HomeMy WebLinkAboutV.A - HEDRA 2nd Quarter Financial Report
Memorandum
To: HEDRA Board members
From: Ashley Bertrand, Senior Accountant
Date: September 9, 2021
Item: 2021 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
2021 activity through June 30, 2021.
Financial Impact: N/A
Attachments:
2021 2nd Quarter Financials
2021 2nd Quarter Financial Update
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2021 2nd Quarter HEDRA Financial Update
Hastings Economic Development &
Redevelopment Authority
Our HEDRA revenues include a large transfer from the closed HEDRA fund (404) into the active fund (407).
We did not receive an advance tax payment in 2021; the total first-half payment was received in early July.
• Our investment income (loss) is much lower than 2020, which is due to the continued challenging
markets associated with the COVID-19 pandemic we are facing.
• There has not been any loan repayment revenue in 2021, due to the emergency assistance provided
to HEDRA loan customers.
• The large transfer that occurred in 2021 is associated with closing HEDRA fund 404, and merging into
HEDRA fund 407.
2021 2nd Quarter Financial Update
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HEDRA expenses are slightly lower than projected as of the second quarter.
• There haven’t been any loans disbursed in 2021.
• There are a few projects that will be completed in 2021, including marketing and branding ($10,000),
housing consultant services ($10,000), and UBC Lumber Redevelopment ($20,000).
PRIOR YEAR TO
DATE 6/30/2020
CURRENT YEAR
TO DATE
6/30/2021
VARIANCE FROM
2020
CURRENT
BUDGET 2021
PERCENTAGE
OF BUDGET
YTD 2021
HEDRA
REVENUE SUMMARY
LEVY/TAX 257,883 (257,883) 391,974 0%
INVESTMENT INCOME 21,882 (3,214) (25,096) 20,000 -16%
RENTAL INCOME - - 23,300 0%
GRANTS 166,852 11,780 (155,072) - 0%
LOAN REPAYMENT 37,893 (37,893) 31,000 0%
CHARGES FOR SERVICES - - - 0%
MISCELLANEOUS 300 49,144 48,844 - 0%
TRANSFERS - 287,111 287,111 2,500 11484%
TOTAL REVENUES 484,810 344,821 (139,989) 468,774 74%
EXPENDITURE SUMMARY
PERSONNEL EXPENSES 111,719 113,147 1,428 239,753 47%
OTHER SERVICES & CHARGES 21,463 15,040 (6,423) 178,679 8%
GRANTS 228,093 26,698 (201,395) 170,000 16%
LOANS 15,989 - (15,989) - 0%
MISCELLANEOUS 495 1,833 1,338 112,700 2%
TRANSFERS 9,008 9,008 - 18,015 50%
TOTAL EXPENDITURES 386,767 165,725 (221,041) 719,147 23%
REVENUES OVER/(UNDER)EXPEDITURES 98,043 179,095 81,052 (250,373)
PRIOR YEAR TO
DATE 6/30/2020
CURRENT YEAR
TO DATE
6/30/2021
VARIANCE FROM
2020
CURRENT
BUDGET 2021
PERCENTAGE
OF BUDGET
YTD 2021