net change (38,000) 796