The URL can be used to link to this page

Home My WebLink About5.b. Port Budget Approval EXECUTIVE SUMMARY Port Authority Meeting: July 21, 2020 AGENDA ITEM: 2021 Port Budget Approval AGENDA SECTION: New Business PREPARED BY: Kim Lindquist, Community Development Director AGENDA NO. 5.b. ATTACHMENTS: 2021 Port Budget, TIF Budget APPROVED BY: LJM RECOMMENDED ACTION: Motion to Approve the Draft Port Authority Budget and TIF Budget BACKGROUND As the budgeting process starts for 2021, staff has put together a draft budget for the Port Authority for 2021 operations, and the TIF budget for the Downtown/Brockway TIF District. The new KenRose TIF will not generate any increment in 2021. The 2021 operating budget is similar to the 2020 budget, with the exception that the Retail Strategies funding has been removed. That modification eliminates $40,000 as compared to 2020, although staff has increased other line items, so the overall budget has decreased by $22,000. There are two areas where there have been increases, one being $2,000 in the Marketing/REDE (regional economic development) that is used for Greater MSP membership. That group has indicated that they will be requesting an increase in membership dues, although the recent COVID pandemic might change their approach. The other budget line item increased is “other advertising”, which is a catch all for marketing activities. This line item is increased by $15,000. Starting in 2020 staff had planned to participate in a Real Estate Journal presentation and would also look for other marketing programs. We would also purchase a booth. Due to COVID, we intend to pursue participation in the REJ sessions in 2021and plan on using the additional marketing money increase for that activity as well as other opportunities that may present themselves. RECOMMENDATION Staff recommends the Port Authority approve the draft 2021 Budget and TIF Budget. Page One 2021 BUDGET WORKSHEETS PORT AUTHORITY - REVENUES July 21, 2020 2021 2020 Object 2021 2017 2018 2019 Adopted Detail Proposed Account # Description Actual Actual Actual Budget Amount Budget Comments ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 201 31010.00 Current Ad Valorem Taxes $58,000 $60,000 $105,000 $112,000 $90,000 Operating Levy 201 31050.00 Tax Increments 0 0 0 0 0 Admin Fees Portion Only 201 32280.00 Fiber License Fees 1,150 600 1,200 1,200 1,200 _____________________________ 201 33130.00 Federal Grants-CDBG 0 0 0 0 0 _____________________________ 201 33425.00 Other State Grants & Aids 32,479 0 0 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 2,560 10,175 7,225 8,000 8,000 Business Expo 201 36210.00 Interest Earnings - Investments 8 442 457 100 100 Interest Earned on CD's 201 36215.00 Interest Earnings 224 376 2,231 100 100 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 0 268,114 0 0 _____________________________ ------------------------------------------------------------------------------------------ FUND TOTALS $94,421 $71,594 $384,228 $121,400 $99,400 ====================================================== EXPENDITURES 2021 2020 Object 2021 2017 2018 2019 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 $0 $0 $0 $0 $0 Part-Time Intern 201 46300 99 103.00 Part-Time Salaries & Benefits 2,217 2,367 2,575 4,000 4,000 Port Authority Members 201 46300 01 219.00 Other Operating Supplies 0 6,361 6,923 8,000 8,000 Business Expo 201 46300 01 303.00 Engineering Fees 5,842 23,896 332 3,000 3,000 _____________________________ 201 46300 01 304.00 Legal Fees 0 5,651 3,468 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 21,500 _____________________________ 201 46300 01 319.01 Project Management Consultant 0 0 0 2,000 2,000 _____________________________ 201 46300 01 319.02 Marketing - REDE - City Share 10,000 10,000 11,068 10,000 12,000 Greater MSP 201 46300 01 319.04 P/A Property Tax Payments 0 0 0 0 0 _____________________________ 201 46300 01 319.05 Other Consultants 165 9,083 1,750 2,000 2,000 Downtown Update 201 46300 01 319.06 Grant Reimbursement Expenses 14,655 0 0 0 0 _____________________________ 201 46300 01 319.07 Retail Strategies 0 0 45,000 40,000 0 _____________________________ 201 46300 01 319.08 Open to Business (OTB)0 0 0 5,500 5,500 _____________________________ 201 46300 01 322.00 Postage Costs 0 0 0 0 0 _____________________________ 201 46300 01 331.00 Travel Expense 13 0 293 0 500 _____________________________ 201 46300 01 349.00 Other Advertising 13,967 9,650 9,077 25,000 40,000 Additional Marketing Opportunities 201 46300 01 359.00 Other Printing & Binding Costs 0 0 2 200 200 _____________________________ 201 46300 01 365.00 Workers Comp Insurance 124 137 140 200 200 Commissioners 201 46300 01 369.00 Other Insurance 758 584 555 600 600 Property Insurance 201 46300 01 381.00 Electric Utilities 283 172 171 400 400 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 1,000 1,000 Utility Fees / Fiber Maintenance 201 46300 01 403.00 Contracted Repairs & Maintenance 270 3,940 0 2,000 2,000 Contracts for Fiber 201 46300 01 433.00 Dues & Subscriptions 2,500 Prof Organizations/Journals 201 46300 01 433.01 Professional Organizations/Journals 920 495 2,217 2,000 2,500 _____________________________ 201 46300 01 433.02 Foreign Trade Zone Commission 0 0 0 0 0 _____________________________ 201 46300 01 437.00 Conferences & Seminars 2,384 2,631 3,300 5,000 5,000 Development/TIF/Miscellaneous 201 46300 01 439.00 Other Miscellaneous Charges 165 0 3,689 500 500 Contingencies 201 46300 01 521.00 Building & Structure Purchases 0 0 0 0 0 _____________________________ 201 46300 01 525.00 Building & Structure Purchases 0 0 0 0 0 _____________________________ 201 46300 01 530.00 Improvements Other Than Bldgs 0 16,313 0 0 0 _____________________________ 201 46300 01 710.00 Transfers 0 0 0 0 0 _____________________________ ------------------------------------------------------------------------------------------ FUND TOTALS $57,763 $97,279 $96,560 $121,400 $99,400 ====================================================== Page One 2021 BUDGET WORKSHEETS DOWNTOWN/BROCKWAY DISTRICT(0108) - REVENUES July 21, 2020 2021 2020 Object 2021 2017 2018 2019 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 832,533 863,105 865,476 870,000 900,000 __________________________ 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 3,413 11,759 15,491 1,000 1,000 __________________________ 242 36215.00 Interest Earnings 287 656 2,149 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 0 0 0 0 0 __________________________ 242 39310.00 Bond Proceeds 0 0 0 0 0 __________________________ ------------------------------------------------------------------------------------------------ FUND TOTALS $836,233 $875,520 $883,115 $871,000 $901,000 =================================================== EXPENDITURES 2021 2020 Object 2021 2017 2018 2019 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 0 116 0 0 0 __________________________ 242 49042 01 319.00 Other Professional Services 12,998 15,725 19,983 17,000 22,000 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 63,169 0 0 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 73,422 78,217 81,460 85,000 90,000 Waterford Pay-As-You-Go 242 49042 01 611.00 Interest on Waterford PAYG 71,313 67,560 63,673 65,000 60,000 Waterford Pay-As-You-Go 242 49042 01 710.00 Transfers 550,000 600,000 600,000 600,000 600,000 P & I for 2008A & 2015A Issues ------------------------------------------------------------------------------------------------ FUND TOTALS $770,902 $761,617 $765,116 $767,000 $772,000 ===================================================