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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: William Rubin, Executive Direct <br /> DATE: April 10, 1995 <br /> SUBJECT: Agenda Memo for <br /> April 10, 1995, Meeting <br /> 5. April Financial Update <br /> Assistant City Administrator Lori Johnson has provided summaries on <br /> the following funds: <br /> Micro-Loan Fund The Micro-Loan Fund had a cash balance of <br /> $114,990.20 on March 31, 1995. As of April 5, all loans are current <br /> except Roma Tool, Americlnn, Designing Women, Indy Lube,and <br /> Water Laboratories. The loan to T.J. Properties in the amount of <br /> $48,000.00 closed in March. <br /> Block Grant Micro-Loan Fund - The Block Grant Micro-Loan Fund has <br /> a cash balance of$28,782.03. <br /> Check Register - The process by which EDA bills are paid is now on <br /> line. In approving its own accounts payable on April 3, 1995, the City <br /> Council also approved payment of four EDA bills totaling$3,100.25. <br /> Payment of these bills were done on new EDA checks. Signatures <br /> were done manually, but in the future, a stamp will be used. For <br /> subsequent EDA check registers, additional information can be <br /> provided to Commissioners regarding fund balances, etc. The EDA's <br /> initial check register is included in the agenda packet. <br /> Action Requested <br /> These are informational items only and no action is requested. <br /> • <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />