HomeMy WebLinkAbout2016 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 2012 financial activity is as follows:
Revenue ExpendituresInterfundIncrease (Decrease)Fund Balance/Cash
FundCAFRand Otherand OtherTransfersin Fund Balance/Net PositionBalance
FundNo.pg no.SourcesUses(Net)Net Position12/31/1212/31/12
Special Revenue:
Economic Development Authority Admin20499$302,358$257,863($25,997)$18,498$222,624$212,414
Debt Service:
Sheffield TIF Redevelopment37711972,7412,806 - 69,93583,07883,073
Tax Increment Bonds3761193,600188,802 - (185,202)726,955276,651
Multi-Use Redevelopment Plan38511931,03912,895 - 18,14463,36877,686
TIF Transition Block38911945,97622,098 - 23,87868,25268,247
TIF 47th and Central Avenue37111999,067273,534 - (174,467)742,010406,713
EDA TIF Revenue 20073731192,100200,014205,0007,086252,444251,944
TIF Huset Park Area Fund372119327,83693,080(205,000)29,756207,641213,827
Capital Project:
EDA Housing Maintenance Fund408124 - 18,382 - (18,382)375,091 -
Total$884,717$1,069,474($25,997)($210,754)$2,741,463$1,590,555
4810 White Bear Parkway White Bear Lake, MN 55110 651.426.7000 651.426.5004 fax www.hlbtr.com
Equal Opportunity Employer 100-Percent Employee-Owned
HLB Tautges Redpath is a member of HLB International, a world-wide network of independent accounting firms and business advisors.
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 2010 through 2012 is as follows:
201020112012
Revenues:
Property taxes$324,542$305,381$300,697
Market value homestead credit14,69215,25971
Fee/program revenue - 43,74090
Investment income7002,3001,500
Total revenues339,934366,680302,358
Expenditures:
Other:
Personal services253,707215,094245,731
Other services and charges16,5713,33311,408
Supplies1,06313,585724
Total expenditures271,341232,012257,863
Revenues over expenditures68,593134,66844,495
Other financing sources (uses):
Transfers in:
Transfer to fund (315)37,500 - -
Transfers out:
General Fund (101)(12,666)(13,110)(12,831)
Capital Improvement Development Fund (420)(51,000)(90,000)(13,166)
Total other financing sources (uses)(26,166)(103,110)(25,997)
Net change in fund balance42,42731,55818,498
Fund balance - January 1148,639191,066222,624
Fund balance - December 31$191,066$222,624$241,122
2
Columbia Heights
Economic Development Authority
Audit Management Letter
Housing Maintenance Fund (408)
This fund was established in 2008 to account for the quality and quantity of housing in
the City.
A summary of the financial activity is as follows:
2009201020112012
Revenue and other sources:
Investment income$3,500$2,200$ - $ -
Charges for services - 75 - -
Transfers in:
Capital Improvement General Gov't Buildings (411) - 600,000 - -
Total revenue and other sources3,500602,27500
Expenditures and other uses:
Loans and grants80,000 - - -
Professional services15,00015,126 - -
Interest on interfund loan - 96,000 - -
Capital outlay - 19,440 - 18,382
Transfers out:
Capital Improvement Development (420) - 218,238 - -
Total expenditures and other uses95,000348,804018,382
Net change in fund balance(91,500)253,4710(18,382)
Fund balance - January 1231,502140,002393,473393,473
Fund balance - December 31$140,002$393,473$393,473$375,091
At December 31, 2012, the remaining fund balance consisted of land held for resale.
3
Columbia Heights
Economic Development Authority
Audit Management Letter
Debt Service Funds
The EDA maintains the following Debt Service Funds:
SheffieldTaxTIFTIF 47th andTIFTIF
TIF Redev-IncrementTransitionCentralRevenueHuset Park
elopmentBondsMURPBlockAvenueBonds 2007AreaTotal
Revenue and other sources:
Tax increments$71,841$ - $30,139$45,376$94,367$ - $325,536$567,259
Investment income9003,6009006004,7002,1002,30015,100
Transfer in - - - - - 205,000(205,000) -
Total revenue and other sources72,7413,60031,03945,97699,067207,100122,836582,359
Expenditures and other uses:
Other services and charges2,0852,9071,6551,7153,438 - 8,63120,431
Capital outlay - 185,895 - - 243,686 - - 429,581
Debt service:
Principal - - - - - 53,000 - 53,000
Interest and fiscal721 - - - 26,410147,014 - 174,145
Developer incentives - - 11,24020,383 - - 84,449116,072
Total expenditures and other uses2,806188,80212,89522,098273,534200,01493,080793,229
Net change in fund balance69,935(185,202)18,14423,878(174,467)7,08629,756(210,870)
Fund balance - January 113,143912,15745,22444,374916,477245,358177,8852,354,618
Fund balance - December 31$83,078$726,955$63,368$68,252$742,010$252,444$207,641$2,143,748
The 2012 financial activity includes the following:
Tax Increment Bonds – capital outlay includes the reduction in value of real
estate held for resale.
th
TIF 47 and Central – capital outlay includes the reduction in the value of real
estate held for resale.
HLB TAUTGES REDPATH, LTD.
June 28, 2013
4