Laserfiche WebLink
pk,/ <br /> t )0/4 River TO: ECONOMIC DEVELOPMENT AUTHORITY <br /> lFROM: LORI JOHNSON, FINANCE DIRECTOR ""N <br /> DATE: JANUARY 7, 1994 <br /> SUBJECT: FINANCIAL UPDATE <br /> E NOMIC DEVELOPMENT AUTHORITY <br /> The Economic Development A or ,y w 1 end 1993 with a cash <br /> balance of approximatel $69,750 . Phis is up over $7,900 from <br /> the 1993 beginning cash b- -nce o 61,813 .49 . The EDA had <br /> revenues in 1993 of just over $75,000. The majority of the <br /> revenues came in the form of property taxes and state aids . <br /> Expenditures in 1993, excluding accounts payable, were <br /> $67,376. For the first time in 1993, a portion of the Economic <br /> Development Coordinator's salary was charged to the EDA. <br /> Another change is that the Chamber of Commerce Fourth of July <br /> contribution was also charged to the EDA. <br /> Attached is a 1993 Statement of Cash Activity for the EDA <br /> detailing the EDA's activities . Please keep in mind that these <br /> numbers are preliminary and do not include any accounts <br /> receivable or payable. <br /> • <br /> MICRO LOAN FUND <br /> The Micro Loan Fund' s cash balance as of December 31, 1993, <br /> excluding interest income is $118,541 .30. This is down <br /> substantially from the beginning cash balance of $200,818 . 74 . <br /> The decrease in the cash balance is due to the volume of loans <br /> closed in 1993 . Five loans were closed totalling $169,612 . At <br /> this time all loan payments are current. <br /> I will have a handout available at Monday' s meeting which will <br /> provide detail on each of the outstanding loans including the <br /> original amount, the principal outstanding, and the final <br /> maturity date. <br /> • <br /> • <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />