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4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: October 10, 2011
AGENDA M 5A
PREPARED BY: Jerilyn Erickson, Assistant Treasurer
PRESENTED BY: Jerilyn Erickson, Assistant Treasurer
AGENDA ITEM: CONSIDER APPROVAL OF THE 3RD QUARTER FINANCIAL REPORT
FOR THE ECONOMIC DEVELOPMENT AUTHORITY SPECIAL
REVENUE FUND
DISCUSSION: Introduction
Staff has prepared a preliminary summary financial report as of September
30, 2011 for the Economic Development Authority Special Revenue Fund.
The report reflects revenue and expenditure activity for the first nine
months of 2011. The report is 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 September 30, 2011 Financial Report as
submitted.
2. Take no action and provide the staff with specific direction.
RECOMMENDED Alternative 1.
MOTION:
o� rxr MEMORANDUM
TO: Prior Lake Economic Development Authority
FROM: Jerilyn Erickson, Assistant Treasurer
RE: Financial Report dated 09130/2011
The financial report presented as part of this agenda item reflects activity for the first nine
months of 2011. The significant issues'identified at this time are summarized below.
Revenues
Interest earnings are reflected through August. Interest earnings for September were not
available at the time this report was prepared.
Transfers were authorized by the City Council on September 6, 2011 from the following funds to
the EDA Special Revenue Fund:
• Economic Development Federal Revolving Loan Fund
• Economic Development Minnesota Revolving Loan Fund
• Downtown Revolving Fund
Expenditures
Commissioner per diems, legal fees, professional services for training commissioners on Tax
Increment Financing (TIF) tools and meals expenditures comprise the year -to -date
expenditures.
04 YRr °,� City of Prior Lake
Economic Development Authority Special Revenue Fund
As of 09/30/2011
(Unaudited) Variance with
2011 2011 Budget- Actual
Budget Actual Positive (Negative) Percent
Revenues
Intergovernmental revenues
33610 County /city aids & grants 15,000 - 15,000 0%
Miscellaneous revenues
36210 Interest earnings
2,000
3,451
(1,451)
173%
39203 Transfers from other funds
-
241,779
(241,779)
n/a
Total revenues
17,000
245,230
(228,230)
1443%
Expenditures
Economic development
46500 Economic development
55,000
4,420
50,580
8%
Total economic development
55,000
4,420
50,580
8%
Total expenditures
55,000
4,420
50,580
8%
Net change
(38,000)
240,810
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