HomeMy WebLinkAbout2015 EDA AML
To the Board of Commissioners
Columbia Heights Economic Development Authority
Columbia Heights, Minnesota 55421
In conjunction with our audit of the City’s financial statements, we have prepared this
report to assist the EDA board in analyzing the financial activity of the EDA.
Economic Development Authority
The EDA was established in January 1996. The EDA is a separate legal entity from the
City, however, because the Mayor and City Council members comprise the majority of the
EDA’s governing board, the EDA is reported in the City’s financial statements using the
blended method. The EDA financial statements are included as Special Revenue, Debt
Service and Capital Project Funds in the City’s CAFR.
A summary of the 2015 financial activity is as follows:
Revenue ExpendituresInterfundIncrease (Decrease)Fund Balance/Cash
FundCAFRand Otherand OtherTransfersin Fund Balance/Net PositionBalance
FundNo.pg no.SourcesUses(Net)Net Position12/31/1512/31/15
Special Revenue:
Economic Development Authority Admin204113$264,367$190,340($13,756)$60,271$414,031$367,893
Debt Service:
Tax Increment Bonds3761292,700160,121 - (157,421)526,154192,883
Multi-Use Redevelopment Plan38512926,03111,679 - 14,35278,28783,384
TIF Transition Block38912943,03439,409 - 3,62557,60076,486
TIF 47th and Central Avenue37112964,38877,330 - (12,942)613,467355,435
EDA TIF Revenue 2007373129210206,356216,0009,854268,288268,158
TIF Huset Park Area Fund372129371,829131,616(216,000)24,213319,281315,490
TIF Scattered Site3911297,451 - - 7,451(67,938)7,113
Capital Project:
EDA Housing Maintenance Fund408133 - - (336,365)(336,365)21,113 -
Total$780,010$816,851($350,121)($386,962)$2,230,283$1,666,842
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Columbia Heights
Economic Development Authority
Audit Management Letter
EDA Administration (204)
This fund was established in 1996 to account for the financial activity associated with
business development and community redevelopment projects in the City.
A summary of the financial activity of this fund for 2013 through 2015 is as follows:
201320142015
Revenues:
Property taxes$269,395$266,778$260,067
Fee/program revenue6030 -
Investment income(5,098)11,3984,300
Total revenues264,357278,206264,367
Expenditures:
Other:
Personal services201,805154,803176,373
Other services and charges20,05221,95212,888
Supplies7704,0371,079
Total expenditures222,627180,792190,340
Revenues over expenditures41,73097,41474,027
Other financing sources (uses):
Transfers out:
General Fund (101)(12,848)(13,658)(13,756)
Total other financing sources (uses)(12,848)(13,658)(13,756)
Net change in fund balance28,88283,75660,271
Fund balance - January 1241,122270,004353,760
Fund balance - December 31$270,004$353,760$414,031
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Columbia Heights
Economic Development Authority
Audit Management Letter
Housing Maintenance Fund (408)
This fund was established in 2008. Its current function is to account for EDA-owned real
estate for resale, other than that purchased with tax increment financing.
A summary of the financial activity is as follows:
2012201320142015
Revenue and other sources:
Investment income$ - $ - $ - $ -
Total revenue and other sources0000
Expenditures and other uses:
Capital outlay18,38217,613 - -
Transfers out:
Library construction (450) - - - 336,365
Total expenditures and other uses18,38217,6130336,365
Net change in fund balance(18,382)(17,613)0(336,365)
Fund balance - January 1393,473375,091357,478357,478
Fund balance - December 31$375,091$357,478$357,478$21,113
At December 31, 2015, the remaining fund balance consisted of real estate held for
resale.
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Columbia Heights
Economic Development Authority
Audit Management Letter
Debt Service Funds
The EDA maintains the following Debt Service Funds:
TaxTIFTIF 47th andTIFTIFTIF
IncrementTransitionCentralRevenueHuset ParkScattered
BondsMURPBlockAvenueBonds 2007AreaSiteTotal
Revenue and other sources:
Tax increments$ - $25,031$42,234$63,988$ - $368,029$7,451$506,733
Investment income2,7001,0008004002103,800 - 8,910
Sale of capital assets - - - - - - - -
Transfer in - - - - 216,000 - - 216,000
Total revenue and other sources2,70026,03143,03464,388216,210371,8297,451731,643
Expenditures and other uses:
Other services and charges5,6041,6151,4363,837 - 15,465 - 27,957
Capital outlay154,517 - - (8,399) - - - 146,118
Debt service:
Principal - - - 60,00068,000 - - 128,000
Interest and fiscal - - - 21,892138,356 - - 160,248
Developer incentives - 10,06437,973 - - 116,151 - 164,188
Transfers out - - - - - 216,000 - 216,000
Total expenditures and other uses160,12111,67939,40977,330206,356347,6160842,511
Net change in fund balance(157,421)14,3523,625(12,942)9,85424,2137,451(110,868)
Fund balance - January 1683,57563,93553,975626,409258,434295,068(75,389)1,906,007
Fund balance - December 31$526,154$78,287$57,600$613,467$268,288$319,281($67,938)$1,795,139
The 2015 financial activity includes the following:
Tax Increment Bonds – The capital outlay was related to a market value
adjustment related to the Land Held for Resale.
REDPATH AND COMPANY, LTD.
St. Paul, Minnesota
June 13, 2016
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