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08-13-12 EDA AgendaCITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD ECONOMIC DEVELOPMENT AUTHORITY MEETING COUNCIL CHAMBERS MONDAY, AUGUST 13, 2012 Immediately following Regular City Council Meeting AGENDA 1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING A. Roll Call B. Review Agenda 2. APPROVAL OF MINUTES A. EDA Minutes of September 26, 2011 (Att.- Minutes) 3. CONSENT A. Treasurer's Report (Att.- Treasurer's report) 4. NEW BUSINESS President Liz& Hotvet Siakel Woodruff Zerby A. Selection of Officers (Att.- Executive Director's memorandum) 5. ADJOURN CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD ECONOMIC DEVELOPMENT AUTHORITY MEETING COUNCIL CHAMBERS MONDAY, SEPTEMBER 26, 2011 Immediately Following Regular City Council Meeting MINUTES 1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING President Lizee called the meeting to order at 9:25 P.M. A. Roll Call Present. President Lizee; Boardmembers Hotvet, Woodruff and Zerby; Attorney Keane; Executive Director /Secretary Heck; Assistant Treasurer DeJong; and, Assistant Executive Director Nielsen Absent: Boardmember Siakel B. Review Agenda Woodruff moved, Zerby seconded, approving the agenda as presented. Motion passed 4/0. 2. APPROVAL OF MINUTES A. EDA Minutes of January 24, 2011 Woodruff moved, Zerby seconded, approving the Shorewood Economic Development Authority Meeting Minutes of January 24, 2011, as presented. Motion passed 4/0. 3. CONSENT President Lizee reviewed the item on the consent agenda. Zerby moved, Hotvet seconded, approving the Motion Contained on the Consent Agenda. A. Treasurer's Report Motion passed 4/0. 4. NEW BUSINESS A. Purchase of Property at 26420 Smithtown Road Assistant Treasurer DeJong explained the meeting packet contains a copy of a draft resolution accepting the transfer of a property located at 26420 Smithtown Road from the City of Shorewood to the Shorewood Economic Development Authority (EDA). Based on conversations with Attorney Keane the EDA has the power to enter into Tax Increment Financing (TIF) agreements the City does not have at such time the CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHROITY MEETING September 26, 2011 Page 2 of 3 Smithtown Crossing redevelopment occurs. It would be logistically easier to have the property in the EDA's name for sale to a developer if TIF assistance is included as part of a full redevelopment plan. He stated Staff recommends Council adopt the resolution. Woodruff moved, Zerby seconded, Adopting RESOLUTION NO. 11 -002 "Accepting Property Transfer from the City of Shorewood at 26420 Smithtown Road." Boardmember Woodruff stated there are state regulations regarding cities donating property and from his perspective the City is donating the property to itself. Attorney Keane clarified it is not being donated. Woodruff responded it is the same thing. Keane clarified it is not; it is not a gift. Woodruff stated there is no exchange of value. Keane explained the title of the property is going to be transferred from one entity to another and that satisfies the requirements of the State Statute. Motion passed 4/0. B. Selection of Officers Executive Director /Secretary Heck explained the Shorewood Bylaws state the position of President must be the Mayor of and Treasurer are members of the EDA Board and they sha Executive Director shall be the City Administrator. During its appointed officers. President Lizee recommended the officers continue to 24, 2011, EDA Board meeting. The current officers are President — Christine Lizee Vice President Scott Zerby Treasurer — Debbie Siakel Executive Director /Secretary'— Brian Heck Assistant Treasurer — Bruce DeJong Assistant Executive Director Brad Nielsei Development Authority (EDA) The positions of Vice President rted at the annual meeting. The , 2011, meeting the EDA Board as those appointed during the January Woodruff seconded, leaving the appointments of the Shorewood Economic thority Officers, the same as those made during the January 24, 2011, EDA meeting. Motion C. Review Proposed Bylaws Changes Executive Director /Secretary Heck explained the EDA Bylaws were approved on October 8, 2001. City of Shorewood Deputy Clerk Panchyshyn has reviewed the Bylaws and is suggesting the following minor changes. Section 2.1 — In lme2 delete "in an ". Section 3.1 — At the end of the sentence add "or at such other date and time as soon thereafter." Section 3.2 — In line 1 change "shall" to "may ". Section 4.4 — In the last line change "resolution" to "motion" to be in line with past practice. Section 4:12 — In line 3 change at least five days to at least three days. CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHROITY MEETING September 26, 2011 Page 3 of 3 Heck then explained the changes proposed are intended to provide more flexibility in the meeting schedule should it be needed and to clarify past practice of the EDA. He noted a copy of proposed revised Bylaws is included in the meeting packet. Zerby moved, Woodruff seconded, approving the proposed changes to the Shorewood Economic Development Authority Bylaws. Motion passed 4/0. 5. ADJOURN Zerby moved, Woodruff seconded, Adjourning the Shorewood Economic Development Authority Meeting of September 26, 2011, at 9:31 P.M. Motion passed 4/0. RESPECTFULLY SUBMITTED Christine Freeman, Recorder ATTEST: Liz&, William S. Joynes, Executive Director #3A SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY 5755 Country Club Road Shorewood, Minnesota 55331 -8926 952 - 960 -7900 FAX: 952.474.0128 MEMORANDUM Title / Subject: Treasurer's Report Meeting Date: August 13, 2012 From: Debbie Siakel Reviewed by: Bill Joynes and Bruce DeJong The Economic Development Authority bylaws require a Treasurer's report at the annual meeting. This report is presented to fulfill that requirement. The EDA is listed as a component unit of the City of Shorewood in the annual financial report. The activities of the EDA were limited to receipt of lease revenues and payment of bond debt service. The Economic Development Authority (EDA) of the City was created in 2001 to carry out economic and industrial development and redevelopment consistent with policies established by the Council. Its board is comprised of members of the City Council. The EDA activities are blended with the city's annual financial report and separate financial statements are not issued for this component unit. Revenue bonds outstanding at year end are as follows: Issue Maturity Outstanding Balance Public Safety Fire Facility, 2007A 02/01/23 $ 3,725,000 Public Safety Police Facility, 2007B 02/01/23 3,865,000 Public Safety Fire Facility, 2007C 02/01/22 1,390,000 Public Project Bonds, 2008A 12/01/28 1,190,000 Total Lease Revenue Bonds $ 10,170,000 The EDA has no separate assets at this time and all moneys in the bond funds are reserved for future debt service. Attached are the December 31, 2011 Balance Sheets for each of these funds. 8 -02 -2012 03:04 PM CITY OF SHOREWOOD PAGE: 1 YEAR TO ❑A`S'E BALANCE SHEET AS O": DECEMBER 31ST, 2011 '04 -2002 Public_ Safety S1dg ACCT NOn ACCOUNT NAME ASSETS 304 -10100 CASH AND INVESTMENTS 304 -10300 CASE WITH FISCAL AGENT 304 -10400 INVESTMENTS AT COST 304 -10410 ALLOW FOR UNREALIZED INVEST GA 304 -10450 ACCRUED INTEREST RECEIVABLE 304 -11500 ACCOUNTS RECEIVABLE 304 -11900 LEASE RECEIVABLE 304 -13106 DUE FROM OTHER FUNDS 304 -13200 DUE FROM OTHER GOVERNMENTS TOTAL ASSETS REGINNING M -T -D Y -T -D CURRENT BALANCE ACTIVITY ACTIVITY BALANCE 4,943.00 1.2B 40.76 4,363.76 0.00 0.00 0.00 U -00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.30 0.00 0 Go 0.00 0.00 0.00 0.00 0.00 0.00 6.00 0.00 0.00 0.00 0.00 0.00 G.00 0.00 0.00 0.00 0.00 51.04' 4,943.00 1.26 40.76 4,983.76 L IABILI T IE S 304 -20100 AP PENDING (DUE TO POOL) O.pp 304 -22200 DEFERRED REVENUES 0.00 304. -24100 k'UND BALANCE RESERVED FOR DEBT 4,943.')TR TOTAL LIABILITIES 4,943.000P.. TOTAL REVE1417ES 0.00 TOTAL EXPENDITURES 0.0 TOTAL FUND EQUITY 0.00 4,943,00CR 1.26CR 40.76CR 4.983..76CR TOTAL LIABILITIES & E:QUITY G.pO 0100 9.00 0.00 0.00 0.00 G.Ga 0.00 4,943.0 BCR 0.00 0.00 Q,94'.0GCR 1.28CR 40.76CR 40 7EGR 0 p .p 0 a. 00 1.28CR 40.76CR 40.76CR 8- 02 -20I2 03:16 PM CITY OF SHOREWOOD PAGE: 1 REVENUE & EXPENSE REPORT (UNAUDITED! AS OF: DECEMBER 31ST, 2011 304 -2002 Public Safety Bldg FINANCIAL SUMMARY REVENUE SUMMARY MISCELLANEOUS REVENUE TOTAL REVENUES EXPENDITURE SUMMARY 100.09k OF YEAR COMP. CURRENT.' CURRENT YEAR TO DATE � OF BUDGET RU17GET PERIOD ACTUAL BUDGET BALANCE 0.00 1.2E 40.7 0.0 ( 40.7 0.00 1.28 40.76 0.{10 ( 40.76) REVENUES OVER/ (UNDER) EXPENDITURES a.00 1.28 40 .76 ( 40.761 9 -02 -2012 03:16 PM CITY Or SNOREWOOD PAGE: 2 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: DECEMBER 310T. 2631 504 -2002 Public Safely Eldg REVENUES 100.00" Or YEAR COMF. CURRENT CURRENT YEAR TO DATE % OF BUDGET BUDGET PERIOD ACTUAL BUDGET BALANCE MISCELLANEOUS REVENUE 304 - 3,6210 INTEREST EARNINGS 0.00 16.26 55.76 0.00 ( 55.76) 304 -66211 CAIN / (LOSS) ON INVESTMENTS 6.00{ 1 5.60{ 15.00 0.00 15.0 TOTAL MISCELLANEOUS REVENUE 0.00 1.2H 40.76 0.00 ( 40.76) TRAMST —EIB TOTAL REVEWOVS 0 .00 1.28 40.76 0.00 8 -02 -2412 03:16 PM CITY OF SHOREWOOD PAGE: REVENUE L EXPENSE REPORT (UNAUDITED) AS OF: DECEMBER 31ST, 2011 104 -2662 Public: Safety Bldg Public Safety Building DEPARTMENTAL EXPENDITURES CURRENT CURRENT YEAR TO DATE BUDGET PERIOD ACTUAL 100.00 CF YEAR COMP. OF BUDGET BUDGET' BALANCE SUPPORT SERVTCES /C EPA DES SE RVICE TRANSFERS REVENUES OVERJ(IJNDER) EXPENDITURES 0.00 ?.23 40.76 4 40.76) E-02-2012 03:04 PM 305 - Publzc Safety Bldg S ACCT No# ACCOUnT NAME A SSET S 305 -10100 CASH AND INVESTMENTS 305 -10300 CASH WI'S'H FISCAL AGENT 305 -10400 INVESTMENTS AT COST 305 -10410 ALLOW FOR UNREALIZED !NVEST GA '05-10450 ACCRUED INTEREST RECEIVABLE 305- 3.2500 ACCOUNTS REC$TVA.BLE 305 -1 LEASE RECEIVA61,F, 305 -13200 DUE FROM OTHER GOVERNMENTS TOTAL ASSETS CITY OF SHOREWOOD PAGE: I YEAR TO ❑ATE BALANCE SHEET AS OF: DECEMBER 31S1', 2011 BEGINNING M -T -D Y -T -D CURRENT BALA3+ICE ACTIVITY ACTIVITY EALANCE 3,749.76 73.85CR 124.31 3,874.07 0.00 0.00 0.00 0100 0.00 0.00 0.00 0.00 0.00 0100 0.00 0.00 0.00 0.00 0.00 0 c 0.00 0.00 0.G0 0.90 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL REVENUES 0.00 - _ 0.0 0 3,749.76 73.85CR 124.31 3,874.07 LIAEILI 305 -20100 AP PFNDTNG (DUE TO FOOL} 0.00 0.00 0.00 0.00 305 -208G0 DUE TO OTHER FUNDS 0.00 0.00 0.00 0.00 305 -22200 DEFERRED REVENUES 0.00 0.00 0.00 .0 .00 305 -24300 PURD EALANCE RESERVED FOR DEBT 3,749.7CR 0.00 0.00 3,749.7CR TOTAL LIABILITIES 3,749.76CR 0.00 0.00 3,749.76CR TOTAL REVENUES 0.00 73.85 124.31CR 1.24.31CR TOTAL EXPENDITURES 0.00 0.00 0.00 0.00 TG'AY, FUND EQUITY 0.00 73.95 124.31CR 124.3ICR TOTAL LIABILITIES & EQUITY 3,749.76CR 73.85 124.31CR ,U74.07CR 8 -02- 201.2 03716 PM 305 -2063 Public Safety Bliq S FINANCIAL SUMMARY RF VENUF SUM MISCELLANEOUS REVENUE TOTAL REVENNUES EXPENDITURE SUMMARY CITY OF SROREWOOD PAGE: 1 REVENUF & EXPENSE. REPORT (UNAUDITED) AS OF: DECEMBER 31ST, 2611 100.O0o OF YEAR COMP. CURRENT CURRENT YEAR TO DATE *- OF BUDGET BUDGET PERIGD ACTUAL BUDGET BALANCE 0.0 ( 73.89 124.31 0.0c 0.00 1 1 73.85) 124.31 0.00 ( 124.31) REVENUES OVER/ {UNDER} EXPENDITURES 0.06 ( 73.a5) 124.31 { 124.31) 6 -02 -2612 03:16 PM CITY OF SHOREWOOD PAGE: 2 REVENUE & EXPENSE REPORT {UNAUDITED) AS OF: DECEMBER 31ST, 2011 305 -2003 Public Safety Hldg S 100.00`i OF YEAR COMP. CURRENT CURRENT YEAR TO DATE `, OF BUDGET REVENUES HUDGET PERIOD ACTUAL BUDGET BALANCE MISCELLANEOUS REVENU 305 -36210 INTEREST EARNINGS 0.00 13.15 211.31 0.00 { 211.31) 395 -36211 GAIN / ( LOSS) ON INVESTMENTS 0.0 0( 87.00( 87.00 0.00 87.00 TOTAL MISCELLANEOUS REVENUE 0.00 ( 73.85) 124.31 0.00 ( 124.31) TRANSFER TOTAL REVENUES 0.00 ( 73.65) 124.31 0.00 ( 124.31) R-02-2012 03:05 PM 307 -2007A EDA Debt - W Fire ACCT NO# ACCOUNT NAME ASSETS 307 -10100 CASH AND INVESTMENTS 307 -10300 CASH WITH FISCAL AGENT 307 -10400 INVESTMENTS AT COST 207 -10410 ALLOW FOR UNREALIZED INVEST GA 207 -10450 ACCRUED INTEREST RECEIVABLE 307 -11500 ACCOUNTS RECEIVABLE 307 -11900 LEASE RECEIVABLE 307 -13200 DUE FROM OTHER GOVERNMENTS TOTAL ASSETS CITY OF 8HOREWOOD PAGE: 1 YEAR TO DATE BALANCE SHEET AS OF: DECEMBER 31ST, 2011 EFGINNING M -T -D Y -T -D CURRENT BALANCE ACTIVITY ACTIVITY BALANCE 36,583.39 111.32CR 26,190.1OCR 10,393.25 2,644.69 0.00 17.86CR 2,626.83 0.00 0.00 0.00 C.60 0.00 0.0a O.CC 0.00 0.00 0.00 Q.00 0.00 0.60 0.00 0.00 0.00 3,960,a0Q.00 235,000.00CR 235,000.00CR 3,725,000.00 0.00 D .00 0.00 0.0 372,565.79CR 3,999,2.28.08 - ------------- 235,111.32CR --'------------ ----------===- 261,207.96CR 3,726,020.12 =---- ===-- -- = LIABILITIES 307 -2C100 AP PENDING (DUE TO POOL) O.00 307 -20800 DUE TO OTHER FUNDS 0.00 307 -22200 DEFERRED REVENUES 3,960,000.0OCR 307 -24106 FUND BALANCE RESERVED FOR DEBT 39,228.6ER TOTAL LIABILITIES x,999, 228.OBCR TOTAL REVENUES 0.00 TOTAL EXPENDITURES 0.a TOTAL FUND EQUITY - 0.00 740.00CR 740.00CR 740.00CR 0.00 0.00 0.00 235,000.00 235,000.00 3,725,000.00CR 0 .0a 0.00 39,222.6 234,260.00 234,260,00 3,764,968.08CR 111.32 372,565.79CR 372,585.79CR 7 39 9,533 .7 5 399,533.75 951.32 26,947.96 26,947.96 TOTAI, LIABILITIES & EQUITY 3,999,226.GBCR 235,111.32 261,207.90 3,728, G2C.12CR B-02-2012 03:16 PM CITY O� SHOREWOOD PAGE: 1 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: DECEMBER 31ST, 2011 307 - 2O07A EDA Debt - N Tire FINANCIAL SUMMARY 100.002 OF YEAR COMP. CURRENT CURRENT YEAR TO DATE % OF BUDGET BUDGET PERIOD ACTUAL BUDGET BALANCE REVENUE SUMMAR MISCELLANEOUS REVENUE 0.60( 211.3 372,585.79 0.00 ( 372,585 TOTAL REVENUES 0.00 ( 111.32) 372,585.79 0.00 ( 372,585.79) EXPEN SUMMARY EDA Ref Debt Services 4.00 740.00 399,533.75 0.00 ( 399,53 TOTAL EXPENDITURES 0.00 740.00 399,533.75 0.00 ( 399,532.75) REVENUES OVER/ (UNDER,} EXPENDITURES 0.00 ( 851.32){ 26,947.96) 26,94.7.96 6 -02 -201- 03716 PM CITY OF SHOREWODD PAGE: 2 307 -36210 INTEREST EARNINGS REVENUE & NXPENSE REPORT (UNAUDITED) 374.33 0.00 ( '74,33) 307 -36211 GAIN / (LOSS) ON INVESTMENTS AS OF: DECEMSF,R 31ST, 2011 146.00) 0.00 146.00 307 -2007A EDA Debt - rW Fire 0.00 0.00 372,'57.46 0.00 ( 372,357.40 TOTAL MISCELLANEOUS REVENUE 0.00 ( 111.32) 160.00k OF YEAR COMP. CURRENT CURRENT YEAR TO DATE °. OF BUDGET REVENUES 2UDGET PERIOD ACTUAL 2UDGET PAL.ANCE MISCELLANEOUS REVENU 307 -36210 INTEREST EARNINGS 0.00 34.6B 374.33 0.00 ( '74,33) 307 -36211 GAIN / (LOSS) ON INVESTMENTS 0.00 ( 116.00)( 146.00) 0.00 146.00 307--36245 W. FIRE LERSE PYMTS 0.00 0.00 372,'57.46 0.00 ( 372,357.40 TOTAL MISCELLANEOUS REVENUE 0.00 ( 111.32) 372,585.79 0.00 f 372,585.79) TOTAL REVENUES 0.0Q ( 111.32) 372,585.79 0.00 { 372,585.79) B-02-2012 03:16 PM 307 -2007A EDA Debt - W Fire EDA Ref Debt Services DEPARTMENTAL EXPENDITURES SUPPORT SERVICES / CHARC2 EDA DENT SERVI 307 - 47000 -601 HOND PRINCIPAL 307 - 47040 -611 BOND INTEREST 307- 47000 -620 FISCAL AGENTS PEES TOTAL EDA DEBT SERVICES TRANSFEI TOTAL EDA Ref Debt Services CITY OF SHOREWOOD REVENUE & EXPENSE REPORT MgAUDITED) AS OF: DECEMBER 31ST, 2011 PAGE: 100.00 OF YEAR COMP. CURRENT CURRENT YEAR TO DATE i OF BUDGET BUDGET PERIOD ACTUAL BUDGET BALANCE 0.00 0.00 235,000.00 0.00 ( 235,000.00) 0,00 { 399,533.75) 6.00 0.00 162,043.75 0.00 ( 162,0¢3.75) 26,947.96 0.00 740.00 2,490.0 0.00 { 2,490 0.00 740.00 399,533.75 0.00 ( 399,533.75) 0.00 740.00 393,533.75 O.CC ( 399,533.75) TOTAL EXPENDITURES 0.00 740.90 399,533.75 0,00 { 399,533.75) REVENUES OVER/ {UNDER) EXPENDITURES 0.00 ( 851.32)( 26,947.96) 26,947.96 8 -02 -2012 63 :05 PM 3GB -20076 EDA Debt - Polzce ACCT NO# ACCOUNT NAME CI'T'Y OF SHOREWOOD PAGE: S YEAR TO DATE BALANCE SHEET AS OF: DECEM2ER 31ST, 2011. BEGINNING M -T--D Y -T -D CURRENT BALANCE ACTIVITY ACTIVITY BALANCE ASSETS 308 - 1.0100 CASH AND INVESTMENTS 308 -10300 CASH WITH F>SCAL AGENT 308 -11900 LEASE RECSIVAALE TOTAL ASSETS LIABILITIES 308 -20100 .AP PENDING {DIJP TO POOL) 308 - 22200 DEFERRED REVENUES 308 -24500 FUND BALANCE TOTAL LIABILITIES TOTAL REVENUES TOTAL EXPENDITURES TOTAL FUND EQUITY TOTAL LIABITATEES & EQUITY 29,065.00 B.00CR 28,504.13CR 15G.87 3,532.00 0.00 B00.17CR 2 „731.83 4,105,000.00 240,000.OTR 240, 000.OTR 3,865,000.00 4,137,593.00 240,008.00CR 269,704.30CR :,867,886.70 0.00 0.00 0.00 0.09 4,105,090.00CR 240,900.00 240,000.00 3,865,000.00CR 32,593.OTR 0.00 0.00 3 2,S53.0 BTR 4,137,59'.60CR 240,000.00 240,000.00 3,897,593.00CR 0.00 8.00 391,083,20CR 381,083.20CR 0100 0.0 410,787.50 410,787 0.00 8 -00 29,704.30 29,704.30 4, 337, 593.00CR 240,008.00 269,704.30 3,867,888.70CR 8 -02 -2012 03:16 PM CITY OF SHOREWOOD PAGE: 1 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: DECEMBER 31ST. 2011 308 -2007B EDA Debt - Police FINANCIAL SUMMARY REVENUE SUMMAR MISCELLANEOUS REVENUE TOTAL REVENUES EXPENDITURE SUMMARY 100.00 OF YEAR COMP. CURRENT CURRENT YEAR TO DATE F OF L BUDGET PERIOD ACTUAL BUDGET BALANCE 0.OG( 8.0 381, 083.2Q Q.QQ ( 3 0.60 ( ©.00} 381,OE3.20 0.00 ( 381,0�3.20� REVENUES OVER /(UNDER} EXPENDITURES 0 ,00 { 3 .00) 351,083.20 ( 365,0$3.20} 8 -02 -2012 03:166 PM CITY OF SHOREWOOD PACE: REVENUE L EXPENSE REPORT (UNAUDITED) AS OF: DECEMBER 31ST, 2611 306 -2007B EDA Debt - PoliCe. 100.00` OF YEAR COMP. CURRENT CURRENT YEAR TO DATE � OF BUDGET REVENUES BUDGET PERIOD ACTUAL BUDGET BALANCE MISCELLANEOU REVENU 308 -36210 INTEREST EARNINGS 308 -36211 GAIN / (LOSS) ON INVESTMENTS 368 -36235 POLICE LEASE PYMTS TOTAL MISCELLANEOUS REVENUE TRANSEER; 0.00 ( 0.00 51.55 0.00 { 51.55) 8.00)( 8.00) 0.06 8.00 0.00 381,039 0 .00 ( 381,039. 0.00 381,083.20 0.00 ( 381,0S3.20) TOTAL REVENUES 0.06 ( 8.00) 381,08 .20 0.00 ( 381,083.20) 0.00 6.00 [ 0.00 REVENUES OVER / {UNDER) EXPEND3TURES O.00 ( 8.00) 381,083.20 381,093.20] 9 -02 -2012 03:05 PM 309 -2007C FDA Debt - E Fire ACCT NO# ACCOUNT NAME ASSETS 309 -10100 CASH AND INVESTMENTS 309 -10300 CASH WITH FISCAL AGENT 309 -11900 LEASE RECEIVABLE TOTAL ASSETS LTABILTTTE 309 -20100 AP PENDING {DUE TO POOL) 309 -22200 DEFERRED REVENUES 309- 24100 FUND BALANCE TOTAL ?,IARTL,MES TOTAL REVENUES TOTAL EXPENDITURES TOTAL FUND EQUITY TOTAL LIABILITIES & EQUITY C',ETY OF SHOREWOOD YEAR To DATE BALANCE SHEET AS OF: DECEMBER 31ST, 2011 8EGINNING M -T -D BALANCE ACTIVITY Y- ACTIVITY ACTIVITY PAGE: 1 CURRENT BALANCE 11,413.00 1,52CR 9,358.73CR 2,054.27 1,198.00 0.00 53.37CR 1,144.63 1,490,000.00 100 ,000.0 lR 100,OOO.0 1, 390,C 1,502,617..00 100,001.52CR 109,41. 'lo CR 7.,_693,198.90 0 -00 0.00 0.00 0.00 1,490,000.00CR 100, GOG.00 100,006.00 1,390,060.00CR 12,611.0V'R 0 .00 0.00 12, 611.0 I,502,611.00CR 100,000.00 100,090.00 1,402,611.00CR 0.00 1.52 148,622.90CR 148,622.90CR 0 -00 0.00 7.58,0 5.0 158,035 -00 0.00 1.52 9,412 -10 9,412.10 1,502,611 -00CR 100,001.52 109,412,10 1,393,198.90CR 8 -62 -2012 03:16 PM CITY OF SHOREWCOD PAGE; 1 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: DECEMBER 31ST, 2011 309 -2007C EDA Debt - E Fire FINANCIAL SUMMARY 100.00i OF YEAR COMP. CURRENT CURRENT YEAR TO DATE c OF BUDGET BUDGET PERIOD ACTUAL BUDGET BALANCE REVENUE SUMMAR MISCELLANEOUS REVENUE 0.00( 1 .51 148,622.90 0.00 ( 148,62 TOTAL REVENUES 0.00 ( 1.5 148,622.90 0.06 ( 148,622.90) EXPENDIT SUMMARY REVENUES OVER /(UNDER} EKPENDITURFS 0.00 i 1.52) 146,622.90 ( 148,622.90) 8 -02 -2012 03:16 PM CITY OF SFOREWOOQ 148,622.90 PAGE: 2 REVENUE & EXPENSE REPORT {UNAUDITED) 14a,622 90 ( 148,622.9G) AS OF: DECEMBER 31ST, 201' 309 -20370 HDA Debt - E Fire 100.00± OF YEAR COMP. CURRENT CURRENT YEAR TO BATE � OF PUD(9F'T REVENUES BUDGET PERZOL ACTUAL BUDGET 13ALANCE MISCELLANEOUS REVENUE 309 -36210 INTEREST EARNINGS 309 -36211 GAIN / (LOSS) ON INVESTMENTS 309 -36255 E. FIRE LEASE PYMTS TOTAL MISCELLANEOUS REVENUE TRANSFEK3 TOTAL REVENUES RE;VENIOES OVER/ (UNDER) EXPENDITURES 0.00 5.48 24.12 0.00 ( 24.12) 0.00 ( 7.00){ 7.00) Q.QQ 7.00 0.00 0.00 146,605.7 0.00 ( 148,605.71 0.00 ( 1,52) 148,622.90 0.00 { 148,622.90) 0.00 { 1.52) 148,622.90 0.00 ( 148,622.90) 1.52) 14a,622 90 ( 148,622.9G) 8 -02 -2012 03:05 PM CITY OF SHOREWOCD PAGE: 1 YEAR TO DATE BALANCE SHEET AS OF: DECEMBER 31ST, 2011 310 -2008 City Bldg Debt SVCS BEGINNING M -T -P Y -T -D CURRENT ACCT NO# ACCOUNT NAME BALANCE ACTIVITY ACTIVTTY BALANCE ASSETS 310 -10100 CASH AND INVESTMENTS 3,207.57 103,550.00 5.57 3,213.14 310 -10300 CASH WITH FISCAL AGENT 0.00 0.00 0100 0.00 310 -10400 INVESTMENTS AT COST 0.00 0.00 0.00 6.00 310 -10410 ALLOW FOR UNREALIZED INVEST GA 0.00 0.00 0.00 0.00 310 -10450 ACCRUED IN INTEREST RECEIVABLE 0.00 0.00 0.00 0.00 :10 -11500 ACCOUNTS RECEIVABLE 0.00 0.00 0.00 0.00 310 -13200 DUE FROM OTHER GOVERNMENTS 0.0 0.00 0.00 0.01) TOTAL ASSETS 3,207.5 103,950.00 5.57 3,213.14 LIABILITIE 310 -20100 AP PENDING (DUE TO POOL) 0.00 C.00 0.00 0.00 319 -20600 DUE TO OTHER FUNDS 0.00 0.00 0.00 0.00 310 -22200 DEFERRED REVENUES 0.00 0.00 0.00 0.00 310 -24100 FUND BALANCE RESERVED FOR DEBT 3,207.5 - CR 0.0 0.0 3,207.5UR TOTAL LIAHILITIES 3,207.57CR C.00 0.00 3,207.57CR TOTAL REVENUES O.00 103,950,OOCR 103,955.57CR 103,955.57CR TOTAL EXPENDITURES 0.0 0.0 103, 950.00 103,950,0 TOTAL FUND EQUITY 0.00 103,550.00CR 5.57CR 5.57CR TOTAL LIABILITIES & EQUITY 3,207.57CR 103,950.0008 5,57CR 3,213.14CR 8 -02 -2012 02:1fi PM 310 -2oo8 city Bldg Debt Svcs FINANCIAL SUMMARY R EVENUE SUMMA MISCELLANEOUS REVENUE TRANSFERS 'DOTAL, REVENUES EXPENDITURE S UMMARY EDA Ref Debt Sezvicev TOTAL EXPENDITURES REVENUES OVER /(UNDER) EXPENDITURES CITY OF SHOREWOOD PAGE: 1 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: DECEMBER 31ST, 2011 100.00' OF YEAR COMP. CURRENT CURRENT YEAR TO DATE � OF BUDGET 13'UT]GET PERIOD ACTUAL BUDGET BALANCE 0100 0.00 5.57 0.00 ( 5.57) 0. 00 7.03,950.00 103,950.0 0.00 ( 103,950.0 0100 103,950.00 103,955.57 0.00 ( 103,955.57) 0.00 0.0 103,950.0 0.0 ( 103,9 .00 0.00 0.00 103,950.00 0.90 { 7.03,950.00) 0.00 103,950.00 5.57 { 5.57) 6 -02 -201.2 03:16 PM CITY OF SNOREWOOD PAGE: 2 REVENUE & EXPENSE REPORT (UNAUDITED) A$ OF: DECEMBER 31ST, 2G11 310 -2008 City BIC19 Debt Svcs 100.00 OF YEAR COMP. CURRENT CURRENT YEAR TO DATE x OF BUDGET REVENUES BUDGET PERIOD ACTUAL BUDGET BALANCE MISCELI,ANEONS REVENU 10 -36210 INTEREST EARNINGS TOTAL MISCELLANEOUS REVENUE TRANSFERS 3i0 -39293 TRANSFER FROM OTHER FUNDS TOTAL TRANSFERS 0.00 0.0 5.57 0.00 ( 5 0.60 0.00 5.57 0.00 ( 5.57) 0.00 103,950.00 103,950.00 0.00 ( 103,950.0 0.00 103,950.00 103,950.00 6.00 ( 163,950.00) TOTAI, REVENUES 0.00 103,950.00 103,955.57 6.00 ( 103,955.57) 8 -0M -2012 03:16 PM 310 -2008 City Bldg Debt Svcs EDA Ref Debt Services DEPARTMENTAL EXPENDITURES SUPPORT SERVICES /CHARG E D EBT SERV ICES 310- 47000 -601 BOND PRINCIPAL 310 -47000 -611 BOND INTEREST TOTAL EDA DEBT SERVICES TRANSFERS TOTAL EDA Ref Debt Services TOTAL EXPENDITURES REVENUES OVER /(UNDER) EXPENDITURES CITY OF SROREWOOD PAGE: 3 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: DECEMBER 31ST, 2011 106.00x OF YEAR COMP. CURRENT CURRENT YEAR TO DATE OF BUDGET BUDGET PERIOD ACTUAL BUDGET PALANCE 0.00 0.00 50,000.00 0.00 ( 50,000.00( 0.00 0.00 53,950.00 0.00 ( 53,95 0.0(} 0.00 0.00 103,950.00 0.00 ( 10 3,950.60) 0.00 0.00 10,950.00 0.00 ( 103,950.60 0 -00 0.00 103,950.00 0.00 ( 103,950.00) 0,00 103,950,00 5.57 ( 5.57) SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY 5755 Country Club Road Shorewood, MN 55331 -8926 952 - 960 -7900 FAX: 952-474-0128 MEMORANDUM MEETING DATE: August 13, 2012 TO: EDA Board of Commissioners FROM: William S. Joynes, Executive Director RE: Selection of Officers The Selection of Officers was made at the EDA's last meeting on September 26, 2011. The EDA By- Laws state the positions of Vice President and Treasurer shall be members of the Board and shall be elected at the annual meeting. The By -Laws further state that no commissioner may serve as President and Vice President at the same time. The Officers appointed at the September 26, 2011 meeting included: Vice - President — Scott Zerby (Presides in the absence of the President). The Board may determine who shall serve as Vice - President. President Pro -Tem — Appointed to serve in the absence of both the President and Vice - President. The Board decided to leave this position vacant. If the Board wishes to fill this position, it will need to select someone for it. Treasurer — Debbie Siakel (The Treasurer shall receive and be responsible for Authority money, etc. ( The Board may determine who shall serve as Treasurer The Bylaws state the following shall serve as Officers: President — Christine Liz6e (The President shall be the Mayor of the City of Shorewood). Assistant Treasurer — Bruce DeJong (The Assistant Treasurer shall be the Director of Finance). Secretary — William Joynes (The Secretary shall be the City Administrator). Executive Director — William Joynes (The Executive Director shall be the City Administrator). Assistant Executive Director — Brad Nielsen (The Assistant Executive Director shall be the Director of Planning). Action Needed: The Board will need to determine who shall be appointed to serve as Vice - President, President Pro- Tern (if the Board determines to fill this position), and Treasurer.