HomeMy WebLinkAboutV.A - 3rd Quarter Financial Report
Memorandum
To: HEDRA Board Members
From: Ashley Bertrand – Senior Accountant
Date: November 12, 2020
Item: 2020 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 2020
activity through September 30, 2020. 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:
2020 3rd Quarter Financials
2020 3rd Quarter Financial Update
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2020 3rd Quarter HEDRA Financial Update
HRA Redevelopment & Economic Development
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 65% of total revenue as of the second quarter. We received the first half of
our tax payment, and will receive the second half by the end of the year.
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 3rd Quarter Financial Update
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HEDRA expenses are on track as of the third quarter.
There have been two loans disbursed in 2020.
The HEART Grants and County CARES Grants were paid out to businesses to offer relief from the
COVID‐19 Pandemic.