HomeMy WebLinkAbout03.24.14 EDA Packet (vi(via
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AGENDA
REGULAR ECONOMIC DEVELOPMENT AUTHORITY MEETING
MARCH 24, 2014
6:30 P.M.
CONFERENCE ROOM 170
Todd Larson, Chair; Geraldine Jolley, Vice-Chair
Douglas Bonar, Steve Wilson, Kirk Zeaman
Action Taken
1. Call Meeting to Order
2. Pledge of Allegiance
3. Roll Call
4. Approve Agenda
5. Citizen Comments/Presentations
6. Consent Agenda
a) Meeting Minutes (2/24/14 Regular) Approved
b) Bills: 2/24/14—3/23/14 Approved
c) Residential Building Permit Report Information Received
7. Public Hearings
8. Continued Business
a) Marketing Plan Update Information Received
9. New Business
a) EDA Budget Update/Fund Balance Information Received
10. City Staff Reports/Open Forum/Discussion
a) Activity Update Information Received
11. Adjourn
MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
Regular Meeting
February 24, 2014
1. CALL TO ORDER
The meeting was called to order by Vice-Chair Jolley at 6:30 p.m.
Members Present: Bonar, Jolley, Wilson, Zeaman
Members Absent: Larson
Also Present: David McKnight, City Administrator; Cynthia Muller, Executive
Assistant
2. PLEDGE OFALLEGL4NCE
3. ROLL CALL
4. APPROVE AGENDA
MOTION by Wilson, second by Bonar to approve the Agenda. APIF, MOTION
CARRIED.
a) Organizational Matters
i. Election of Officers
• MOTION by Jolley, second by Wilson to nominate Todd Larson as Chair.
APIF, MOTION CARRIED.
MOTION by Zeaman, second by Bonar to nominate Geraldine Jolley as Vice-
Chair. APIF,MOTION CARRIED.
MOTION by Wilson, second by Bonar to nominate David McKnight as
Executive Director. APIF,MOTION CARRIED.
ii. Meeting Schedule
EDA meetings will continue to be held the fourth Monday of each month at 6:30
p.m. If the Monday falls on a holiday, the meeting will be held the following day.
iii. Adoption of By-laws
MOTION by Bonar, second by Wilson to approve the amended by-laws. APIF,
MOTION CARRIED.
5. CITIZEN COMMENTS/PRESENTATIONS
a) Open To Business Fourth Quarter Report—Laurie Crow
Ms. Laurie Crow, Business Advisor for the Open To Business program was
present to discuss the fourth quarter report. She noted 2013 was very successful.
They provided over$278,000 in funding throughout Dakota County. Specifically
to Dakota County businesses•they provided$195,000. They provided three
micro-grants in the amount of$1,000 that did help to increase business, start a
new business, and buy equipment for an existing business. Four credit builder
2
EDA Minutes(Regular)
February 24,2014
Page 2
loans amounted to$1,055. In Farmington they worked with several businesses,
three have opened and are doing well. They are actively still working with the
program. She has received continued follow-up with Farmington businesses for
further assistance. Ms. Crow spoke to a couple classes at the Farmington High
School and attended the 2013 Community Expo. These opportunities have been
unique to Farmington. There were 1,300 hours spent with clients throughout the
county. Open To Business provides loans up to $25,000. Beyond that,the
business needs to work with a bank and the program will help to facilitate
lending. They have worked with several entrepreneurs, one of whom is a
Farmington resident and has a business in Dakota County. Between that and a
couple other businesses,the program has facilitated over$900,000 in lending
already in 2014. Ms. Crow noted it is important to get banks to understand the
Open To Business program.
Ms. Crow is available at City Hall for two hours a month and business owners can
make an appointment to meet with her during that time or any other time that
works for them. This year she has been following up with contacts once or twice
with a survey. The program is in Hennepin County, Carver County, Scott County
and Dakota County. Dakota County is the only one that was rolled out all at once.
On March 6, 2014, there will be a second roll out of the program catered to
bankers and the chamber.
As far as feedback from contacts, some people will shy away from putting a
business in the outlying areas because of lack of traffic. She has seen people that
do not live here, look at Farmington to put a business here for a variety of reasons,
one of which is cost. Retail space here is a lot less than in other cities. She
suggested an advertising piece that gives a quick snapshot of the city and the
hooks to get people here. Family owned businesses with longevity are a draw.
Ms. Crow has used local lending institutions and it has been successful.
Community lending is very personal and business owners need to understand
what the program can do. Open To Business is a non-traditional lender and does
not have the criteria banks may have. They take each case as it comes.
When staff is with businesses, tell them about the Open To Business resource. It
is not just for start-ups. Ms. Crow is not having problems finding appropriate
spaces for clients. There are plenty of smaller spaces available. The only concern
is whether they will get enough traffic. Confidentiality is very important when
starting up a new business and Ms. Crow will advise staff of new businesses as
soon as she receives permission from them. Members asked Ms. Crow to provide
the number of hours spent on Farmington and the amount of funding specific to
Farmington.
Traffic and future plans of the city have a lot to do with attracting businesses.
Plans do change,but it is good to give businesses an idea of the vision for the city.
3
EDA Minutes(Regular)
February 24,2014
Page 3
6. CONSENT AGENDA
MOTION by Wilson,second by Zeaman to approve the Consent Agenda as follows:
a) Approved Meeting Minutes (1/27/14 Regular)
b) Approved Bills 1/27/14—2/23/14
APIF,MOTION CARRIED.
7. PUBLIC HEARINGS
8. CONTINUED BUSINESS
a) Review of Marketing Plan Discussion Items
City Administrator McKnight reviewed discussion items from the last meeting.
He selected some questions from the marketing plan to use in a survey to send to
businesses to determine how we can help them to better prepare for business
visits.
Member Wilson asked that on the visits we let them know we are there as a
partner to help them succeed. Member Jolley noted in the initial call we should
ask them if they want us to come for a visit. Member Wilson asked what kind of
follow-up will we give them after the visit. There should be something to let
them know what we learned and that we appreciate their business. Staff will be
providing better follow-up and a summary at the EDA meetings. Member
Zeaman would like to add a question asking if they want a visit from the city.
The survey would be sent to all businesses. Member Jolley suggested adding an
invitation to call us to ask us to come. That will give some momentum for the
visit. We could also ask for any potential questions the business may have. We
want to get to know who is in the community. Member Bonar suggested having
the visits on a three year rotation. Member Jolley suggested asking if there is a
date when the business would like us to come back for something specific.
Member Zeaman felt the number of responses we receive wanting a visit will
filter themselves out. We may only receive a fourth of the 200 surveys sent out.
City Administrator McKnight noted we do have another contact with businesses
through the Chamber, especially with the industrial park. Staff will prepare the
survey with the changes mentioned and send it out in the next week. Staff would
like to start the visits again in the spring.
City Administrator McKnight asked if the EDA would like Finance Director
Hanson to come to a future meeting to talk about the fund balance for the EDA.
Members agreed they would like a financial update.
City Administrator McKnight asked what the EDA would like to do about
industrial land development and when. Member Jolley noted we don't know
where we can start as far as land. Member Wilson felt this should be discussed at
a Council/EDA work session because the Council would be the buying authority.
Member Jolley stated the EDA would not be the appropriate group to purchase
land and put in improvements, we would try to fill the property once established.
4
EDA Minutes(Regular)
February 24,2014
Page 4
Member Bonar noted we have an opportunity with the Vermillion River Crossing
vision,future expansion of infrastructure for industrial growth,the hiring of a
Community Development Director, a capital improvement plan, or some type of
funding mechanism with a defined target. All of these are important and cannot
work alone. It will take the Council,EDA and Planning Commission to make it a
success. Member Zeaman felt as an EDA,based on the marketing plan,we have
made a request for more industrial land. The next step is to discuss with the
Council where that will be. Staff will schedule a work session with these three
groups for April or May for a marketing plan update and industrial development
discussion.
9. NEW BUSINESS
10. CITY STAFF REPORTS/OPEN FORUM
Member Zeaman stated when he opened his business he spoke to his employees about
staying in Farmington, shopping in Farmington and being Farmington centric.
Employees were very excited. When you go to a football game there is a Farmington
nationalism going on. He asked if there is any way we can raise the spirits of people to
be Farmington centric. Events held by Farmington groups should be held in Farmington.
It would include everyone in the city. Member Zeaman noted the Community Expo was
a great event this year and asked how we can do more of that type of event. This should
be City focused,not just the Farmington Business Association. Member Wilson felt this
needed to be similar to a motto or tag line for the city. Any event going on should have
the same underlying theme. People move here for the small town feel, so let's take
advantage of that.
11. ADJOURN
MOTION by Wilson, second by Zeaman to adjourn at 8:04 p.m. APIF, MOTION
CARRIED.
Respectfully submitted,
Cynthia Muller
Executive Assistant
5
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�otirtup City of Farmington
4 ,A 0, 430 Third Street
, „- Farmington,Minnesota
X10 651.280.6800•Fax 651.280.6899
. z wwwci.farmington.mn.us
TO: EDA Members
FROM: David J. McKnight,City Administrator
SUBJECT: Residential Building Permit Report
DATE: March 24,2014
INTRODUCTION
City staff thought that EDA members would be interested in the progress of building permits in
the community. Since one of the factors involved in economic development involves the number
of rooftops in the community we will provide this information on a monthly basis.
DISCUSSION
Planning Manager Tony Wippler tracks building permits for the city. Attached to this memo is
his monthly report that shows the number of permits by month through Monday,March 10,
2014. The information included in the attachment shows information back to the year 2000.
This information will be included in your EDA packet each month for your review.
BUDGET IMPACT
None.
ACTION REQUESTED
No action necessary as this item is informational only.
Respectfully submitted,
David J. McKnight
City Administrator
7
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ti iy City of Farmington
430 Third Street
Farmington,Minnesota
‘ o 651.280.6800•Fax 651.280.6899
per' KIWI" www.cilarmington.mn.us
TO: EDA Members
FROM: David J. McKnight, City Administrator
SUBJECT: Marketing Plan Update
DATE: March 24,2014
INTRODUCTION
At your February 2014 EDA meeting staff was directed to send out a survey to businesses in
Farmington in order to help us prepare for business visits this spring/summer. This is a part of
the marketing plan that was reviewed at the January and February 2014 EDA meetings.
DISCUSSION
City staff sent out the attached survey to 173 businesses in Farmington in early March. We have
asked that surveys be returned to us by Friday,April 4,2014. As of Tuesday,March 18,2014
we have received five surveys back from businesses.
Our plan is to continue to receive these surveys through the due date, summarize the information
that is shared with us and bring this information back to the EDA for review and to start
scheduling business visits at your April 2014 EDA meeting.
BUDGET IMPACT
None.
ACTION REQUESTED
No action necessary as this item is informational only.
Respectfully submitted,
David J. McKnight
City Administrator
10
ij-kuf4t, City of Farmington
st• 1147 430 Third Street
Pi Farmington,Minnesota
651.280.6800•Fax 651.280.6899
March 6, 2014
Farmington Business Owners
Farmington, MN 55024
RE: Economic Development Authority Business Owner Survey
Dear Community Partner:
The Farmington Economic Development Authority (EDA) recently completed a marketing study
as a part of the strategic plan to bring more businesses to Farmington and ultimately increase
the tax base. The priorities of the plan are to first improve business retention and expansion,
market and promote Farmington and explore shovel ready sites.
The marketing plan's first priority is to deepen relationships with Farmington business owners
through a business retention and expansion program. With that in mind we are hoping that you
can take the time to complete the attached short survey in relation to how the city can help
enhance the business environment for current businesses in Farmington.
Our ultimate goal is to have the survey completed by as many business owners as possible so
the EDA can have your insight when making future decisions. A part of the survey process is
an offer to have city representatives come to your business for a visit to discuss any issues you
may want to discuss along with our sharing of current economic development activities. Our
knowledge of your business will help us showcase you when we get questions about your
business.
I encourage you to complete the attached survey by Friday, April 4, 2014 and thank you in
advance for the time you spend on it.
If you have any other questions please feel free to contact me at 651-280-6801 or
dmcknight @ci.farmington.mn.us. Thank you for your time on this very important matter.
Best wishes,
David McKnight
City Administrator
11
;°AEI0/4_
a polo'
Farmington Economic Development Authority
Business Owner Survey
The Farmington Economic Development Authority is requesting the input of business owners on
how the city can enhance the business environment for our current business owners. We are
hoping that you can take the time to complete this survey by Friday, April 4, 2014 and share
your thoughts with city officials.
Name of Business-
Person Completing Survey-
Telephone/Email Contact Information-
1. What information about your business would you like us to share when we are
asked questions about your business?
2. What is your overall opinion of Farmington as a place to do business?
Excellent
Good
Fair
Poor
Why/Additional comments.
12
3. Describe your satisfaction with these business climate factors. Are you pleased,
okay or wish for improvement?
Financial Services-
Other Business/Professional Services-
Land/Site Costs-
Proximity to Customers-
Labor Pool-
Property Taxes-
Permit Process-
4. Please rank the importance of the following factors in choosing to remain in
Farmington. (Please use a scale of 1-10 with 10 being the most important factor
and 1 being the least)
Business/Professional Services-
Land/Site Costs-
Proximity to Customers-
Proximity to Suppliers-
Distribution/Collection Costs-
Property Taxes-
Labor Costs-
Education-
Health Care-
Quality of Life-
5. Do you have room to expand at your present location?
13
6. Briefly describe changes you are planning in the next three years in the area of
employment, facility size or location, production process and other.
7. Do you have concerns or suggestions for improvements in Farmington
government in the following areas related to your business operations? Please be
specific in your answers. What can the following departments do to improve or
help your business operation?
Police-
Fire-
Streets/Utilities-
Planning/Zoning-
Building Inspections-
Economic Development Authority-
Other(Finance, Administration, Engineering, Parks/Recreation, etc.)-
8. Would you like to have a visit to your business to talk about your business and/or
any issues or concerns you may have or to hear more about what the Farmington
Economic Development Authority is doing to promote the business climate in our
community? If yes who should we contact to set up this visit?
14
9. Are there any other comments you would like to share?
Please return this survey by Friday, April 4, 2014 by email to
dmcknight @ci.farminaton.mn.us or by fax to 651-280-6899 or by mail to:
City of Farmington
EDA
430 Third Street
Farmington, MN 55024
Thank you for taking the time to share your thoughts with the Economic Development
Authority and city officials. Your input is very valuable to us and we appreciate the time you
take to help on this project.
15
` yco City of Farmington
�, i 430 Third Street
'.�, ; Farmington,Minnesota
ta.:4 ��°~ 651.280.6800•Fax 651.280.6899
qST.
www.cifarmington.mn.us
TO: EDA Members
FROM: Robin Hanson, Finance Director
SUBJECT: 2014 EDA Budget and 2013 EDA Draft Financial Statement Review
DATE: March 24, 2014
INTRODUCTION
Staff will review the EDA's 2014 budget and draft 2013 financial statements.
DISCUSSION
2014 Budget
The first attachment details the actual revenue, expenditures and transfers into the EDA for the
first two months of 2014 along with the twelve-month 2014 Budget.
For 2014 the EDA has two budgeted sources of revenue, interest on investments ($2,050)and
operating transfers($40,000 from the City's property tax levy). Total expenditures are budgeted
at$42,013 with the single largest line item being$24,500 for programming expense.
Through Feb 2014 interest on investments is ahead of budget and the operating transfers
represent 2112th (transferred monthly).
For expenditures, items of note are as follows:
• Legal expenditures relate to the review of documents for and then attending the actual
closing for the Vinge loan. This loan was repaid in full in February 2014.
• The $5,000 in programming expense represents the 2014 Open To Business participation
fee.
Later this spring, staff needs the EDA Members, in conjunction with the new Community
Development Director,to decide how to best invest the remaining 2014 Programming Expense
budget and to provide input into the 2015 and 2016 EDA budgets.
2013 Draft Financial Statements
The second attachment in your packet is the EDA's balance sheet as of December 31St for each
of the most recent three years (i.e. December 31, 2011, 2013 and 2013) and the third attachment
is the actual revenue and expenditures for 2013.
16
Over the past two years,the EDA's balance sheet has been transformed. At the end of 2011,the
situation was grim. The EDA had a negative fund balance of approximately $137,000 and owed
the Storm Water Fund approximately$192,000 for past improvements to the City library.
The 2012 budget included the transfer in of$225,000 to strengthen the financial condition of the
EDA. This transfer resulted in the EDA having sufficient cash to pay the loan from the Storm
Water Fund back in full and early. As a result, at the end of 2012 the EDA had a cash balance of
approximately$61,000 and a corresponding positive fund balance.
In 2013,the City received approximately $31,000 in unanticipated Tax Increment Excess. This
money, along with approximately$11,000 in Tax Increment Excess from the previous year(this
amount is included in the Operating Transfers line item)were transferred into the EDA. In
addition CEEF repaid its EDA loan in full, approximately$15,000. Together these events
resulted in the EDA having a cash and investment balance as of December 31, 2013 of
approximately$153,000.
Then, subsequent to year-end,the Vinge loan was repaid in full, approximately$30,000.
As of mid-March 2014,the EDA has approximately $183,000, available for investment. Staff is
requesting that the EDA Members, along with the soon to be filled Community Development
Director, develop a plan to invest these funds over the next three to five years in efforts which
support economic development activities in Farmington. It is important to remember two things
about these funds: 1)these are one-time monies. We do not anticipate future Tax Increment
Excess monies and both EDA loans have been repaid in full. 2)That said, staff would
recommend the EDA balance spending these monies with lending these monies in low-interest
rate or higher risk loans and/or lending these funds at higher interest rates and/or more
conservative loans. Spending the money will deplete these resources. Investing the money in
loans will increase the possibility of the EDA being able to re-invest these monies (as
repayments are received) in future economic development activities.
BUDGET IMPACT
No direct budget impact.
ACTION REQUESTED
No action requested, information only. Staff will be available to answer questions.
Respectfully submitted,
Robin Hanson, Finance Director
17
EDA
Budget
Feb YTD 2014 and Total 2014
Feb YTD Dec YTD
Object Actual Budget
Account 2014 2014
EDA EDA
4000-REVENUE AND EXPENDITURE
4001-REVENUES `}
Property Taxes 0
Intergovernmental 0
1
Charges For Services 01 0
4955-INTEREST ON INVESTMENTS 6741 2,050
Investment Income 6741
Misc Revenue 01 0
Total Revenues $674 $2,0501
6001-EXP_ENDITURES_
Supplies 0' 0
6401-PROFESSIONAL SERVICES 0 1,000
6403-LEGAL 1,199 2,000
6404-IT SERVICES 591 3,543
6422-ELECTRIC 17' 300
6426-INSURANCE 0 450
6450-OUTSIDE PRINTING 336' 2,000
6460-SUBSCRIPTIONS&DUES 635 3,090
6470-TRAINING&SUBSISTANCE 35{ 4,930
6570-PROGRAMMING EXPENSE 5,000 24,500
7420-OTHER 0 0
Other Services 7,8131 X42,013 L)
Capital Outlay el 0
Total Exp . - 7,813 42,013
5205-OPERATING TRANSFERS 6,6671 40,000)
Transfers In 6,6671 ,000
Transfers Out 01 0
Other Financing Sources 6,667 40,000
Net Change In Fund Balance ($472) $37
Location: Documents\User Folders\RHANSON2\My Inquiries\Budget\6 Dept Rev And Exp Detail
18
EDA
Balance Sheet
2011,2012,2013
EDA EDA EDA
Object Dec YTD Dec YTD Dec YTD
Account Actual Actual Actual
2011 2012 2013
1005-CASH 387 60,920 153,614
1300-ACCOUNTS RECEIVABLE 60,415 45,543 29,926
1110-TAXES REC DELINQUENT
1340-DUE FROM OTHER FUNDS 0 0 0
1350-DUE FROM OTHER GOVERNMENTS 31,700
Total Assets $60,802 $106,463 $215,240
2005-ACCOUNTS PAYABLE 6,596 76 29,013
2200-DEFERRED REVENUE 45,543 0
2250-DEPOSITS PAYABLE 0 0 0
2300-DUE TO OTHER FUNDS 191,644 0 0
2400-DUE TO OTHER GOVERNMENTS 0 0 0
Total Liabilities 198,240 45,619 29,013
3000-FUND EQUITY (242,242) (137,439) 60,844
4000-REVENUE AND EXPENDITURE 104,804 198,282 125,383
Total Equity (137,439) 60,844 186,227
Total Liabilities,Equity and Revenue/Exp $60,802 $106,463 $215,240
Location:Documents\User Folders\RHANSON2\My Inquiries\Hierarchies-Balance Sheet Master-All Funds
3/17/2014 3:52:04 PM
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EDA
Budget
2013 YTD Acute!vs Budget
Dec YTD Dec YTD
Object Actual Budget
Account 2013 2013
EDA EDA
4000-REVENUE AND EXPENDITURE
4001-REVENUES
4020-TAX INCREMENT EXCESS 30,690
Property Taxes 30,690
4404-FEDERAL GRANT 54,020
Intergovernmental 54,020
Charges For Services 0 0
4955-INTEREST ON INVESTMENTS 2,005 2,200
Investment Income 2,005 2,200
• 5350-MISCELLANEOUS REVENUE 45,543 0
Misc Revenue 45,543 0
Total Revenues $132,258 $2,200
6001-EXPENDITURES
6250-OTHER SUPPLIES&PARTS 42 0
Supplies 42 0
6401-PROFESSIONAL SERVICES 37,300 8,220
6403-LEGAL 3,541 2,000
6422-ELECTRIC 215 400
6426-INSURANCE 0 1,000
6550-DEVELOPER PAYMENTS 25,520
7420-OTHER 1,638 0
Other Services 68,213 11,620
Capital Outlay 0 0
Total Exp 68,255 11,620
5205-OPERATING TRANSFERS 61,380 50,000
Transfers In 61,380 50,000
7310-OPERATING TRANSFERS 0 33,500
Transfers Out 0 33,500
Other Financing Sources 61,380 16,500
Net Change in Fund Balance $125,383 $7,080
Location: Documents\User Folders\RHANSON2\My Inquiries\Budget\6 Dept Rev And Exp Detail
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