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D-.0. <br /> r � <br /> t of TO: ECONOMIC DEVELOPMENT AUTHORITY <br /> KRiverFROM: LORI JOHNSON, FINANCE DIRECTOR1654:3 <br /> DATE: JANUARY 7, 1994 <br /> SUBJECT: FINANCIAL UPDATE <br /> ECONOMIC DEVELOPMENT AUTHORITY <br /> The Economic Development Authority will end 1993 with a cash <br /> balance of approximately $69,750 . This is up over $7,900 from <br /> the 1993 beginning cash balance of $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 /> 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 /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />