FY 17 Annual Report

Restricted Cash Funds

2017

CITY OF SPENCER, IOWA

ECONOMIC DEVELOPMENT RESERVES

FUND #061

FUND INFORMATION

The City established the Economic Development Reserve to account for revenues and expenditures related to the City's Economic Development Activities. Primary use of these funds are economic development grants to local businesses. Revenue for this fund comes from the City's Local Option Sales Tax receipts. This fund can only be used for projects deemed to have an economic development benefit and are not available for general operating functions of the City. The City pays the interest on the Storefront Initiative loans through this fund. The money for the interest payments is received from SMU on an annual basis. In FY17, the City paid for a development plan for the Little Sioux Riverfront District, made the final payment of a five year obligation to Startup City Spencer, and participated in the internship program. The remaining costs were property tax expenses and general economic development expenses.

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

USE OF MONEY

4,000.00 75,000.00

9,424.99 36,500.00 2,092.50 75,000.00

235.62

6,658.82

-

INTERGOVERNMENTAL

48.67

82,832.50

MISCELLANEOUS OTHER FINANCING

-

-

528,740.75 618,232.07

97,169.00

77.19

69.83

TOTAL REVENUES

176,169.00

123,017.49

EXPENDITURES CONTRACTUAL SVCS REPAIRS, MTNCE, UTIL

128,000.00

77,530.36 4,383.73 14,864.00 3,143.72

60.57

116,981.16

- - -

- - -

23,265.00

COMMODITIES TRANSFERS

- 140,246.16

128,000.00

99,921.81

78.06

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

23,095.68

1,031,079.95

123,017.49

99,921.81

1,054,175.63

RESTRICTED CASH