HomeMy WebLinkAboutV.G - 2nd Quarter Financial Report
Memorandum
To: HEDRA Board members
From: Ashley Parker, Senior Accountant
Date: August 13, 2020
Item: 2020 2nd Quarter HEDRA Financial Report
HEDRA Action Requested: Review and approve the attached financial report.
Background Information: The second quarter financial report is a quarterly update of
2020 activity through June 30, 2020.
Financial Impact: N/A
Attachments:
2020 2nd Quarter Financials
2020 2nd Quarter Financial Update
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2020 2nd Quarter HEDRA Financial Update
Hastings Economic Development &
Redevelopment Authority
Our HEDRA revenues include a grant payment pertaining to the final Hudson project reimbursement. Since
we do not budget for grant revenue, it is skewing the percentage of budget figure. With the grant payment
not included, we are tracking at 63% of total revenue as of the second quarter. We received a partial tax
payment in May, with the final portion to be received in July.
Our investment income is lower than 2019, which is due to the challenging markets associated with
the COVID‐19 pandemic we are facing currently.
As mentioned earlier, grant revenue is much lower in 2020, due to the Hudson project being
finalized.
Loan repayment revenue is lower in 2020. We provided emergency assistance to loans issued
through HEDRA during the COVID‐19 pandemic. There was a loan paid off by Black River earlier this
year.
The large transfer that occurred in 2019 was between the two funds housing HEDRA accounts. These
accounts have been merged, so the transfer is not necessary.
2020 2nd Quarter Financial Update
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HEDRA expenses are on track as of the second quarter.
Personnel expense has a variance compared to 2019. The economic development coordinator was
hired during the second quarter of 2019.
There have been two loans disbursed in 2020.
Grant expense is lower in 2020 due to the Hudson project being finalized.