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Home My WebLink About5.b. Draft Budget Discussion EXECUTIVE SUMMARY Port Authority Date: May 15, 2018 AGENDA ITEM: Draft Budget Discussion AGENDA SECTION: New Business PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 5.b. ATTACHMENTS: Draft Budget APPROVED BY: LJM RECOMMENDATION: Motion to Approve draft Budget ISSUE In late spring all departments put together a draft budget. The Port Authority has its own budget, although it is part of the City’s overall general levy. There aren’t any significant changes in the Port budget as compared to 2018. A separate account code has been added to call out the Open to Business program, as it was before housed in the Other Advertising section. Previously, when the City contracted with Buxton for retail attraction, the funding for that item was housed in the Port budget. We are now contracting with Retail Strategies for retail attraction and the account is housed in the Community Development Department. Similar to Buxton, the contract is for 3 years but can be terminated early. The City continues to receive funds from the Downtown TIF district to pay off bonds for prior expenditures, primarily land acquisition within the Downtown. In the case of the Waterford project the increment received is paid to the property owner. The tax revenue coming from within the TIF district is projected to cover the bond payment for 2019 and subsequent years. RECOMMENDATION The City Council will be discussing budgets in the upcoming months. Staff is requesting the Port Authority approve the draft budget. Page One 2019 BUDGET WORKSHEETS PORT AUTHORITY - REVENUES May 15, 2018 2019 2018 Object 2019 2015 2016 2017 Adopted Detail Proposed Account # Description Actual Actual Actual Budget Amount Budget Comments -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 201 31010.00 Current Ad Valorem Taxes $58,000 $58,000 $58,000 $60,000 $60,000 Operating Levy 201 31050.00 Tax Increments 0 0 0 0 0 Admin Fees Portion Only 201 32280.00 Fiber License Fees 0 2,000 1,150 2,400 1,200 _____________________________ 201 33130.00 Federal Grants-CDBG 0 0 0 0 0 _____________________________ 201 33425.00 Other State Grants & Aids 287,090 0 32,479 0 0 LCA Grant-Land/Bldg Acquisition 201 33620.00 Other County Grants & Aids 0 0 0 0 0 _____________________________ 201 34109.00 Other Charges for Services 0 0 2,560 0 0 _____________________________ 201 36210.00 Interest Earnings - Investments 74 55 8 100 100 Interest Earned on CD's 201 36215.00 Interest Earnings 58 76 224 100 100 Checking Interest & Misc 201 36230.00 Contributions/Donations 0 0 0 0 0 _____________________________ 201 36260.00 Other Revenue 0 0 0 0 0 _____________________________ 201 36265.00 Use of Reserve Funds 0 0 0 0 0 _____________________________ 201 39101.00 Sales of General Fixed Assets 0 0 0 0 0 _____________________________ ------------------------------------------------------------------------------------------ FUND TOTALS $345,222 $60,131 $94,421 $62,600 $61,400 ====================================================== EXPENDITURES 2019 2018 Object 2019 2015 2016 2017 Adopted Detail Proposed Account # Description Actual Actual Actual Budget Amount Budget Comments -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- All Salary Costs Inclusive of Salary, Taxes, PERA & Benefits 201 46300 01 103.00 Part-Time Salaries & Benefits $11,171 $5,752 $0 $0 $0 Part-Time Intern 201 46300 99 103.00 Part-Time Salaries & Benefits 3,008 2,467 2,217 4,000 4,000 Port Authority Members 201 46300 01 303.00 Engineering Fees 0 2,936 5,842 3,000 3,000 _____________________________ 201 46300 01 304.00 Legal Fees 4,912 3,261 0 4,000 4,000 _____________________________ 201 46300 01 317.00 General Fund Administrative Fees 6,000 6,000 6,000 6,000 6,000 Yearly Fee Per Policy F-3 201 46300 01 319.00 Other Professional Services 19,500 _____________________________ 201 46300 01 319.01 Project Management Consultant 0 0 0 2,000 2,000 _____________________________ 201 46300 01 319.02 Marketing - REDE - City Share 14,373 10,000 10,000 10,000 10,000 Greater MSP 201 46300 01 319.04 P/A Property Tax Payments 0 0 0 0 0 _____________________________ 201 46300 01 319.05 Other Consultants 0 700 165 7,000 2,000 Downtown Update 201 46300 01 319.06 Grant Reimbursement Expenses 0 0 14,655 0 0 _____________________________ 201 46300 01 319.07 Buxton 16,667 0 0 0 0 _____________________________ 201 46300 01 319.08 Open to Business (OTB)0 0 0 0 5,500 _____________________________ 201 46300 01 322.00 Postage Costs 0 0 0 0 0 _____________________________ 201 46300 01 331.00 Travel Expense 0 0 13 0 0 _____________________________ 201 46300 01 349.00 Other Advertising 14,217 11,027 13,967 12,500 7,000 Additional Marketing Opportunities 201 46300 01 359.00 Other Printing & Binding Costs 100 637 0 900 900 _____________________________ 201 46300 01 365.00 Workers Comp Insurance 604 616 124 700 700 Commissioners 201 46300 01 369.00 Other Insurance 440 696 758 600 600 Property Insurance 201 46300 01 381.00 Electric Utilities 130 321 283 400 400 Business Park & Other Properties 201 46300 01 383.00 Gas Utilities 0 0 0 0 0 Other Properties 201 46300 01 389.00 Other Utility Services 0 0 0 2,000 2,000 Utility Fees / Fiber Maintenance 201 46300 01 403.00 Contracted Repairs & Maintenance 0 0 270 2,000 2,000 Contracts for Fiber 201 46300 01 433.00 Dues & Subscriptions 2,000 Prof Organizations/Journals 201 46300 01 433.01 Professional Organizations/Journa 2,392 1,671 920 2,000 2,000 _____________________________ 201 46300 01 433.02 Foreign Trade Zone Commission 0 0 0 0 0 _____________________________ 201 46300 01 437.00 Conferences & Seminars 7,349 1,428 2,384 5,000 5,000 Development/TIF/Miscellaneous 201 46300 01 439.00 Other Miscellaneous Charges 0 443 165 500 500 Contingencies 201 46300 01 521.00 Building & Structure Purchases 0 0 0 0 0 _____________________________ 201 46300 01 525.00 Building & Structure Purchases 287,090 24,979 0 0 0 LCA Grant-Land/Bldg Acquisition 201 46300 01 530.00 Improvements Other Than Bldgs 0 0 0 0 0 _____________________________ 201 46300 01 710.00 Transfers 86,437 0 0 0 0 _____________________________ ------------------------------------------------------------------------------------------ FUND TOTALS $454,890 $72,931 $57,763 $62,600 $57,600 ====================================================== Page One 2019 BUDGET WORKSHEETS DOWNTOWN/BROCKWAY DISTRICT(0108) - REVENUES May 15, 2018 2019 2018 Object 2019 2015 2016 2017 Adopted Detail Proposed Account # Description Actual Actual Actual Budget Amount Budget Comments ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 242 31010.00 Current Ad Valorem Taxes $0 $0 $0 $0 $0 MVHC Payments 242 31050.00 Tax Increments 720,963 794,268 832,533 800,000 850,000 __________________________ 242 33400.00 State Grants & Aids 0 0 0 0 0 __________________________ 242 33425.00 Other State Grants & Aids 0 0 0 0 0 __________________________ 242 33620.00 Other County Grants & Aids 0 0 0 0 0 __________________________ 242 36210.00 Interest Earnings - Investments 978 1,961 3,413 800 1,000 __________________________ 242 36215.00 Interest Earnings 139 539 287 0 0 __________________________ 242 36220.00 Rents & Royalties 0 0 0 0 0 __________________________ 242 36230.00 Other Revenue 0 0 0 0 0 __________________________ 242 36260.00 Contribution/Donation-Private 0 0 0 0 0 __________________________ 242 39101.00 Sale of General Fixed Assets 15,000 308,161 0 0 0 __________________________ 242 39310.00 Bond Proceeds 0 0 0 0 0 __________________________ ------------------------------------------------------------------------------------------------ FUND TOTALS $737,080 $1,104,929 $836,233 $800,800 $851,000 =================================================== EXPENDITURES 2019 2018 Object 2019 2015 2016 2017 Adopted Detail Proposed Account # Description Actual Actual Actual Budget Amount Budget Comments ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 242 49042 01 303.00 Engineering Fees $0 $0 $0 $0 $0 __________________________ 242 49042 01 304.00 Legal Fees 0 0 0 0 0 __________________________ 242 49042 01 319.00 Other Professional Services 14,919 12,438 12,998 15,000 15,000 County TIF Charges 242 49042 01 522.00 Building & Structure Purchases 0 0 0 0 0 CDA-Dahn Property Purchase 242 49042 01 530.00 Improvements Other Than Buildings 0 0 63,169 0 0 __________________________ 242 49042 01 533.00 Improvements Other Than Buildings 0 0 0 0 0 __________________________ 242 49042 01 536.00 Improvements Other Than Buildings 0 0 0 0 0 Fiber in Business Park 242 49042 01 538.00 Improvements Other Than Buildings 0 0 0 0 0 TH 3 Turn Lane Improvements 242 49042 01 601.00 Principal on Waterford PAYG 69,168 67,894 73,422 80,000 80,000 Waterford Pay-As-You-Go 242 49042 01 611.00 Interest on Waterford PAYG 78,081 74,709 71,313 68,000 68,000 Waterford Pay-As-You-Go 242 49042 01 710.00 Transfers 450,000 500,000 550,000 600,000 600,000 P & I for 2008A & 2015A Issues ------------------------------------------------------------------------------------------------ FUND TOTALS $612,168 $655,041 $770,902 $763,000 $763,000 ===================================================