5.0. EDSR 01-10-1994 D-.0.
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t of TO: ECONOMIC DEVELOPMENT AUTHORITY
KRiverFROM: LORI JOHNSON, FINANCE DIRECTOR1654:3
DATE: JANUARY 7, 1994
SUBJECT: FINANCIAL UPDATE
ECONOMIC DEVELOPMENT AUTHORITY
The Economic Development Authority will end 1993 with a cash
balance of approximately $69,750 . This is up over $7,900 from
the 1993 beginning cash balance of $61,813 .49 . The EDA had
revenues in 1993 of just over $75,000. The majority of the
revenues came in the form of property taxes and state aids .
Expenditures in 1993, excluding accounts payable, were
$67,376 . For the first time in 1993, a portion of the Economic
Development Coordinator's salary was charged to the EDA.
Another change is that the Chamber of Commerce Fourth of July
contribution was also charged to the EDA.
Attached is a 1993 Statement of Cash Activity for the EDA
detailing the EDA's activities. Please keep in mind that these
numbers are preliminary and do not include any accounts
receivable or payable.
MICRO LOAN FUND
The Micro Loan Fund' s cash balance as of December 31, 1993,
excluding interest income is $118,541.30 . This is down
substantially from the beginning cash balance of $200,818 . 74 .
The decrease in the cash balance is due to the volume of loans
closed in 1993 . Five loans were closed totalling $169,612 . At
this time all loan payments are current.
I will have a handout available at Monday's meeting which will
provide detail on each of the outstanding loans including the
original amount, the principal outstanding, and the final
maturity date.
.
P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425
• ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
1993 STATEMENT OF CASH ACTIVITY
Cash Balance:
December 31, 1988 $16, 147 .45
December 31, 1989 31,913. 04
December 31, 1990 30,801.44
December 31, 1991 42,060 .21
December 31, 1992 61,813 .49
December 31, 1993* 69,557 .04
1993 Revenues:
Ad Valorem Tax** $61,878. 74
State Aids 11,415. 00
Interest Income* 1,825.54
$75, 119 .28
1993 Expenditures: ***
Personal Services $21,000 . 00
Legal Services 722 .40
• Econ. Dev. Consultant 148.75
Other Professional Service 1, 169 .88
Advertising 14,551 .82
Newsletter/Targeted
Marketing 6, 183.51
Postage 2, 132 .83
Chamber of Commerce 4,000 . 00
Transfer to City 6,000.00
Minnesota Housing Finance 9,942 .42
Other 1,524 . 12
$67,375 .73
Excess Revenues over Expenditures $ 7,743.55
(Excluding all accounts receivable and payable)
*Excludes December, 1993 Interest Income
**Excludes Taxes Receivable
***Excludes All Accounts Payable
•