HomeMy WebLinkAbout4A-2012 Annual Finacial ReportI Nmrso�
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: June 17, 2017
AGENDA #: 4A
PREPARED BY: Jerilyn Erickson, Assistant Treasurer
AGENDA ITEM: CONSIDER APPROVAL OF THE 2012 FINANCIAL REPORT FOR THE
ECONOMIC DEVELOPMENT AUTHORITY SPECIAL REVENUE FUND
DISCUSSION: Introduction
The 2012 City of Prior Lake annual financial report was presented to the
City Council on May 28 and June 10, 2013 by Jim Eichten, Managing
Partner of the auditing firm of Malloy, Montague, Karnowski &
Radesovich & Company, P.A. (MMKR).
Attached to this agenda report are the pertinent pages from the City of
Prior Lake 2012 annual financial report which reflect the activity and
balances for the EDA: 1) Combining Balance Sheet and 2) Combining
Statement of Revenues, Expenditures and Changes in Fund Balances.
Conclusion
If commissioners have questions please feel free to contact me at 952-
447 -9841 for more information.
FINANCIAL The December 31, 2012 fund balance for the EDA is $5,453.
IMPACT:
The adopted 2013 budget includes a new EDA tax levy of $150,000.
The projected December 31, 2013 fund balance is $8,469, assuming that
all budgeted revenues are received and budgeted expenditures are
spent.
ALTERNATIVES: The following alternatives are available to the EDA:
1. A motion to accept the 2012 Financial Report as submitted.
2. Take no action and provide the staff with specific direction.
RECOMMENDED Alternative 1.
MOTION:
# PR,1 2 �
MEMORANDUM
TO:
Prior Lake Economic Development Authority
FROM:
Jerilyn Erickson, Assistant Treasurer
RE:
Financial Report dated 12/31/2012
The financial report presented as part of this agenda item reflects activity for all of 2012. The
significant issues are summarized below.
Revenues
Revenues reflect a grant received from Scott County CDA for the fiber network study as well as
a transfer of funds from the City's General Fund and interest earnings.
Expenditures
Personnel, commissioner per diems, professional services (for broadband report and financial
analysis), legal fees, Venture Fair set up costs and the National Business Incubation
Association membership comprise the majority of the total expenditures. In addition, startup
costs incurred in 2012 for the Technology Village Incubator were approximately $13,300. The
remaining startup costs will be incurred in 2013.
CITY OF PRIOR LAKE
Nonmajor Special Revenue Funds
Combining Balance Sheet
as of December 31. 2012
Assets
Cash and investments
Cash held in escrow
Accounts receivable
Total assets
Liabilities and Fund Balances
Liabilities
Accounts and contracts payable
Accrued salaries and employee benefits payable
Due to other governmental agencies
Deposits payable
Unearned revenue
Total liabilities
Fund balances
Restricted for economic development
Assigned for capital improvements
Assigned for development
Assigned for communications
Total fund balances
Total liabilities and fund balances
Capital ED Revolving Revolving Cable
Park Loan Loan DAG Franchise E DA Total
$ 298,306 $ 116,172 $ 90,213 $ 1,043,071 $ 51,704 $ 23,745 $ 1,623,211
- - - - 10,000 - 10,000
1,179 451 350 - - 39 2,019
$ 299,485 $ 116,623 $ 90,563 $ 1,043,071 $ 61,704 $ 23,784 $ 1,635,230
$ 8,266 $ - $ - $ 21,718 $ - $ 15,776 $ 45,760
- - - - - 2,234 2,234
- - - - 321 321
- - - 29,730 10,000 - 39,730
33,750 - - - - - 33,750
42,016 - - 51,448 10,000 18,331 121,795
- 116,623 90,563 - - - 207,186
257,469 - - - - - 257,469
- - - 991,623 - 5,453 997,076
- - - - 51,704 - 51,704
257,469 116,623 90,563 991,623 51,704 5,453 1,513,435
$ 299,485 $ 116,623 $ 90,563 $ 1,043,071 $ 61,704 $ 23,784 $ 1,635,230
Pages 64 and 65
CITY OF PRIOR LAKE
Nonmajor Special Revenue Funds
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Year Ended December 31, 2012
Pages 66 and 67
Capital
ED Revolving
Revolving
Cable
Park
Loan
Loan
DAG
Franchise
EDA
Total
Revenues
Intergovernmental
$ 493,500
$ - $
-
$ -
$ -
$ 15,000
$ 508,500
Charges for services
77,996
-
-
421,388
6,416
-
505,800
Interest on investments
5,604
2,926
2,273
-
-
1,340
12,143
Miscellaneous
Contributions and donations
150,000
-
-
-
-
-
150,000
Total revenues
727,100
2,926
2,273
421,388
6,416
16,340
1,176,443
Expenditures
Current
Economic development
-
-
-
-
-
176,200
176,200
Capital outlay
944,852
-
-
114,945
-
-
1,059,797
Total expenditures
944,852
-
-
114,945
-
176,200
1,235,997
Excess (deficiency) ofrevenues
over expenditures
(217,752)
2,926
2,273
306,443
6,416
(159,860)
(59,554)
Other financing sources (uses)
Transfers in
355,619
-
-
-
-
29,250
384,869
Transfers out
(33,750)
-
-
-
-
-
(33,750)
Total other financing sources (uses)
321,869
-
-
-
-
29,250
351,119
Net change in fund balances
104,117
2,926
2,273
306,443
6,416
(130,610)
291,565
Fund balances
Beginningofyear
153,352
113,697
88,290
685,180
45,288
136,063
1,221,870
End of year
$ 257,469
$ 116,623 $
90,563
$ 991,623
$ 51,704
$ 5,453
$ 1,513,435
Pages 66 and 67