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Home My WebLink About7.a. 1993 BudgetPHONE (612) 423-4411 FAX (612)423.5203 y of (Rosemount 2875 - 145th Street West, Rosemount, Minnesota Mailing Address: P.O. Box 510, Rosemount, Minnesota 55068-0510 MAYOR Edward B. MCMenorny COJNCIIMEMBERS Sheila Klassen James (Red) Staats Harry Willcox Dennis Wippermann ADMINISTRATOR Stephan Jilk TO: Chair' Dunn Boardmembers: Anderson, Edwards,Ma e, McMenomy, Sinnwell, Wippermann FROM: Stephan Jilk, City Administrator ( DATE: June 12, 1992 RE: 1993 :Port Authority Operating Budget Believe it or not, it is time to begin discussion on the 1993 operating budget. Though the budget does not need to be finalized until the end of the year I thought, since this will be a learning experience fort all of us and I know that you all have many questions and ideas to bring to the discussion so I wanted to get started early.,, City staff is already completing the first draft of the City's general government budget for 1993. To begin the discussion I have provided you with the 1992 budget as adopted. For Tuesday evening I would hope to only discuss the following as a''beginning; 1) the format of the budget 2) what is in the 1992 budget as far as expenditures / revenue. 3) what we are not budgeting for in 1992 and what you would like to discuss for consideration in 1993 (not specific dollars). 4) the process:, that you would feel comfortable with in following for adoption of the 1993 budget before taking it to the City Council for their final approval. lj verylhings �omang `, 6 gosemounlY CITY OF ROSEMOUNT ECONOMIC DEVELOPMENT AUTHORITY PROPOSED OPERATING BUDGET 1992 Adopted: October 1, 1991 CITY OF ROSEMOUNT ECONOMIC DEVELOPMENT AUTHORITY * * 1992 PROPOSED BUDGET BALANCE (ESTIMATED) JANUARY 1992.. ................ $ 258,312.33 * * * * * SCHEDULED INCOME LOAN PAYMENTS:' BLAKE - SHORT TERM LOAN . . . . . . . . . . . . . . $ 2,906.64 * Payments =1$242.22 / month . $ 2,677.20 LOCH - SHORT TERM LOAN • . • • • • • • • • • • ' * Payments =',$223.10 /month MORTGAGE PAYMENTS: BLAKE - MORTGAGE (South Robt. Squ.) . • • • • • • $ 50,400.00 * Payments = $4,200 / month $ 48,000.00 TACH - MORTGAGE (South Robt.'Squ.) . * Payments = $4,000 / month GENERAL INCOME: $ 300,000.00 TAX INCREMENT PAYMENTS * $150,000 to EDA in July 1992 * $150,000 to EDA in December 1992 $ 6,000.00 INVESTMENT INCOME . . . . . . . . . . . • • • • . TOTAL SCHEDULED INCOME $ 409,983.84 CITY OF ROSEMOUNT ECONOMIC DEVELOPMENT AUTHORITY * * 1992 PROPOSED BUDGET * * EXPENDITURES PERSONAL SERVIC=ES & CHARGES: FULL TIME EMPLOYEES . . . . . . . . . . . . * Economic Development Specialist PART TIME EMPLOYEES . . . . . . . . . . . . . . . * Port Authority Board Member Stipend PROFESSIONAL SERVICES _& CHARGES: $ 40,000.00 $ 5,880.00 ARCHITECTS FEES . . . . . . . . . . . . . . . . . . $ 1,000-00 ENGINEERS FEES . . . . . . . . . . . . . . . . . . . $ 4,000-00 LEGAL FEES . . . . . . . . . . . . . . $ 10,000.00 PROJECT MMAGE14ENT FEES . . . . . . . . . . . . . . . $ 4,000.00 OTHER PROFESSIONAL SERVICES . . . . . . . . . . $ 12,000.00 * Downtown Development Plan * GENERAL FUND SERVICE FEE . . . . . . . . . . . . $ 6,750.00 * City of Rosemount Administrative Fee CONFERENCES/SEMINARS/MEETINGS . . . . . . . . . . $ 1,725.00 * Annual Audit of Port Authority MN DTED Star City * Annual Accounting Services Minnesota '':Industrial Development Association TRAVEL . . . $ 750.00 * Mileage Reimbursement Tax Increment Financing Workshops LEGAL NOTICES h . . . . . . . . . . . . . . . . . $ 500.00 WORKERS COMPENSATION INSURANCE . . . . . . . . $ 2,000.00 PROPERTY MAINTENANCE . . . . . . . . . . • . . $ 25,945.00 * Reimburse the Public Works Department for Rosemount Chamber of Commerce (PA) maintenance of downtown amenities. $ 500.00 * Reimburse the Public Works Department for maintenance of EDA properties. EDUCATION & T ININU: DUES & SUBSCRIPTIONS. . . . . . . . . . . . . . . $ 500.00 * Minnesota industrialDevelopment Association * Natl. Assoc. of Housing & Redevelopment Officials * Minnesota steal Estate Journal * Urban Land', Magazine * Other BOOKS & PERIODICALS . . . . . . . . . . . . . . . . . . $ 200.00 CONFERENCES/SEMINARS/MEETINGS . . . . . . . . . . $ 1,725.00 * MN DTED Star City * Minnesota '':Industrial Development Association * Natl. Assoc. of Housing & Redevelopment Officials * Tax Increment Financing Workshops * Economic Development Workshops * Dakota County Business Expo 192 * Northern Dakota County Chambers of Commerce (PA) * Rosemount Chamber of Commerce (PA) MISCELLANEOUS' . . . . . . . . . . . . . $ 500.00 PROJECT DEVELOPMENT: PROJECT ACTIVITIES . . . . . . . . . . . . . . . . $48,251.34 * Property Appraisals * Purchase of Property INFRASTRUCTURE IMPROVEMENTS . . . . . . . $ 25,000.00 * Rosemount Tillage, Lots 1-7, Block 6 FUND TRANSFERS: DEBT SERVICE TRANSFER . . . . . . . . . . . . . . . $ 170,982.50 * 1988 Taxable G.O. TIF Bond * Payments scheduled for February and August * Service Fee for Bond Paying Agent TRANSFER TO GENERAL FUND . . . . . . . . . $ 50,000.00 * Payment 2 of 3 to City of Rosemount TOTAL EXPENDITURES 409 983.84 $ , CITY OF ROSEMOUNT ECONOMIC DEVELOPMENT AUTHORITY * * 1992 BUDGET LINE ITEMS * * 201-46300.01 EXPENDITURES PERSONAL SERVI!ES & CHARGES: 101 Full TimeiEmployees . . . . . . . . . . . . $ 40,000.00 103 Part Time Employees . . . . . . . . . . $ 5,880.00 FROFESSIONAL SERVICES & CHARGES: 301 Auditing & Accounting Services . . . . . . . . $ 0.00 302 Architects Fees . . . . . . . $ 1,000.00 303 Engineers) Fees . . . . . . . . . . . . . . . . . $ 4,000.00 304 Legal Fees . . . . . . . . . . . . . . . . . . $ 10, 000.00 307 Project Management Fees . . . . . . . . . . . . $ 4,000.00 319 Other Professional Services . . . . . . . . . $ 12,000.00 320 General Fund Service Fee . . . . . . . . . . $ 6,750.00 331 Travel . $ 750.00 351 Legal Notices . . . . . . . . . . . . $ 500.00 365 Workers Compensation Insurance . . . . . . $ 2,000.00 403 Property Maintenance . . . . . . . . $ 25,945.00 EDUCATION & TRjAINING: 433 Dues & Subscriptions . . . . . . . . . . . . . . . $ 500.00 435 Books & Periodicals . . . . . . . . . . . $ 200.00 437 Conferences/Seminars/Meetings . . . . . . . . . $ 1,725.00 439 Miscellaneous . . . . . . . . . . . . . . . . . . $ 500.00 PROPERTY TRANSACTIONS: 511 Land Acquisition Activities . . . . . . . . . $ 48,251.34 530 Right of Way Improvements . . . . . . . . . . $ 25,000.00 YUNU TKANSFERS: 710 Debt Service Transfer . . . . $ 170,982.50 720 Transferlto General Fund . . . . . . . . $ 50,000.00 TOTAL EXPENDITURES $ 409,983.84 CITY OF ROSEMOUNT ECONOMIC DEVELOPMENT AUTHORITY 1992 CASH FLOA PROJECTION January 1, 1992 Beginning Balance = $258,312.33 (ESTIMATED) MONTH INCOME EXPENDITURES BALANCE JAN 9,165.32 $ 141,292.20 $ 126,185.45 FEB 9,165.32 17,202.20 118,148.57 MAR 9,165.32 10,452.20 116,861.69 APR 9,165.32 10,452.20 115,574.81 MAY 9,165.32 10,452.19 114,287.94 JUN 9,165.32 10,452.19 113,001.07 JUL 159,165.32 128,534.70 143,631.69 142,344.82 AUG 9,165.32 10,452.19 SEP 9,165.32 10,452.19 141,057.95 OCT 9,165.32 10,452.19 139,771.08 NOWT 9,165.32 10,452.19 138,484.21 DEC 159,165.32 39,337.20 258,312.33 TOTALS'' 409,983.84 $ 409,983.84 Minimum Balance CITY OF ROSEMOUNT ECONOMIC DEVELOPMENT AUTHORITY 1992 CASH FLOW PROJECTION * * * CALCULATIONS SCHEDULED INCOME• January - JuneIIII1992 $ 242.22 Blake Loan August - Nov 1992 4,200.00 Blake Mortgage 223.10 Loch Loan 4,000.00 Loch Mortgage 500.00 Interest Income $ 9,165.32 July & Dec 1994 $ 150,000.00 Tax Increment Payment 9.165.32 Loan/Mortgage Pmts. 159,165.32 EXPENDITURES• Specific expe ditures are removed in the months indicated. Remaining expe ditures have been divided evenly throughout the 12 months of 1992. These costs total an average of $7,118.86 per month and are listed as "General Port Authority Activities." January 1992 $ 128,840.00 Transfer for Bond Pmt. I 2,000.00 Fee for Bond Paying Agent 3,333.33 Salary for EDS 7,118.87 General EDA Activities $ 141,292.20 February 1992 $ 6,750.0 0 General Admin. Fee 3,333.33 Salary for EDS 7,118.87 General EDA Activities $ 17,202.20 March - April 1992 $ 3,333.33 Salary for EDS 7,118.87 General EDA Activities $ 10,452.20 May - June 1992 $ 3,333.33 Salary for EDS August - Nov 1992 7,118.86 General EDA Activities $ 10,452.19 July 1992 $ 40,142.50 Transfer for Bond Pmt. II 2,940.00 Per Diem Payment I 50,000.00 Transfer to City 25,000.00 Reimbursement to PW I 3,333.33 Salary for EDS 7,118.87 General EDA Activities $ 128,534.20 December 1992' $ 2,940.00 Per Diem Payment II 25,945.00 Reimbursement to PW II 3,333.33 Salary for EDS 7,118.87 General EDA Activities $ 39,337.20