HomeMy WebLinkAbout4A- EDA 2016 Revenue and Expenditure Report
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: August 15, 2016
AGENDA #: 4A
PREPARED BY: Dan Rogness, Community & Economic Development Director
AGENDA ITEM: EDA 2016 REVENUE & EXPENDITURE REPORT (7/31/16)
DISCUSSION: Introduction
The purpose of this Consent agenda item is to review the 2016 Revenue & Expendi-
ture Report for the EDA through July 31, 2016.
History
The EDA Commissioners requested that they receive monthly financial reports at
each meeting. This would allow the EDA to view revenues and expenditures on a
more frequent basis; quarterly reports were provided in the past.
Current Circumstances
Specific items in the report worth noting include:
1. Tax levy revenues come to the City only twice per year.
2. Two tenants are in default of their leases in 2016; staff is working to resolve
this issue. One lease may be terminated.
3. Two quarterly rent subsidy payments have been made for ICP in 2016.
4. Other than staff, the largest expenditure relates to the Phase 3 Technology
Village report; that expenditure will be offset by CDA grant revenues in 2016.
Conclusion
EDA members now have the opportunity to review monthly financial reports in order
to see the status of revenues and expenditures more frequently.
ISSUES: This document provides a good summary of activities associated with costs as
budgeted by the EDA on a monthly basis.
FINANCIAL
IMPACT:
More frequent (monthly) reporting.
ALTERNATIVES: 1. Motion and a second, under the Consent Agenda, to approve the EDA 2016
Revenue & Expenditure Report through July 31, 2016.
2. Motion and second to table action and provide direction to staff regarding
changes to the 2016 EDA Report.
RECOMMENDED
MOTION:
Alternative #1
ATTACHMENTS: EDA 2016 Revenue & Expenditure Report (7/31/16)