FY 17 Annual Report

Restricted Cash Funds

2017

CITY OF SPENCER, IOWA

ECON. DEVLP. LOAN - SHINE BROS.

FUND #062

FUND INFORMATION

In 2007, the City, in partnership with SMU, agreed to an interest free loan to Shine Brothers Corporation in the amount of $750,000. The term of the loan was 15 years. The monthly payments from Shine Brothers are received into this fund. The City pays SMU their 50% of the payments from their portion of the loan proceeds out of this fund as well. The remaining proceeds in the fund are transferred periodically to the Capital Improvement Reserve, which fronted the City's portion. As of June 30, 2017, the remaining principal balance of the loan is $250,000.

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

CHARGES FOR SVCS

50,000.00

50,000.04

100.00 520.47

453.79 50,453.83 50,000.04

USE OF MONEY

100.00

520.47

TOTAL REVENUES

50,100.00

50,520.51

100.84

EXPENDITURES CONTRACTUAL SVCS

25,000.00 50,000.00

24,999.96 50,000.00

100.00

24,999.96 25,000.00 49,999.96

TRANSFERS

-

75,000.00

74,999.96

100.00

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

(24,479.45)

45,584.10

50,520.51

74,999.96

21,104.65

RESTRICTED CASH