HomeMy WebLinkAboutIV.C - 2nd Quarter Financial Report
Memorandum
To: HEDRA Board members
From: Melanie Lammers, Finance Manager
Date: 8/30/19
Item: 2019 2nd Quarter HEDRA Financial Report
HEDRA Action Requested: Review and approve the attached financial report.
Background Information: The 2nd quarter financial report is a quarterly update of 2019
activity through June 30, 2019.
Financial Impact: N/A
Attachments:
2019 2nd Quarter Financials
2018 3rd Quarter Financial Update
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2019 2nd Quarter HEDRA Financial Update
Hastings Economic Development &
Redevelopment Authority
Our HEDRA revenues are tracking at around 30% which is expected. The financial report is ending June 30th,
or 50% of the year, but primary revenue source (tax dollars) has only been partially received. As of June 30th
we received approximately half of our first tax payment. We are still waiting for the second tax payment to
be sent in early July.
Our investments are performing better than anticipated in 2019 due to CD rates increasing in 2018
and the first half of 2019.
We received grant revenue in early 2019 that is associated with grant expense for the downtown
parking lot. This is a pass‐through expense, we request and receive the funds through MetCouncil,
then write a check to confluence.
Loan repayment is high due to the payoff of 111 3rd ST E in March of 2019.
The large transfer is between the two fund housing HEDRA accounts. These will be merged at the
end of 2019.
PRIOR YEAR TO
DATE 6/30/2018
CURRENT YEAR
TO DATE
6/30/2019
VARIANCE
FROM 2018
CURRENT
BUDGET 2019
PERCENTAGE
OF BUDGET
YTD 2019
HEDRA
REVENUE SUMMARY
LEVY/TAX 94,581 104,080 9,499 345,660 30%
INVESTMENT INCOME 2,835 35,323 32,488 24,000 147%
RENTAL INCOME 0 0 0 20,000 0%
GRANTS 247,858 734,675 486,817
LOAN REPAYMENT 19,625 64,810 45,185 31,000 209%
CHARGES FOR SERVICES 1,519 0 ‐1,519 0 0%
MISCELLANEOUS 13,819 0 ‐13,819 3,300 0%
TRANSFERS 0 166,849 166,849 333,697 50%
TOTAL REVENUES 380,237 1,105,737 725,500 757,657 146%
2018 3rd Quarter Financial Update
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Personnel expense is low due to the vacant economic development coordinator position the first quarter of
the year. Commercial loan applications have been lower than anticipated the first half of 2019. Grant
expense is low due to the pass‐through, overlapping of grant received vs disbursement in June vs July 2019.
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
EXPENDITURE SUMMARY
PERSONNEL EXPENSES 108,980 81,262 ‐27,718 226,745 36%
OTHER SERVICES & CHARGES 66,072 17,677 ‐48,395 52,940 33%
GRANTS 14,851 570,637 555,786
LOANS 88,844 18,300 ‐70,544
MISCELLANEOUS 32,328 200 ‐32,128 177,625 0%
TRANSFERS 6,063 174,384 168,321 351,712 0%
TOTAL EXPENDITURES 317,138 862,460 545,322 809,022 107%
REVENUES OVER/(UNDER)EXPEDITURES 63,099 243,277 180,178 ‐51,365