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Home My WebLink About2017 EDA AML TotheBoardofCommissioners ColumbiaHeightsEconomicDevelopmentAuthority ColumbiaHeights,Minnesota55421 Inconjunctionwithourauditofthefinancialstatements,wehavepreparedthis reporttoassisttheEDAboardinanalyzingthefinancialactivityoftheEDA. EconomicDevelopmentAuthority TheEDAwasestablishedinJanuary1996.TheEDAisaseparatelegalentityfromthe City,however,becausetheMayorandCityCouncilmemberscomprisethemajorityofthe governingboard,theEDAisreportedinthefinancialstatementsusingthe blendedmethod.TheEDAfinancialstatementsareincludedasSpecialRevenue,Debt ServiceandCapitalProjectFundsintheCAFR. Asummaryofthe2017financialactivityisasfollows: 5921!Xijuf!Cfbs!Qbslxbz-!Tu/!Qbvm-!NO-!66221!!!!!!762/537/8111!!!!!!xxx/sfeqbuidqbt/dpn ColumbiaHeights EconomicDevelopmentAuthority AuditManagementLetter EDAAdministration(204) Thisfundwasestablishedin1996toaccountforthefinancialactivityassociatedwith businessdevelopmentandcommunityredevelopmentprojectsintheCity. Asummaryofthefinancialactivityofthisfundfor2015through2017isasfollows: 201520162017 Revenues: Propertytaxes$260,067$278,789$291,487 Fee/programrevenue18,201530 Investmentincome4,3003,5003,900 Totalrevenues264,367300,490295,917 Expenditures: Other: Personalservices176,373172,002151,609 Otherservicesandcharges12,88815,96120,771 Supplies1,0791,025144 Totalexpenditures190,340188,988172,524 Revenuesoverexpenditures74,027111,502123,393 Otherfinancingsources(uses): Transfersout: GeneralFund(101)(13,756)(68,615)(136,216) Totalotherfinancingsources(uses)(13,756)(68,615)(136,216) Netchangeinfundbalance60,27142,887(12,823) FundbalanceJanuary1353,760414,031456,918 FundbalanceDecember31$414,031$456,918$444,095 2 ColumbiaHeights EconomicDevelopmentAuthority AuditManagementLetter RedevelopmentFund(408) Thisfundwasestablishedin2008.ItscurrentfunctionistoaccountforEDAownedreal estateforresale,otherthanthatpurchasedwithtaxincrementfinancing. Asummaryofthefinancialactivityisasfollows: 2014201520162017 Revenueandothersources: Investmentincome$$$$3,500 TransferfromPVVNandPVVS1,025,445 Totalrevenueandothersources0001,028,945 Expendituresandotheruses: Otherservicesandcharges4,258 Transfersout: Libraryconstruction(450)336,365 Totalexpendituresandotheruses0336,36504,258 Netchangeinfundbalance0(336,365)01,024,687 FundbalanceJanuary1357,478357,47821,11321,113 FundbalanceDecember31$357,478$21,113$21,113$1,045,800 3 ColumbiaHeights EconomicDevelopmentAuthority AuditManagementLetter DebtServiceFunds TheEDAmaintainsthefollowingDebtServiceFunds: TaxTIFTIF47thandTIFTIFTIFCentral IncrementTransitionCentralHusetParkScatteredValu BondsMURPBlockAvenueAreaSiteCenterTotal Revenueandothersources: Taxincrements$$27,151$47,993$113,190$388,276$23,242$$599,852 Chargesforservices Investmentincome31,4401,1007003,6005,90010042,840 Saleofcapitalassets46,76146,761 Bondproceeds Transferin15,30915,309 Totalrevenueandothersources31,44028,25148,693163,551394,17638,6510704,762 Expendituresandotheruses: Otherservicesandcharges4,1492,9863,17312,99513,2582,52839,089 Capitaloutlay31,22039,32770,547 Debtservice: Principal65,000120,000185,000 Interestandfiscal16,65474,34829,840120,842 Developerincentives2,22043,094262,340307,654 Transfersout15,30915,309 Totalexpendituresandotheruses50,6785,20646,267133,976469,94632,3680738,441 Netchangeinfundbalance(19,238)23,0452,42629,575(75,770)6,283(33,679) FundbalanceJanuary1601,331103,21360,751524,056724,485(207,387)(2,394)1,804,055 FundbalanceDecember31$582,093$126,258$63,177$553,631$648,715($201,104)($2,394)$1,770,376 REDPATHANDCOMPANY,LTD. St.Paul,Minnesota June14,2018 4