HomeMy WebLinkAbout05 20 2013 EDA 4A 1st Qtr Financial Report o� r�o�P
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4646 Dakota Street SE
'�'nv�so'� Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: May 20, 2013
AGENDA #: 4A
PREPARED BY: Jerilyn Erickson, Assistant Treasurer
PRESENTED BY: Jerilyn Erickson
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, 2013 for
the Economic Development Authority Special Revenue Fund. The report reflects
revenue and expenditure activity for the first three months of 2013. 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, 2013 Financial Report as submitted.
2. Take no action and provide the staff with specific direction.
RECOMMENDED Alternative 1.
MOTION:
ATTACHMENT: 1. Quarterly Report — EDA Special Revenue Fund
04 rxr MEMORANDUM
u � TO: Prior Lake Economic Development Authority
FROM: Jerilyn Erickson, Assistant Treasurer
'"'"^�S�` RE: Financial Report dated 03/31/2013
The financial report presented as part of this agenda item reflects activity for the first three
months of 2013. The significant issues identified at this time are summarized below.
Revenues
Property taxes are received in June, December and January (final tax settlement).
Facility rental payments have been received from design a tivity, Ilc. and Innovative Computer
Professionals, Inc. (ICP) for the Technology Village Business Incubator.
Transfers reflect the funding provided by the General Fund for the Technology Village Business
Incubator set up costs.
Expenditures
The EDA budget was amended on January 28, 2013 to complete the City of Prior Lake
Technology Village Business Incubator. An amendment was originally approved in 2012 but not
all purchases were made by yearend. The remaining funds were re-appropriated in 2013.
Personnel, commissioner per diems, legal and Technology Village Business Incubator
expenditures comprise the majority of the expenditures.
Loan Proqrams
A Deferred Payment Agreement was entered into with the Artisan Bistro Cafe under Local
Program A of the City of Prior Lake Sewer & Water Fee Deferral Program on March 18, 2013.
The EDA funded the $6,000 City share of the loan which covers the fees for sewer connection,
water connection and water tower and therefore, reflects a loan receivable on its balance sheet
for this amount. Payments on the Met Council loan will be collected monthly and submitted to
the Met Council when invoiced. The first payment of $209.52 is due on June 1, 2013. The
following table provides a status of the loan:
Business Original Met Council City Share Current Interest
Loan Share of Loan of Loan Principal Paid YTD
Balance Cit
Artisan Bistro Cafe $11,844.00 $5,844.00 $6,000.00 $6,000.00 $0
� p � O � City of Prior Lake
� � Economic Development Authority Special Revenue Fund
As of 03/31 /2013
'�m+�" (Preliminary & Unaudited) Variance with
2013 2013 2013 Budget - Actual
Budget Amended Actual Positive (Negative) Percent
Revenues
Property taxes
31010 Current taxes 150,000 150,000 - (150,000) 0%
Miscellaneous revenues
34760 Facility Rentals 2,700 2,700 262 (2,438) 10%
3�000c Loan Administration 2,000 2,000 - (2,000)
36210 Interest earnings - - 1 1 n/a
39203 Transfers from other funds - 37,000 22,690 (14,310) 61 %
Total revenues 154,700 191,700 22,953 (168,747) 12°k
Expenditures
Economic development
46500 Economicdevelopment 151,684 151,684 18,797 132,887 12°�
46503 Tech village incubator - 37,000 22,690 14,310 61°�
Total expenditures 151,684 188,684 41,487 147,797 22%
Net change 3,016 3,016 (18,534)
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