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I`/ \( ITEM 5 <br /> IN <br /> TO: ECONOMIC DEVELOPMENT AUTHORITY <br /> C River FROM: LORI JOHNSON, FINANCE DIRECTORAVA.) <br /> DATE: JANUARY 8, 1993 <br /> SUBJECT: 1992 FINANCIAL UPDATE <br /> ECONOMIC DEVELOPMENT AUTHORITY <br /> The Economic Development Authority's 1992 ending cash balance <br /> increased approximately $19,600 from the 1991 ending cash <br /> balance of $42,060.21 to $61,646 .23 excluding December interest <br /> income. The 1992 adopted budget estimated tax revenues at <br /> $66,200. This will be very close to the actual collections of <br /> $62,319 .20 plus estimated taxes receivable of $4,000 to <br /> $5,000. In addition to State Aids and tax revenue, the EDA had <br /> interest income of $1,439 . 14 excluding December interest. The <br /> EDA incurred expenditures in 1992 in the amount of $44, 172 .32 . <br /> This excludes all accounts payable. The 1992 Budget called for <br /> expenditures of $66,200, of which $10,450 was for Development <br /> Activities . There were no Development Activity expenditures in <br /> 1992 . <br /> • The attached Statement of Cash Activity provides a summary of <br /> the EDA' s 1992 revenues and expenditures. <br /> REVOLVING LOAN FUND <br /> As of December 31, 1992, the Revolving Loan Fund had a cash <br /> balance of $199,741.75 plus December interest income which has <br /> not yet been allocated. This is an increase of approximately <br /> $14,200 over the ending 1991 cash balance of $185,517 . <br /> The Revolving Loan Fund made three loans in 1992 . In March, a <br /> loan of $25,000 was made to PureSteam Humidifier Company. A <br /> $25,000 loan was made to Pomeroy Tool, Inc. , in May, and, in <br /> November, Second Generation Properties received a $50,000 loan <br /> for the new NAPA store. <br /> The Revolving Loan Fund now has a total of eight loans with <br /> principal balances outstanding. The following is a detail of <br /> the end of year loan status: <br /> Principal <br /> Original Outstanding <br /> Loan To Loan Amount 12/31/92 <br /> Alltool $200,000 . 00 $147,784 .56 <br /> • Anoka Medical Properties $100,000 . 00 $ 82,495. 73 <br /> Elk River Motel Properties $ 32,500 . 00 $ 31, 162 .40 <br /> Pomeroy Tool $ 25,000 . 00 $ 24,499 . 08 <br /> PureSteam $ 15,000 . 00 $ 2,780. 14 <br /> 720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420 <br />