HomeMy WebLinkAbout5.b. Exec Sum financial year end
E X E C U T I V E S U M M A R Y
Port Authority Regular Meeting: April 19, 2016
AGENDA ITEM: Review Year End Financial Information AGENDA SECTION:
New Business
PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 5.b.
ATTACHMENTS: Financial Information APPROVED BY: ddj
RECOMMENDED ACTION: Information Item
BACKGROUND
As part of the annual meeting the Port Authority bylaws indicate a financial review of the previous year
will be made available. The TIF information is available as well as the operating budget for the Port
Authority.
The TIF District budget indicates a surplus. However, as we have discussed, the timing for the District
means that the amount of money that can be expended on new projects and the type of project is limited
by law. For the most part, the intention is that monies coming into the District are there to pay off debt. If
debt is paid the District would end so the various taxing jurisdictions would receive the full amount of
taxes.
The operating budget was slightly under budget. The conference line items were over budget which is
attributable to the four people going to Las Vegas for the ICSC conference. The large capital expenditures
were three items related to the CDA housing project and were reimbursed with LCDA grant funds. In
other services and charges the budget was slightly underspent.
RECOMMENDATION
Information Item Only
3-29-2016 02:05 PM CITY OF ROSEMOUNT PAGE: 1
REVENUE & EXPENSE REPORT - UNAUDITED
AS OF: DECEMBER 31ST, 2015
242-TIF DOWNTOWN-BROCKWAY
CURRENT CURRENT YEAR TO DATE BUDGET OF
REVENUES BUDGET PERIOD ACTUAL BALANCE BUDGET
TAXES
242-31050.00 TAX, INCREMENTS 670,000.00 1,831.54 720,963.33 ( 50,963.33) 107.61
TOTAL TAXES 670,000.00 1,831.54 720,963.33 ( 50,963.33) 107.61
3RANTS & AIDS
CHARGES FOR SERVICES
MISCELLANEOUS REVENUES
242-36210.00 INTEREST EARNINGS-INVESTMENTS 800.00 9.36 977.64 (177.64) 122.21
242-36215.00 INTEREST EARNINGS 0.00 0.00 139.19 (139.19) 0.00
TOTAL MISCELLANEOUS REVENUES 800.00 9.36 1,116.83 (316.83) 139.60
COTAL REVENUES 670,800.00 1,840.90 722,080.16 ( 51,280.16) 107.64
PAGE: 2
CITY OF ROSEMOUNT
29-2016 02:05 PM
REVENUE & EXPENSE REPORT - UNAUDITED
AS OF: DECEMBER 31ST, 2015
l2-TIF DOWNTOWN-BROCKWAY
CF DOWNTOWN-BROCKWAY
CURRENT YEAR TO DATE BUDGET $ OF
CURRENT
BALANCE BUDGET
BUDGET PERIOD
ACTUAL
KPENDITURES
IF DOWNTOWN-BROCKWAY
UPPLIES
ETHER SERVICES & CHARGES
0.00 14,918.50 5,081.50 74.59
242-49042-01-319.00 OTHER PROFESSIONAL SERVIC 20,000.00
20,000.00 0.00 14,918.50 5,081.50 74.59
TOTAL OTHER SERVICES & CHARGES
OTHER SERV & CHGS (CONT) ISI
CAPITAL OUTLAY ACCOUNTS
DEBT SERVICE ACCOUNTS
0.00 69,168.21 4,131.79 94.36
242-49042-01-601.00 PRINCIPAL ON WATERFORD NO 73,300.00
0.00 78,080.79 19.21 99.98
242-49042-01-611.00 INTEREST ON WATERFORD NOT 78,100.00
0.00 147,249.00 4,151.00 97.26
TOTAL DEBT SERVICE ACCOUNTS
151,400.00
171,400.00 0.00 162,167.50 9,232.50 94.61
TOTAL TIF DOWNTOWN-BROCKWAY
TOTAL TIF DOWNTOWN-BROCKWAY
171,400.00 0.00 162,167.50 9,232.50 94.61
DOW
171,400.00 0.00 162,167.50 9,232.50 94.61
TOTAL EXPENDITURES
499,400.00 1,840.90 559,912.66 ( 60,512.66) 112.12
REVENUES OVER/(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
OTHER FINANCING SOURCES 15000 0 ( 15,000,00)
0.00 0.00
0.00
242-39101.00 SALE OF GENERAL FIXED ASSETS
0.00 0.00 151000.00 ( 15,000.00) 0.00
TOTAL OTHER FINANCING SOURCES
OTHER FINANCING (USES) 450,000-00_ 0.00 100.00
450,000.00 x•00
242-49042-01-710.00 TRANSFERS
450,000.00 0.00 450,000.00 0.00 100.00
TOTAL OTHER FINANCING (USES)
REVENUE & OTHER SOURCES OVER/
1,840.90 124,912.66 ( 75,512.66) 252.86
UNDER) EXPENDITURES & OTHER (USES)49,400.00
END OF REPORT ***
1-04-2016 09:41 AM CITY OF ROSEMOUNT PAGE: 1
REVENUE & EXPENSE REPORT - UNAUDITED
AS OF: DECEMBER 31ST, 2015
201-PORT AUTHORITY FUND
CURRENT CURRENT YEAR TO DATE BUDGET % OF
REVENUES BUDGET PERIOD ACTUAL BALANCE BUDGET
________________________________________________________________________________________________________________
TAXES
201-31010.00 CURRENT AD VALOREM TAXES 58,000.00 29,000.00 58,000.00 0.00 100.00
TOTAL TAXES 58,000.00 29,000.00 58,000.00 0.00 100.00
LICENSES & PERMITS _____________ _____________ _____________ _____________ _______
GRANTS & AIDS
201-33425.00 OTHER STATE GRANTS & AIDS 0.00 0.00 287,090.09 ( 287,090.09) 0.00
TOTAL GRANTS & AIDS 0.00 0.00 287,090.09 ( 287,090.09) 0.00
CHARGES FOR SERVICES _____________ _____________ _____________ _____________ _______
SPECIAL ASSESSMENTS _____________ _____________ _____________ _____________ _______
MISCELLANEOUS REVENUES
201-36210.00 INTEREST EARNINGS 100.00 6.19 66.91 33.09 66.91
201-36211.00 INTEREST EARNINGS-LOCH LOAN 100.00 0.00 0.00 100.00 0.00
201-36215.00 INTEREST EARNINGS 0.00 2.27 58.43 ( 58.43) 0.00
201-36265.00 USE OF RESERVE FUNDS 14,400.00 0.00 0.00 14,400.00 0.00
TOTAL MISCELLANEOUS REVENUES 14,600.00 8.46 125.34 14,474.66 0.86
________________________________________________________________________________________________________________
TOTAL REVENUES 72,600.00 29,008.46 345,215.43 ( 272,615.43) 475.50
============= ============= ============= ============= =======
1-04-2016 09:41 AM CITY OF ROSEMOUNT PAGE: 2
REVENUE & EXPENSE REPORT - UNAUDITED
AS OF: DECEMBER 31ST, 2015
201-PORT AUTHORITY FUND
PORT AUTHORITY
CURRENT CURRENT YEAR TO DATE BUDGET % OF
EXPENDITURES BUDGET PERIOD ACTUAL BALANCE BUDGET
________________________________________________________________________________________________________________
PORT AUTH. OPERATING BDG
========================
PERSONAL SERVICES
201-46300-01-103.00 PART-TIME EMPLOYEES - REG 0.00 870.00 10,147.50 ( 10,147.50) 0.00
201-46300-01-122.00 FICA CONTRIBUTIONS 0.00 53.95 629.19 ( 629.19) 0.00
201-46300-01-125.00 MEDICARE CONTRIBUTIONS 0.00 12.62 147.18 ( 147.18) 0.00
TOTAL PERSONAL SERVICES 0.00 936.57 10,923.87 ( 10,923.87) 0.00
SUPPLIES ___________________________________________________________________
OTHER SERVICES & CHARGES
201-46300-01-303.00 ENGINEERING FEES 2,000.00 0.00 0.00 2,000.00 0.00
201-46300-01-304.00 LEGAL FEES 3,000.00 1,745.25 3,734.25 ( 734.25) 124.48
201-46300-01-317.00 GEN'L FUND ADMIN FEES 6,000.00 0.00 6,000.00 0.00 100.00
201-46300-01-319.01 PROJECT MANAGEMENT CONSUL 2,000.00 0.00 0.00 2,000.00 0.00
201-46300-01-319.02 MARKETING 10,000.00 0.00 14,373.06 ( 4,373.06) 143.73
201-46300-01-319.05 OTHER CONSULTANTS 5,400.00 0.00 0.00 5,400.00 0.00
201-46300-01-319.07 BUXTON PROJECT 0.00 0.00 16,666.66 ( 16,666.66) 0.00
OTHER PROFESSIONAL SERV 17,400.00 0.00 31,039.72 ( 13,639.72) 178.39
201-46300-01-349.00 OTHER ADVERTISING 27,000.00 0.00 14,217.11 12,782.89 52.66
201-46300-01-359.00 OTHER PRINTING & BINDING 3,000.00 0.00 100.00 2,900.00 3.33
201-46300-01-365.00 WORKMEN'S COMP INSURANCE 500.00 55.06 603.62 ( 103.62) 120.72
201-46300-01-369.00 OTHER INSURANCE 2,000.00 0.00 383.17 1,616.83 19.16
201-46300-01-381.00 ELECTRIC UTILITIES 500.00 25.89 129.97 370.03 25.99
TOTAL OTHER SERVICES & CHARGES 61,400.00 1,826.20 56,207.84 5,192.16 91.54
OTHER SERV & CHGS (CONT)
201-46300-01-433.01 PROF ORGANIZATIONS/JOURNA 1,700.00 0.00 2,392.00 ( 692.00) 140.71
201-46300-01-437.00 CONFERENCES & SEMINARS 5,000.00 130.00 7,348.73 ( 2,348.73) 146.97
201-46300-01-439.00 OTHER MISCELLANEOUS CHARG 500.00 0.00 0.00 500.00 0.00
TOTAL OTHER SERV & CHGS (CONT) 7,200.00 130.00 9,740.73 ( 2,540.73) 135.29
CAPITAL OUTLAY ACCOUNTS
201-46300-01-525.00 BUILDING & STRUCTURE PURC 0.00 0.00 287,090.09 ( 287,090.09) 0.00
TOTAL CAPITAL OUTLAY ACCOUNTS 0.00 0.00 287,090.09 ( 287,090.09) 0.00
________________________________________________________________________________________________________________
TOTAL PORT AUTH. OPERATING BDG 68,600.00 2,892.77 363,962.53 ( 295,362.53) 530.56
1-04-2016 09:41 AM CITY OF ROSEMOUNT PAGE: 3
REVENUE & EXPENSE REPORT - UNAUDITED
AS OF: DECEMBER 31ST, 2015
201-PORT AUTHORITY FUND
PORT AUTHORITY
CURRENT CURRENT YEAR TO DATE BUDGET % OF
EXPENDITURES BUDGET PERIOD ACTUAL BALANCE BUDGET
________________________________________________________________________________________________________________
PORT AUTH. BOARD MEMBERS
========================
PERSONAL SERVICES
201-46300-99-103.00 PART-TIME EMPLOYEES - REG 4,000.00 805.00 2,835.00 1,165.00 70.88
201-46300-99-121.00 PERA CONTRIBUTIONS 0.00 0.00 9.26 ( 9.26) 0.00
201-46300-99-122.00 FICA CONTRIBUTIONS 0.00 36.89 123.69 ( 123.69) 0.00
201-46300-99-125.00 MEDICARE CONTRIBUTIONS 0.00 11.45 40.26 ( 40.26) 0.00
TOTAL PERSONAL SERVICES 4,000.00 853.34 3,008.21 991.79 75.21
________________________________________________________________________________________________________________
TOTAL PORT AUTH. BOARD MEMBERS 4,000.00 853.34 3,008.21 991.79 75.21
________________________________________________________________________________________________________________
TOTAL PORT AUTHORITY 72,600.00 3,746.11 366,970.74 ( 294,370.74) 505.47
________________________________________________________________________________________________________________
TOTAL EXPENDITURES 72,600.00 3,746.11 366,970.74 ( 294,370.74) 505.47
________________________________________________________________________________________________________________
REVENUES OVER/(UNDER) EXPENDITURES 0.00 25,262.35 ( 21,755.31) 21,755.31 0.00
============= ============= ============= ============= =======
OTHER FINANCING SOURCES (USES)
OTHER FINANCING SOURCES _____________ _____________ _____________ _____________ _______
OTHER FINANCING (USES)
201-46300-01-710.00 TRANSFERS 0.00 0.00 86,437.42 ( 86,437.42) 0.00
TOTAL OTHER FINANCING (USES) 0.00 0.00 86,437.42 ( 86,437.42) 0.00
________________________________________________________________________________________________________________
REVENUE & OTHER SOURCES OVER/
(UNDER) EXPENDITURES & OTHER (USES) 0.00 25,262.35 ( 108,192.73) 108,192.73 0.00
*** END OF REPORT ***