HomeMy WebLinkAboutIV.C - 3rd Quarter Financial Repport
Memorandum
To: HEDRA Board members
From: Ashley Parker – Senior Accountant
Date: 12/17/2018
Item: 2018 3rd Quarter HEDRA Financial Report
Council Action Requested: Review and approve the attached financial report.
Background Information: The 3rd quarter financial report is a quarterly update of 2018
activity through September 30, 2018. Consistent with past practice, some numbers in
the report are adjusted to take into consideration the effects of year‐end accruals and
year‐to‐year allocation differences.
Financial Impact: N/A
Advisory Commission Discussion: N/A
Council Committee Discussion: N/A
Attachments:
2018 3rd Quarter Financials
2018 3rd Quarter Financial Update
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2018 3rd Quarter HEDRA Financial Update
HRA Redevelopment & Economic Development
Our HRA Redevelopment revenues are tracking at around 60% which is expected. We are 75% through the
year, but our primary revenue source (tax dollars) has only been partially received. As of early December, we
received $119,308.18. We are still waiting for the final tax payment to be sent in mid‐January.
Our investments are performing better than anticipated in 2018.
We received grant revenue in early 2018 that is associated with grant expense in 2017. This explains
the large variance in grant revenue and expense.
Our Economic Development revenues are much lower than expenses. Rental income was received in
October and November totaling $15,948. The large transfer into this fund typically happens at the end of the
year. The fourth quarter financials will reflect these revenue earnings.
2018 3rd Quarter Financial Update
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Total HRA Redevelopment expenses are tracking lower than 2017, which is expected since there is less
expense in 2018 with the Hudson project being mostly completed in 2017. Other Services and Charges are
higher in 2018, due to the heat expense for the Hudson Building at the beginning of the year. Economic
Development has Commercial Loan expense budgeted for $200,000, but as of the third quarter, there have
not been any loan applications processed.
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018