HomeMy WebLinkAboutIV.E - Authorize Budget Amendment
HEDRA Memorandum
To: HEDRA board
From: John Hinzman, Community Development Director, and Melanie Lammers, Finance
Manager
Date: December 5, 2019
Item: 2019 Budget Amendment
HEDRA Action Requested:
HEDRA is asked to approve a budget amendment for the 2019 budget.
Background Information:
The 2019 budget amendment accounts for activity in the year 2019 that wasn’t put into
the original budget request. Most of the change is from grant passthrough’s that we were
not sure would happen in 2019. The park improvement at the Hudson building account
for almost a million of Revenue and Expense from the MetCouncil grant passthrough. On
the expenditure side we are working on the last portion of environmental remediation
which is not covered by grants. This is the expenditure piece not covered by revenue in
the budget amendment. More expense for remediation will happen the beginning of 2020.
Another million is from the parking ramp grant passthrough. In addition, we incurred
expense of $20,000 for the alleyway for the parking ramp.
The last part of the budget amendment is for loan payoffs throughout 2019 that were not
anticipated, almost $100,000.
Financial Impact:
Much of the budget amendment is neutral from grant passthroughs. The loan payoffs will
increase the monies available to loan out for future years. The expense for the alley and
remaining environmental remediation on the Hudson building will be paid from HEDRA
fund balance.
Attachments:
2019 Budget Amendment
HEDRA 2019 Budget Change Amended 12/12
Revenues:
Other County Grants - 1,900,000 1,900,000
Loan Repayment 31,000 98,000 129,000
Total Revenues 31,000 1,900,000 2,029,000
Expenditures:
County Grant - 2,150,000 2,150,000
Capital Outlay - 20,000 20,000
Total Expenditures - 2,150,000 2,170,000
Revenues less Expenditures 31,000 (250,000) (141,000)
Appropriated Fund Balance - 250,000 -