HomeMy WebLinkAbout5.b. Annual Financial Report 4 ROSEMOUNT' EXECUTIVE SUMMARY
PORT AUTHORITY
Port Authority Meeting Date: April 15, 2014
AGENDA ITEM: Annual Financial Report
AGENDA SECTION:
New Business
PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 5.b.
ATTACHMENTS: Budget Documents, Excess TIF Project APPROVED BY:
List
RECOMMENDED ACTION: Information Item.
ISSUE
When reviewing the bylaws,Port Authority members noticed that there was mention of an annual report
which reviewed plans, projects and expenditures of the previous year. Enclosed are budget materials which
provide year end budget information. The one most reviewed by the Port Authority is the revenues and
expenditures for the Port Authority Fund. This is the budget that the Commission reviews during the City
budget preparation time. This is usually on the June agenda for discussion. Most of the programmatic
expenditures come from this budget. If the Port Authority and Council approve contracting with Buxton
for economic development marketing, that item would also be included for the next two budget cycles as
the contract is for three years.
The other fund that the Port Authority is involved with is the Downtown/Brockway TIF fund. This fund
was set up specifically for the TIF project and aided in redevelopment of the Brockway Glass factory and
also assisted in the redevelopment efforts Downtown. Primarily this fund is now used to track payment of
the bonds that are outstanding associated with the redevelopment efforts. There is also TIF dedicated to
the Waterford Commons project. Under the development contract, the developer will receive the TIF
generated from the project up to $360,000. More recently, the Port Authority made some modifications to
the District due to some legislative changes that permitted the City to utilize some projected excess funds
from the District. As indicated to the Port Authority and City Council there are numerous projects the
City is working to complete by the July 2014 deadline. A list of the projects is attached. While the revenues
are currently in excess of that budgeted, there is quite a bit of debt associated with the two outstanding
bonds. Based upon the last TIF run, the funds within the account, aside from the excess $600,000
previously mentioned, all monies generated by the District will be needed to pay off the two bonds.
The final budget sheet is the debt fund associated with the TIF District. Because there are restrictions on
the funds that are deposited into the debt fund, only those funds necessary to make the TIF bond payment
are transferred into that fund.
RECOMMENDATION
Information only.
4-08-2014 11:114 MI CITY OF ROSEMOUNT PAGE:
REVENUE & EXPENSE REPORT - UNAUDITED
AS OF: DECEMBER 31ST, 2013
201-PORT AUTHORITY FUND
CURRENT CURRENT YEAR It DATE BUDGET % OF
REVENUES BUDGET PERIOD ACTUAL BALANCE BUDGET
_DYES
SC1-31010.00 CURRENT AD VALOREM TIES 58,000.00 0.00 58,000.00 0.00 100.00
TOTAL TAXES 58,000.00 0.00 58,000.00 0.00 100.00
GEAN'T3 & ALL'S
CHARGES FOR SERVICES
SPECIAL ASSESSMENTS
MISCELLANEOUS REVENUES
20"1-36210.00 INTEREST EARNINGS 100.00 3.85 50.42 49.58 50.42
201-36211.00 INTEREST EARNINGS-LOCH LOAN 100.00 0.00 0.00 100.00 0.00
1101-36215.00 INTEREST EARNINGS ...00 0.00 33.31 ( 35.31) 0.00
TOTAL MISCELLANEOUS REVENUES 210.00 _.-_ 85,73 154.21 42.87
_C''LA� RE'VENUE3 58,200.00 3.85 58,085.73 114.27 99.80
4-28-2024 11:11 AM CITY OF ROSEMOUN'T PAGE: 2
REVENUE o EXPENSE REPORT - UNAUDITED
AS OE: DECEMBER 31ST, 2013
201-PORT AUTHORITY FEND
PORT AUTHORITY
CURRENT CURRENT YEAR TO DATE BUDGET E OF
EXPENDITURES BUDGET PERIOD ACTUAL BALANCE BUDGET
PORT AUTH. OP'ERA'TING BUG
PUESONAL SERVICES
'91 46300-01-113.(10 PART ._XE EMPLOYEES - REG 0.00 0.00 5,646.50 1 5,646.50) 0.00
901-15300-01-122.00 FICA CONTuUU'TIONS 0.00 0.00 350.10 !I 3.50.10) 0.00
221-46390-01-62 21.00 MEDICARE. CONCRIBUT10NS 1.00 0.00 81.90 ( 81.9D) 0.00
TOTAL PERSONAL. SERVICES 0.00 0.00 6,078.50 ( 6,078.50) 0.00
SUPPLIES
OTHER SERVICES 5 CHARGES
201-46300-01-303.00 ENGINEERING FEES 2,000.00 0.00 0.00 2,000.00 0.00
101-46300-01-301.00 LEGAL FEES 3,000.02 0.00 1,645.31 1,354.63 54.85
46310-01-311.20 GEN'L FULL ADMIN FEES 6,002.20 0.00 6,000.20 0.00 100.00
101-46300-01-319.01 -ROOLUT NANAGEMENT CONSUL 2,022.20 0.30 0.20 2,002-00 0.00
101-46300-21-319.02 1ARKETIN0 10,000.0 0.00 10,020.00 ( 20.00) 100.20
941-45.300-01-319.01 OTHER DOSS L'TANDS 5,400.00 0.00 0.00 5,400.00 0.09
O'MER PROEL 510NAL SERV 17,400.0C 0.00 70,020.00 370.00 51.59
'31-4650G-01-221 CC POS1GE COSYS 800.00 0.00 445.77 354.33 55.72
20Y-45300-01-339.00 0 FLR ADVERTISING 11,800 00 0.00 7,093.36 4, (06.44 60.11
201646300-01-359.00 075ED PRINTING & BINDING 2,000.00 0.00 0.00 2,000.00 0.00
201-46300-01-365-00 WORKMEN'S COMP INSURANCE 500.00 0.00 540.08 ( 40.08) 108.02
201-46300-01-369.00 OTHER INSURANCE 2,000.00 0.00 394.25 1,605.75 19.71
201-46300-01-381.00 ELECTRIC UTILITIES 500.00 0.00 308.78 197.22 61.76
TOTAL OTHER SERVICES & CHARGES 46,000.00 0-00 26,447.81 19,552.19 57.50
O'THER SERV & COGS ICONTI
'S1-463. 0-01-421.01 PROP ORCA^ IATIONS/JOURNA 1,700.0C 0.00 1,806.25 I 106.25) 106.25
341-46326-051-43'.20 CONFERENCES 5 SEMINARS 5,000.02 0.00 4,249.32 750.70 84.99
31-46320-21-419.00 0 HI3 MISYSKEANFOUS 234..6 600.00 0.00 434.01 65.99 96.80
'YI'AI SL:1` Gc5 ICON'1'! 1,200.02 0.001 6,489.56 710.44 90.11
CAPITAL OUTLAY ACCOUNTS
[O:AL PORI AE_3. OPERATING BOO 53,20CA00 0.00 39,015.87
4-0=F-9014 11:14 AM CITY OF ROSEMOUNT PAGE:
REVEN(E 5 YXPFNSE REPORT - UNAUDITED
AS OE: DECEMBER 31ST, 2013
-1-PORT AUTHORITY FUND
(PHI AUTHORITY
CURRENT CURRENT YEAR TO DATE BUDGET R OF
EXPENDITURES BUDGET PERI02 ACTUAL BALANCE BUDGET
PORT AUTH. BOARD MEMBERS
PERSONAL SERVICES
201-46300-99-103.00 PART-'TIME EMPLOYEES - REG 5,000.00 0.00 2,380.00 2,620.00 47.60
201-46300-99-122.01 FICA CONTRIBUTIONS 0.00 0.00 95.48 ( 95.48) 0.00
'01-46300-99-1;5.00 MEDICARE CONTRIBUTIONS 0.00 0.00 33.62 ( 33.62) 0.00
TOTAL PERSONAL SERVICES 5,000.00 0.00 2,509.10 2,490.90 50.18
IOTA:, PORT A'CT:(. BOARD MEMBERS 5,000.00 0.00 2,509.10 2,490.90 50.18
TOTAL PORT AUTHORITY 59,200.00 0.00 41,524.97 16,615.03 71.35
TOTAL EXPENDITURES 58,200.00 0.00 41,524.97 16,675.03 71.35
REVENUES OVER/(UNDER) EXPENDITURES 0.00 3.85 16,560.76 ( 16,560.76) O.00
OTHER FINANCING SOURCES (05051
OTHER EINP.NC-NO SOURCES
0:HER FINANCING :USEY)
REVENUE 6 0:HER SOURCES OVER/
(UNDER) IXPENDITLRES 5 OTHER (USES) 0.00 3.55 16,560.76 ( 1 6,560.76) 0.00
END OE REPORT "°
4-08-2014 11:14 AM CITY OF ROSEMOUNT PAGE: 1
REVENUE E EXPENSE REPORT - UNAUDITED
AS OF: DECEMBER 31ST, 2013
242-'TIP DOWEIOWN-BROCXWAY
CURRENT CURRENT YEAR TO DATE BUDGET % OF
_.EVENU ES BUDGET PERIOD ACTUAL BALANCE BUDGET
PX El
.1-31650.00 TAX INCREMENTS 554,00'0.00 4,398.00 660,130.45 106,130.451 119.16
TOTAL TAXES 554,000.00 4,398.00 660,130.45 ( 106,130.451 119.16
GRANTS & AIDS
CHARGES FOR SERVICES
MISCELLANEOUS REVENUES
242-2E210.00 _ENTERES EARNINGS INVESTMENTS ...00 9.63 826.03 ( 826.03) 0.01
242-36215.00 INTEREST EARNINGS 0.00 0.00 14.02 ( 14.02) 0.00
TOTAL MISCELLANEOUS REVENUES 0.00 9.63 640.05 ( 840.05) 0.00
TOTAL REVENUES 554,000.01 4,421.63 660,970.50 1 106,970.50) 119.31
I-25-2114 11 :'11 A_. P117 op ROSEMOUNT PACE: _
REVENUE 6 EXPENSE REPORT - UNAUDIT°-5
AS OF: DECEMBER TAY:, 2013
_.--TIE DOWNTOWN-BROCKWAY
TIP DOWNTOWN-BROCKWAY
CURRENT CURRENT YEAR TO DATE BODGE: % OF
EXPENDITURES BUDGET PERIOD ACTUAL BALANCE BUDGET
.E LAWN1OWN-BROCKWAY
UPI PS
JIHET SERVICES & CHARGES
.12-19042-01-3!9.00 OTHER TR0 ESSTUNA: SERVIC 23,010.00 0.00 16,516.13 3,4.53.85 82.58
TOTAL. OTHER SERVICES & CHARGES 20,000.00 0.00 16,516.15 3,483.85 82.58
OTHER SERV & COGS (CURT)
CAPITAL OUTLAY ACCOUNTS
DEBT SERVICE ACCOUNTS
242-49042-01-601.00 PRINCIPAL ON WATERFORD NO 44,000.00 0.00 52,952.52 ( 8,952.52) 120.35
242-49042-01-61`.00 INTEREST ON WA1'EREORD NOT 90,000.00 0.00 84,178.63 5,821.37 93.53
'TOTAL DEBT SERVICE ACCOUNTS 134,000.00 0.00 137,131.15 ( 3,]31.15) 102.34
TOTAL III D1'WNCO'W1I-BROCNVAY 154,000.00 0.00 153,647.30 352.70 99.77
TOTAL TIP DOWNTOWN-BROCKWAY 154,000.00 0.00 153,647.30 352.70 99.77
TOTAL EXPENDITURES 154,000.00 0.00 153,447.30 352.70 99.77
REVENUES OVER/)UNDER) EXPENDITURES 400,000.00 4,407.63 507,323.00 .. 107,323.20) 126.83
. P R.R IINANCINT SOPPCES
AFTER FINANCING
142-49042-01-110.00 TRANSFERS 100,000.00 0.00 400 000.00 _ 0.00 100.00
TOTAL OTHER FINANCING (USES) 400,000.00 0.00 400,000.00 0.00 100.00
REVENUE 8 OTHER SOURCES OVER/
(UNDER) EXPENDITURES & OTHER (USES) 0.0C 4,407.63 107,323.20 ) 107,323.20) 0.00
END OE REPORT TT-
4-08-2014 11:14 PX CITY OF ROSEMOUNT PAGE: 1
R"'SLII0iP: 0 EXPENSE REPORT - UNAUDITED
AS OF: DECEMBER 31ST, 2013
CURRENT CURRENT YEAR TO DATE 900GF'S 5 OF
ET VENUF'S BUDGET PERIOD AC-UAL. BALANCE 9UDGET
TAXES
SPECIAL ASSESSMENTS
MISCELLANEOUS REVENUES
321-36210.00 INTEREST EARNINGS 0.00 2.31 124.72 ( 124.72; 0.00
341-392IL.TO INILRDS- EARNINGS .00 0.00 14.29 ( 14.29) 0.00
IGTAL M(SCTVIANEOUS REVENUES 0.30 2.31 139.01 ( 139.01; 0.00
0.00 2.21 129.01 ( 139.01) 0.00
4-08-2014 11: AN CITY OF ROSENOUNT PAGE: 2
REVENUE & EXPENSE REPORT - UNAUDITED
AS 05: DECEMBER 31T, 2013
391-BS PA GO TIE 2CCE.A6200SE
DEBT SERVICE
CURRENT CURRENT YEAR TC DATE BUDGET 6 OE
EXPENDITURES BUDGET 2ER_CD ACTUAL BALANCE BUDGET
)EBT ERVICC
9THFR SERV ICES 6 CHARGES
OTHER SERV & C1FCS (CONT)
DEBT SERVICE ACCOUNTS
361-47000-01-601..00 BOND PRINCIPAL 75,003.20 0.00 75,000.00 0.00 100.00
381-47000-01-611.00 BOND INTEREST 273,100.00 0.30 273,010.00 90.00 99.97
381-47300-01-611.00 BOND PAYING AGENT & ADMIX 903.30 0_30 850.00 30.00 94.44
TOTAL DEBT SERVICE ACCOUNTS 349,003.00 0.00 348,860.30 140.00 99.96
IDDAL DEBT SNR✓_CE 349,000.10 0.00 348,860.00 140.00 99.96
349,006.00 0.20 348,860.00 140.00 99.96
TO1:AL EXPENDITURES 349,000.00 0.00 348,860.OS 140.00 99.96
REVENUES OVER/(UNDER) EXPENDITURES ) 349,000.00; 2.31 1 348,720.99) 1 279.01) 99.92
OTHER FINANCING SOURCES (USES)
OTHER N[NANCING SOURCES
1E1-39201.0C TRANSFER FROM TIE 'FUND 350,000.00 0.00 400,000.00 ( 50,000.00) 114.29
TOTAL 0THER FINANCING SOURCES 350,000.00 0.00 400,000.00 ( 52,000.00) 114.29
O'CHLR FINANCING IUNESi
REVENUE & 0Ti(ER SOURCES OVER/
)UN.I.R1 EXPENDITURES 6 OTHER (USES) 1,000 30 2.31 51,279.01 ( 50,279.01)5,127.90
-*' END OF REPORT "-
Railroad crossing modifications $300,000
This project has been discussed by the City Council on several occasions and preparation of plans
already authorized. The modification would allow construction of a sidewalk from the Greif
Brothers site to the truncated sidewalk on the park and ride property. Municipal State Aid (MSA)
funds were identified for the improvement, although there is significant demand for the MSA
dollars. If TIF dollars could supplant the MSA dollars those would be freed up for other high
priority projects. Staff anticipates following the MSA approval process as it may be difficult to
complete the project, and expend the funds prior to July 2014. One wildcard is the railroad;the City
has little ability to affect their approval timing and scheduling of railroad construction crews.
Purchase 4th house for CDA, or supplement costs $40,000
The CDA is working to acquire property at the Genz Ryan site and the four homes along Cambrian
Avenue to permit construction of a senior housing facility. It appears that there is agreement
between the landowner and the CDA for the 4th property south of Lower 147th Street, and the price
would include funds from the City's TIF district. Because the property was not in the original
Redevelopment Project area and not called out for acquisition in the TIF Plan, actions tonight will
allow City participation in site acquisition. It is anticipated that these funds would be spent prior to
the deadline.
Install fiber in Business Park$80,000
Installation of fiber in the Business Park has been discussed on and off for several years although it
is still not available. Staff is recommending that some of the excess TIF funds be used to install a
fiber backbone in the Business Park, along Boulder Avenue and Boulder Trail. The cost is based
upon an estimate received from one provider earlier this year.
Sewer relocation at Genz Ryan $100,000
There is a sanitary sewer that is located along the back lot line of the Genz Ryan property which also
serves the Master Transmission site. This pipe needs to be relocated due to future development of
the Genz Ryan site. Staff is interested in using TIF funds for the relocation.
Installation of Right Turn Lane at Genz Ryan $120,000
With development approval of two office buildings on Genz Ryan, the Mn Department of
Transportation (MnDOT) notified the City that a right turn lane would be required on Hwy 3 into
the site. The turn lane would allow travelers turning into the property to move out of the traffic lane
while decelerating. To provide good access for future development of the property remaining after
CDA acquisition, staff is recommending construction of the turn lane now, paid for through excess
TIF funds. Authorization of the City Engineer to start the work would allow construction in the
spring which should mean the project could be completed before the expenditure deadline.