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i1k Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority Finance Committee 4.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 22, 2015 Amanda Othoudt, EDD <br /> Item Description Reviewed by <br /> Uncollectable Microloans Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Hear update regarding uncollectable microloans. <br /> Background/Discussion <br /> Staff has identified two uncollectable microloans, Ethanol Technology and Sweet P's that are still <br /> reflected on the financial statements. <br /> There has been no activity to Ethanol Technology since September of 2011 and with Sweet P's since <br /> April of 2014. During the audit each year,we are questioned as to the validity of these microloans and <br /> whether they should remain on the financial statements. <br /> Staff is looking for direction from the EDA finance committee on the interest to continue pursuing <br /> collection of these loans. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> • EDA Finance staff memo dated June 23, 2014 <br /> r MERE ®ATURE <br />