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HomeMy WebLinkAbout10-17-22 FCAC IT Y C O UNC I L/F INANC I AL C O M M IS S IO N M E E T I NG City Hall Council Chambers October 17, 2022 AGE NDA 1.Call to Order - 6:30 p.m. The City Council requests that attendees turn off cell phones and pagers during the meeting. A copy of the full City C ounc il packet is available to the public . The packet ring binder is loc ated at the entrance of the council chambers. 2.Roll Call 3.Approval of Agenda 4.S pecial Revenue F unds, Debt S ervice and Internal S ervice Fund Budget a.Special Revenue, Debt S ervice, and Internal Service F unds Budget - It is recommended that the City Council and Financial Commission consider providing direction to staff regarding Special Revenue, Debt Service, and Internal Service Funds. 5.Future Budget Discussions a.November 21, 2022 - E nterprise/Utilities Fund b.December 5, 2022 - Public Hearing & Budget Adoption 6.Adjourn 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 46321 - HRA FUND REVENUES 4101 - CURRENT AD VALOREM TAXES 404,093$ 447,187$ 242,689$ 482,206$ 566,088$ 17.40% 4120 - DELINQUENT AD VALOREM TAXES 1,117 2,224 2,047 - - 0.00% 4154 - PENALTIES & INT-DELINQ TAXES - - 181 - - 0.00% TOTAL TAXES 405,210 449,411 244,917 482,206 566,088 17.40% TOTAL REVENUES 405,210 449,411 244,917 482,206 566,088 17.40% EXPENDITURES 6481 - EDA FUND TRANSFER 404,462 450,180 482,206 482,206 566,088 17.40% TOTAL TRANSFERS OUT 404,462 450,180 482,206 482,206 566,088 17.40% TOTAL BUSINESS UNIT EXPENSES 404,462 450,180 482,206 482,206 566,088 17.40% NET CHANGE IN FUND BALANCE 748$ (769)$ (237,289)$ -$ -$ 0.00% HOUSING & REDEVELOPMENT AUTHORITY (HRA) FUND - 20200 SPECIAL REVENUE FUND 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 46310 - DEVELOPMENT/RE-DEVELOPMENT REVENUES 4320 - MISC FEDERAL GRANTS 364,710$ -$ -$ -$ -$ 0.00% 4373 - OTHER GRANTS/AID 30,992 - - - - 0.00% TOTAL INTERGOVERNMENTAL 395,702 - 35,000 - - 0.00% 4603 - INTEREST EARNINGS 24,827 16,799 11,079 11,000 16,600 50.91% 4605 - UNREALIZED INVESTMENT GAIN/LOSS 12,892 (20,487) - - - 0.00% TOTAL INVESTMENT EARNINGS 37,719 (3,688) 11,079 11,000 16,600 50.91% 4450 - CHARGES FOR SERVICES - 3,000 - - - 0.00% 4606 - OTHER REVENUE 20,650 - - - - 0.00% 4831 - OFFICE RENTALS - 20,000 - - - 0.00% 4921 - REFUNDS AND REIMBURSEMENTS 20 (20) - - - 0.00% TOTAL MISCELLANEOUS 20,670 22,980 - - - 0.00% 4915 - TRANSFERS IN 404,462 - 482,206 482,206 566,088 17.40% 4915.3 - TRANSFERS IN FROM HRA FUND - 450,180 - - - 0.00% TOTAL TRANSFERS IN 404,462 450,180 482,206 482,206 566,088 17.40% TOTAL REVENUES 858,553 469,472 528,285 493,206 582,688 18.14% EXPENDITURES 6101 - WAGES & SALARIES-FT EMPLOYEES 147,208 156,309 171,840 230,152 202,023 -12.22% 6102 - OVERTIME-FT EMPLOYEES - - - - - 0.00% 6103 - WAGES-PART TIME EMPLOYEES 1,611 - - - - 0.00% 6104 - OVERTIME-PART TIME EMPLOYEES - - - - - 0.00% 6111 - SEVERANCE PAY - - - - - 0.00% 6122 - PERA COORDINATED PLAN 11,161 11,726 13,111 17,261 15,617 -9.52% 6125 - FICA - SOCIAL SECURITY 8,781 8,985 11,187 14,270 12,910 -9.53% 6126 - FICA - MEDICARE 2,053 2,101 2,617 3,338 3,019 -9.56% 6131 - CAFETERIA PLAN CONTRIBUTIONS - - 21,830 37,422 29,979 -19.89% 6151 - WORKER'S COMP INSURANCE 1,243 1,108 1,268 1,887 1,541 -18.34% TOTAL PERSONAL SERVICES 172,057 180,229 221,853 304,330 265,089 -12.89% 6201 - OFFICE SUPPLIES - - - - - 0.00% 6219 - GENERAL OPERATING SUPPLIES 8,678 - - - - 0.00% 6243 - MINOR COMPUTER EQUIPMENT 433 364 - - - 0.00% TOTAL SUPPLIES 9,111 364 - - - 0.00% 6301 - ACCTG, AUDIT & FIN'L SERVICES 2,555 2,509 3,000 3,000 - -100.00% 6302 - ARCH, ENG & PLANNING 52,405 11,364 12,500 10,000 10,000 0.00% 6303 - LEGAL SERVICES 11,706 10,898 9,975 10,000 10,000 0.00% 6307 - PROFESSIONAL SERVICES 160,212 31,576 28,033 200,000 50,000 -75.00% 6321 - TELEPHONE/PAGERS 682 155 - 1,000 1,000 0.00% 6331 - TRAVEL EXPENSE/MILEAGE 12 - - - - 0.00% 6333 - FREIGHT/DRAYAGE - - - - - 0.00% 6342 - LEGAL NOTICES - 488 131 - 200 100.00% 6351 - PRINTING - - - - - 0.00% 6361 - GENERAL LIABILITY INSURANCE 859 997 1,064 2,094 - -100.00% 6385 - SEWER - - - - - 0.00% 6386 - STORM SEWER 17,014 14,770 11,117 15,000 18,800 25.33% 6389 - STREET LIGHTS 2,192 1,910 1,363 2,200 2,300 4.55% 6403 - BUILDINGS AND FACILITIES MAINTENANCE SERVICES8,989 10,070 6,176 12,000 12,000 0.00% 6405 - PARK & LANDSCAPE SERVICES 2,300 1,222 335 10,000 3,000 -70.00% 6406 - MULTI-FUNCTION MTNCE - - - 2,000 - -100.00% 6409 - OTHER REPAIR & MAINT SVCS - 425 - - - 0.00% 6421 - SOFTWARE LICENSE 481 - - - 500 100.00% 6423 - LOGIS CHARGES 3,781 4,133 3,017 4,100 4,890 19.27% 6432 - CONFERENCES AND SCHOOLS 1,437 3,287 705 3,000 2,000 -33.33% 6433 - MEETING EXPENSES 440 60 - 250 - -100.00% 6434 - DUES & SUBSCRIPTIONS 8,434 10,370 2,210 11,000 11,000 0.00% 6441 - LICENSES, TAXES & FEES 58 8,711 8,716 - 10,000 100.00% 6449 - OTHER CONTRACTUAL SERVICE 282,610 236,084 166,571 172,000 172,000 0.00% 6496 - LOSS ON DISPOSAL 25,000 - - - - 0.00% 6498 - INTERFUND EXPENSE ALLOCATION (145,122) (229,324) - (200,000) (200,000) 0.00% TOTAL PROFESSIONAL SERVICES 436,045 119,705 254,913 257,644 107,690 -58.20% ECONOMIC DEVELOPMENT AUTHORITY (EDA) FUND - 20300 SPECIAL REVENUE FUND 6461 - FUEL CHARGES 736 693 642 800 800 0.00% 6462 - FIXED CHARGES 603 2,977 876 1,310 1,789 36.56% 6463 - REPAIR & MAINT CHARGES 429 477 - 700 500 -28.57% 6465 - REPLACEMENT CHARGES 2,050 2,017 1,467 2,200 2,706 23.00% TOTAL CENTRAL GARAGE CHARGES 3,818 6,164 2,985 5,010 5,795 15.67% 6510 - LAND - - - - - 0.00% TOTAL CAPITAL OUTLAY - - - - - 0.00% 6471 - ADMINISTRATIVE SERVICE TRANSFER 84,452 118,180 88,585 118,113 131,839 11.62% TOTAL TRANSFERS OUT 84,452 118,180 88,585 118,113 131,839 11.62% TOTAL BUSINESS UNIT EXPENSES 705,483 424,642 568,336 685,097 510,413 -25.50% NET CHANGE IN FUND BALANCE 153,070$ 44,830$ (40,051)$ (191,891)$ 72,275$ -137.66% 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 46330 - REVOLVING LOAN FUND REVENUES 4359 - OTHER STATE GRANTS/AID -$ -$ -$ -$ -$ 0.00% TOTAL INTERGOVERNMENTAL - - - - - 0.00% 4603 - INTEREST EARNINGS 209 217 49 100 200 100.00% 4605 - UNREALIZED GAIN ON INVESTMENTS 127 (287) - - - 0.00% TOTAL INVESTMENT EARNINGS 336 (70) 49 100 200 100.00% 4915 - TRANSFERS IN - - - - 100,000 100.00% TOTAL TRANSFERS IN - - - - 100,000 100.00% TOTAL REVENUES 336 (70) 49 100 100,200 100100.00% EXPENDITURES 6453 - LOAN DISTRIBUTION EXPENSE - - - - - 0.00% TOTAL PROFESSIONAL SERVICES - - - - - 0.00% TOTAL BUSINESS UNIT EXPENSES - - - - - 0.00% NET CHANGE IN FUND BALANCE 336$ (70)$ 49$ 100$ 100,200$ 100100.00% FUND - 20600 SPECIAL REVENUE FUND REVOLVING LOAN FUND 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 46412 - TIF DISTRICT #2 REVENUES 4150 - TAX INCREMENTS -$ -$ -$ -$ -$ 0.00% TOTAL TAXES - - - - - 0.00% 4362 - MISC FEDERAL GRANTS - - - - - 0.00% TOTAL INTERGOVERNMENTAL - - - - - 0.00% 4603 - INTEREST EARNINGS 13,066 9,030 6,906 6,400 9,400 46.88% 4605 - UNREALIZED INVESTMENT GAIN/LOSS 6,057 (10,928) - - - 0.00% TOTAL INVESTMENT EARNINGS 19,123 (1,898) 6,906 6,400 9,400 46.88% 4606 - OTHER REVENUE 5,932 2,586 - 2,580 1,594 -38.22% TOTAL MISCELLANEOUS 5,932 2,586 - 2,580 1,594 -38.22% 4915 - TRANSFERS IN - - - 98,580 99,611 1.05% TOTAL TRANSFERS IN - - - 98,580 99,611 1.05% TOTAL REVENUES 25,055 688 6,906 107,560 110,605 2.83% EXPENDITURES 6302 - ARCH, ENG & PLANNING - - - - - 0.00% 6303 - LEGAL SERVICES 163 - - - - 0.00% 6307 - PROFESSIONAL SERVICES - - - - - 0.00% 6342 - LEGAL NOTICES - - - - - 0.00% 6441 - LICENSES, TAXES & FEES - - - - - 0.00% 6449 - OTHER CONTRACTUAL SERVICE - - 1,177 - - 0.00% 6498 - INTERFUND EXPENSE ALLOCATION 6,763 8,790 - - - 0.00% TOTAL PROFESSIONAL SERVICES 6,926 8,790 1,177 - - 0.00% 6510 - LAND - - - - - 0.00% 6530 - IMPROVEMENTS - - - - - 0.00% TOTAL CAPITAL OUTLAY - - - - - 0.00% TOTAL BUSINESS UNIT EXPENSES 6,926 8,790 1,177 - - 0.00% NET CHANGE IN FUND BALANCE 18,129$ (8,102)$ 5,729$ 107,560$ 110,605$ 2.83% TAX INCREMENT FINANCING (TIF) DISTRICT #2 FUND - 27700 SPECIAL REVENUE FUND 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 46413 - TIF DISTRICT #3 REVENUES 4150 - TAX INCREMENTS 5,201,153$ 6,205,922$ (10,659)$ -$ -$ 0.00% TOTAL TAXES 5,201,153 6,205,922 (10,659) - - 0.00% 4603 - INTEREST EARNINGS 56,159 57,588 46,144 29,100 67,000 130.24% 4605 - UNREALIZED INVESTMENT GAIN/LOSS 36,116 (78,082) - - - 0.00% TOTAL INVESTMENT EARNINGS 92,275 (20,494) 46,144 29,100 67,000 130.24% 4831 - OFFICE RENTALS 241,029 77,732 3,695 - - 0.00% 4606 - OTHER REVENUE 31,356 - - - - 0.00% 4921 - REFUNDS & REIMBURSEMENTS 4,059 110 - - - 0.00% TOTAL MISCELLANEOUS 276,444 77,842 3,695 - - 0.00% 4915 - TRANSFERS IN - 1,500 - - - 0.00% TOTAL TRANSFERS IN - 1,500 - - - 0.00% 4911 - SALE OF PROPERTY - 27,276 - - - 0.00% TOTAL OTHER FINANCING SOURCES - 27,276 - - - 0.00% TOTAL REVENUES 5,569,872 6,292,046 39,180 29,100 67,000 130.24% EXPENDITURES 6219 - GENERAL OPERATING SUPPLIES - - 92 - - 0.00% TOTAL SUPPLIES - - 92 - - 0.00% 6301 - ACCTG, AUDIT & FIN'L SERVICES - - - - - 0.00% 6302 - ARCH, ENG & PLANNING 118,636 57,910 64,409 50,000 - -100.00% 6303 - LEGAL SERVICES 6,999 1,418 5,936 5,000 5,000 0.00% 6307 - PROFESSIONAL SERVICES 69,067 126,126 253,333 100,000 150,000 50.00% 6342 - LEGAL NOTICES - 161 - - - 0.00% 6361 - GENERAL LIABILITY INSURANCE 9,860 20,588 7,115 21,617 22,000 1.77% 6381 - ELECTRIC 31,479 40,518 26,243 40,000 38,700 -3.25% 6382 - GAS 17,748 11,363 18,131 - 30,800 100.00% 6383 - WATER 234 346 262 500 400 -20.00% 6384 - REFUSE DISPOSAL 120 117 80 150 100 -33.33% 6385 - SEWER 322 499 355 1,000 1,000 0.00% 6386 - STORM SEWER 47,532 52,844 41,384 48,000 70,500 46.88% 6389 - STREET LIGHTS 6,301 6,667 4,625 6,000 7,800 30.00% 6403 - BLDGS/FACILITIES MAINT SERVICE - - 485 - - 0.00% 6405 - PARK & LANDSCAPE SERVICES 29,252 27,554 28,378 30,000 30,000 0.00% 6433 - MEETING EXPENSES 216 - - - - 0.00% 6441 - LICENSES, TAXES & FEES 190,847 11,453 9,827 - - 0.00% 6449 - OTHER CONTRACTUAL SERVICE 223,079 450,135 202,333 200,000 10,000 -95.00% 6496 - LOSS ON FIXED ASSET DISPOSAL 506,305 (1) - - - 0.00% 6498 - INTERFUND EXPENSE ALLOCATION 66,648 83,440 - 150,000 150,000 0.00% 6499 - EXPENSES REIMBURSED 6,157 - - - - 0.00% TOTAL PROFESSIONAL SERVICES 1,330,802 891,138 662,896 652,267 516,300 -20.85% 6474 - DEBT SERVICE FUND TRANSFER 2,234,513 2,243,137 2,232,169 2,232,169 - -100.00% 6482 - MISC TRANSFER OUT 561,948 - - - - 0.00% TOTAL TRANSFERS OUT 2,796,461 2,243,137 2,232,169 2,232,169 - -100.00% TOTAL BUSINESS UNIT EXPENSES 4,127,263 3,134,275 5,128,709 2,884,436 516,300 -82.10% NET CHANGE IN FUND BALANCE 1,442,609$ 3,157,771$ (5,089,529)$ (2,855,336)$ (449,300)$ -84.26% FUND - 27800 SPECIAL REVENUE FUND TAX INCREMENT FINANCING (TIF) DISTRICT #3 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 46415 - TIF DISTRICT #5 REVENUES 4150 - TAX INCREMENTS 531,096$ 524,564$ 231,901$ 506,524$ 453,841$ -10.40% TOTAL TAXES 531,096 524,564 231,901 506,524 453,841 -10.40% 4603 - INTEREST EARNINGS 9,614 6,124 3,682 4,700 7,100 51.06% 4605 - UNREALIZED INVESTMENT GAIN/LOSS 4,969 (8,279) - - - 0.00% TOTAL INVESTMENT EARNINGS 14,583 (2,155) 3,682 4,700 7,100 51.06% TOTAL REVENUES 545,679 522,409 235,583 511,224 460,941 -9.84% EXPENDITURES 6302 - ARCH, ENG & PLANNING - - - - - 0.00% 6303 - LEGAL SERVICES 1,854 43 - - - 0.00% 6307 - PROFESSIONAL SERVICES 200 446 - - - 0.00% 6441 - LICENSES, TAXES & FEES 2,470 1,483 - - - 0.00% 6449 - OTHER CONTRACTUAL SERVICE - - - - - 0.00% 6498 - INTERFUND EXPENSE ALLOCATION 24,543 46,760 - - 30,000 100.00% TOTAL PROFESSIONAL SERVICES 29,067 48,732 - - 30,000 100.00% 6602 - OTHER DEBT-PRINCIPAL - - - 99,208 104,641 5.48% 6612 - OTHER DEBT-INTEREST 5,932 2,586 - 2,631 1,511 -42.57% TOTAL DEBT SERVICE 5,932 2,586 - 101,839 106,152 4.24% 6474 - DEBT SERVICE FUND TRANSFER 356,833 352,283 355,011 352,011 355,333 0.94% TOTAL TRANSFERS OUT 356,833 352,283 355,011 352,011 355,333 0.94% TOTAL BUSINESS UNIT EXPENSES 391,832 403,601 355,011 453,850 491,485 8.29% NET CHANGE IN FUND BALANCE 153,847$ 118,808$ (119,428)$ 57,374$ (30,544)$ -153.24% SPECIAL REVENUE FUND TAX INCREMENT FINANCING (TIF) DISTRICT #5 FUND - 28000 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 46416 - TIF DISTRICT #6 REVENUES 4150 - TAX INCREMENTS 178,535$ 187,064$ 87,019$ 170,221$ 170,301$ 0.05% TOTAL TAXES 178,535 187,064 87,019 170,221 170,301 0.05% 4603 - INTEREST EARNINGS 184 (30) 6 100 - -100.00% 4605 - UNREALIZED INVESTMENT GAIN/LOSS 702 (43) - - - 0.00% TOTAL INVESTMENT EARNINGS 886 (73) 6 100 - -100.00% TOTAL REVENUES 179,421 186,991 87,025 170,321 170,301 -0.01% EXPENDITURES 6307 - PROFESSIONAL SERVICES - 446 - - - 0.00% 6441 - LICENSES, TAXES AND FEES 1,550 4,350 - - 4,350 100.00% 6498 -INTERFUND EXPENSE ALLOCATION 12,459 17,781 - - 10,000 100.00% 6499 - INTERFUND EXPENSE ALLOCATION - - - - - 0.00% TOTAL PROFESSIONAL SERVICES 14,009 22,577 - - 14,350 100.00% 6602 - OTHER DEBT-PRINCIPAL 174,072 91,193 176,037 181,236 166,043 -8.38% TOTAL DEBT SERVICE 174,072 91,193 176,037 181,236 166,043 -8.38% TOTAL BUSINESS UNIT EXPENSES 188,081 113,770 176,037 181,236 180,393 -0.47% NET CHANGE IN FUND BALANCE (8,660)$ 73,221$ (89,012)$ (10,915)$ (10,092)$ -7.54% FUND - 28100 SPECIAL REVENUE FUND TAX INCREMENT FINANCING (TIF) DISTRICT #6 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 46417 - TIF DISTRICT #7 REVENUES 4150 - TAX INCREMENTS 123,396$ 161,996$ 69,893$ 117,648$ 136,783$ 16.26% TOTAL TAXES 123,396 161,996 69,893 117,648 136,783 16.26% 4603 - INTEREST EARNINGS 943 1,477 1,663 500 1,800 260.00% 4605 - UNREALIZED INVESTMENT GAIN/LOSS 1,144 (2,049) - - - 0.00% TOTAL INVESTMENT EARNINGS 2,087 (572) 1,663 500 1,800 260.00% TOTAL REVENUES 125,483 161,424 71,556 118,148 138,583 17.30% EXPENDITURES 6307 - PROFESSIONAL SERVICES - 446 - - - 0.00% 6441 - LICENSES, TAXES AND FEES 1,332 837 - - - 0.00% 6498 -INTERFUND EXPENSE ALLOCATION 29,513 72,552 - 4,544 5,000 10.04% TOTAL PROFESSIONAL SERVICES 30,845 73,835 - 4,544 5,000 10.04% TOTAL BUSINESS UNIT EXPENSES 30,845 73,835 - 4,544 5,000 10.04% NET CHANGE IN FUND BALANCE 94,638$ 87,589$ 71,556$ 113,604$ 133,583$ 17.59% FUND - 28200 TAX INCREMENT FINANCING (TIF) DISTRICT #7 SPECIAL REVENUE FUND 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 46418 - TIF DISTRICT #8 REVENUES 4150 - TAX INCREMENTS -$ -$ 63,342$ -$ 275,000$ 100.00% TOTAL TAXES - - 63,342 - 275,000 100.00% 4603 - INTEREST EARNINGS - - 5 - - 0.00% TOTAL INVESTMENT EARNINGS - - 5 - - 0.00% TOTAL REVENUES - - 63,347 - 275,000 100.00% EXPENDITURES 6303 - LEGAL SERVICES - 569 563 - 600 100.00% 6303 - LEGAL SERVICES - 8,081 250 - - 0.00% 6307 - PROFESSIONAL SERVICES - 446 1,169 - 600 100.00% 6441 - LICENSES, TAXES & FEES - 534 - - - 0.00% TOTAL PROFESSIONAL SERVICES - 9,630 1,982 - 1,200 100.00% 6602 - OTHER DEBT-PRINCIPAL - - 57,008 - 247,500 100.00% TOTAL DEBT SERVICE - - 57,008 - 247,500 100.00% TOTAL BUSINESS UNIT EXPENSES - 9,630 58,990 - 1,200 100.00% NET CHANGE IN FUND BALANCE -$ (9,630)$ 4,357$ -$ 273,800$ 100.00% TAX INCREMENT FINANCING (TIF) DISTRICT #8 FUND - 28300 SPECIAL REVENUE FUND City of Brooklyn Center 2023 Debt Service Funds Debt Payment Revenues & Expenditures Assessment Property Tax Interest TOTAL Revenues Revenue Revenue Income BUDGET Improvement Bonds 2013 Street Improvement Bonds 55,930$ -$ 3,600$ 59,530$ 2015 Street Improvement Bonds 86,380 256,903 4,500 347,783 2016 Street Improvement Bonds - 215,775 2,000 217,775 2017 Street Improvement Bonds 79,801 282,091 7,500 369,392 2018 Street Improvement Bonds 189,055 251,414 6,500 446,969 2019 Street Improvement Bonds 209,017 187,861 10,000 406,878 2020 Street Improvement Bonds - 240,030 1,800 241,830 2021 Street Improvement Bonds 155,146 209,443 4,000 368,589 2022 Street Improvement Bonds - 167,023 - 167,023 775,329 1,810,540 39,900 2,625,769 Tax Increment Bonds 2016B G.O. Tax Increment Bonds - 48,325 - 48,325 2016C G.O. Tax Increment Bonds - 310,008 - 310,008 - 358,333 - 358,333 TOTAL DEBT SERVICE REVENUES 775,329$ 2,168,873$ 39,900$ 2,984,102$ Principal Interest Agent Fees TOTAL Expenditures Payment Payments and Administration BUDGET Improvement Bonds 2015 Street Improvement Bonds 345,537 29,151 1,500 376,188 2016 Street Improvement Bonds 185,000 17,350 1,500 203,850 2017 Street Improvement Bonds 370,000 58,438 1,500 429,938 2018 Street Improvement Bonds 365,000 104,975 1,500 471,475 2019 Street Improvement Bonds 340,000 131,550 1,500 473,050 2020 Street Improvement Bonds 195,000 30,550 1,500 227,050 2021 Street Improvement Bonds 250,000 92,850 1,500 344,350 2022 Street Improvement Bonds 93,777 41,027 1,500 136,304 2,144,314 505,891 12,000 2,662,205 Tax Increment Bonds 2016B G.O. Tax Increment Bonds - 46,825 1,500 48,325 2016C G.O. Tax Increment Bonds 305,000 3,508 1,500 310,008 305,000 50,333 3,000 358,333 TOTAL DEBT SERVICE EXPENDITURES 2,449,314$ 556,224$ 15,000$ 3,020,538$ NET TOTAL DEBT SERVICE BUDGET (36,436)$ 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 47526 - 2013B-GO IMPROVEMENT BONDS REVENUES 4101 - CURRENT AD VALOREM TAXES 385,752$ 382,183$ 74,968$ 147,903$ -$ -100.00% 4120 - DELINQUENT AD VALOREM TAXES - - - - - 0.00% 4154 - PENALTIES & INT-DELINQ TAXES 166 206 47 - - 0.00% TOTAL TAXES 385,918 382,389 75,015 147,903 - -100.00% 4601 - SPECIAL ASSESSMENTS 171,636 160,998 33,220 65,072 (55,930) -185.95% TOTAL SPECIAL ASSESSMENTS 171,636 160,998 33,220 65,072 (55,930) -185.95% 4603 - INTEREST EARNINGS 6,724 3,536 - 3,500 4,400 25.71% 4605 - UNREALIZED INVESTMENT GAIN/LOSS 6,073 (5,093) - - - 0.00% TOTAL INVESTMENT EARNINGS 12,797 (1,557) - 3,500 4,400 25.71% TOTAL REVENUES 570,351 541,830 108,235 216,475 (51,530) -123.80% EXPENDITURES 6601 - BOND PRINCIPAL 535,000 530,000 965,000 535,000 - -100.00% 6611 - BOND INTEREST 52,875 36,900 14,475 20,925 - -100.00% 6621 - PAYING AGENT/OTHER FEES 2,043 2,363 3,853 1,500 - -100.00% TOTAL DEBT SERVICE 589,918 569,263 983,328 557,425 - -100.00% TOTAL BUSINESS UNIT EXPENSES 589,918 569,263 983,328 557,425 - -100.00% NET CHANGE IN FUND BALANCE (19,567)$ (27,433)$ (875,093)$ (340,950)$ (51,530)$ -84.89% FUND - 31600 DEBT SERVICE FUND G.O. IMPROVEMENT BONDS, 2013-B 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 47527 - 2015A-GO IMPROVEMENT BONDS REVENUES 4101 - CURRENT AD VALOREM TAXES 253,703$ 252,753$ 129,684$ 255,851$ 256,903$ 0.41% 4120 - DELINQUENT AD VALOREM TAXES - - - - - 0.00% 4154 - PENALTIES & INT-DELINQ TAXES 109 136 90 - - 0.00% TOTAL TAXES 253,812 252,889 129,774 255,851 256,903 0.41% 4601 - SPECIAL ASSESSMENTS 166,611 115,198 57,880 93,909 (86,380) -191.98% TOTAL SPECIAL ASSESSMENTS 166,611 115,198 57,880 93,909 (86,380) -191.98% 4603 - INTEREST EARNINGS 5,123 2,970 1,923 2,600 3,500 34.62% 4605 - UNREALIZED INVESTMENT GAIN/LOSS 4,485 (4,136) - - - 0.00% TOTAL INVESTMENT EARNINGS 9,608 (1,166) 1,923 2,600 3,500 34.62% TOTAL REVENUES 430,031 366,921 189,577 352,360 174,023 -50.61% EXPENDITURES 6601 - BOND PRINCIPAL 335,757 339,017 342,277 342,277 345,537 0.95% 6611 - BOND INTEREST 49,589 42,842 36,029 36,029 29,151 -19.09% 6621 - PAYING AGENT/OTHER FEES 4,533 1,720 1,328 1,500 1,500 0.00% TOTAL DEBT SERVICE 389,879 383,579 379,634 379,806 376,188 -0.95% 6482 - MISC TRANSFER OUT - - - - - 0.00% TOTAL TRANSFERS - - - - - 0.00% TOTAL BUSINESS UNIT EXPENSES 389,879 383,579 379,634 379,806 376,188 -0.95% NET CHANGE IN FUND BALANCE 40,152$ (16,658)$ (190,057)$ (27,446)$ (202,165)$ 636.59% G.O. IMPROVEMENT BONDS, 2015-A FUND - 31700 DEBT SERVICE FUND 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 47528 - 2016A-GO IMPROVEMENT BONDS REVENUES 4101 - CURRENT AD VALOREM TAXES 214,941$ 211,223$ 108,678$ 214,410$ 215,775$ 0.64% 4120 - DELINQUENT AD VALOREM TAXES - - - - - 0.00% 4154 - PENALTIES & INT-DELINQ TAXES 93 114 75 - - 0.00% TOTAL TAXES 215,034 211,337 108,753 214,410 215,775 0.64% 4603 - INTEREST EARNINGS 1,251 675 481 700 1,000 42.86% 4605 - UNREALIZED INVESTMENT GAIN/LOSS 1,705 (1,123) - - - 0.00% TOTAL INVESTMENT EARNINGS 2,956 (448) 481 700 1,000 42.86% TOTAL REVENUES 217,990 210,889 109,234 215,110 216,775 0.77% EXPENDITURES 6601 - BOND PRINCIPAL 175,000 180,000 180,000 180,000 185,000 2.78% 6611 - BOND INTEREST 28,150 24,600 21,000 21,000 17,350 -17.38% 6621 - PAYING AGENT/OTHER FEES 450 3,950 - 1,500 1,500 0.00% TOTAL DEBT SERVICE 203,600 208,550 201,000 202,500 203,850 0.67% TOTAL BUSINESS UNIT EXPENSES 203,600 208,550 201,000 202,500 203,850 0.67% NET CHANGE IN FUND BALANCE 14,390$ 2,339$ (91,766)$ 12,610$ 12,925$ 2.50% FUND - 31800 G.O. IMPROVEMENT BONDS, 2016-A DEBT SERVICE FUND 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 47529 - 2017A-GO IMPROVEMENT BONDS REVENUES 4101 - CURRENT AD VALOREM TAXES 280,662$ 282,636$ 143,706$ 283,516$ 282,091$ -0.50% 4120 - DELINQUENT AD VALOREM TAXES - - - - - 0.00% 4154 - PENALTIES & INT-DELINQ TAXES 104 149 99 - - 0.00% TOTAL TAXES 280,766 282,785 143,805 283,516 282,091 -0.50% 4601 - SPECIAL ASSESSMENTS 186,253 188,928 60,359 98,806 (79,801) -180.77% 4607 - SPECIAL ASSESSMENTS INTEREST - - - - - 0.00% TOTAL SPECIAL ASSESSMENTS 186,253 188,928 60,359 98,806 (79,801) -180.77% 4603 - INTEREST EARNINGS 8,178 4,769 3,280 4,100 5,500 34.15% 4605 - UNREALIZED INVESTMENT GAIN/LOSS 5,875 (6,413) - - - 0.00% TOTAL INVESTMENT EARNINGS 14,053 (1,644) 3,280 4,100 5,500 34.15% TOTAL REVENUES 481,072 470,069 207,444 386,422 207,790 -46.23% EXPENDITURES 6601 - BOND PRINCIPAL 350,000 355,000 365,000 365,000 370,000 1.37% 6611 - BOND INTEREST 90,838 80,263 69,463 69,463 58,438 -15.87% 6621 - PAYING AGENT/OTHER FEES 1,128 1,470 4,165 1,500 1,500 0.00% TOTAL DEBT SERVICE 441,966 436,733 438,628 435,963 429,938 -1.38% TOTAL BUSINESS UNIT EXPENSES 441,966 436,733 438,628 435,963 429,938 -1.38% NET CHANGE IN FUND BALANCE 39,106$ 33,336$ (231,184)$ (49,541)$ (222,148)$ 348.41% DEBT SERVICE FUND G.O. IMPROVEMENT BONDS, 2017-A FUND - 31900 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 47530 - 2018A-GO IMPROVEMENT BONDS REVENUES 4101 - CURRENT AD VALOREM TAXES 252,488$ 250,478$ 125,106$ 246,819$ 251,414$ 1.86% 4120 - DELINQUENT AD VALOREM TAXES - - - - - 0.00% 4154 - PENALTIES & INT-DELINQ TAXES 121 136 86 - - 0.00% TOTAL TAXES 252,609 250,614 125,192 246,819 251,414 1.86% 4601 - SPECIAL ASSESSMENTS 246,340 207,551 115,707 196,342 189,055 -3.71% TOTAL SPECIAL ASSESSMENTS 246,340 207,551 115,707 196,342 189,055 -3.71% 4603 - INTEREST EARNINGS 9,528 5,465 3,528 4,700 6,200 31.91% 4605 - UNREALIZED INVESTMENT GAIN/LOSS 6,787 (7,229) - - - 0.00% TOTAL INVESTMENT EARNINGS 16,315 (1,764) 3,528 4,700 6,200 31.91% TOTAL REVENUES 515,264 456,401 244,427 447,861 446,669 -0.27% EXPENDITURES 6601 - BOND PRINCIPAL 345,000 350,000 360,000 360,000 365,000 1.39% 6611 - BOND INTEREST 158,225 140,850 123,100 123,100 104,975 -14.72% 6621 - PAYING AGENT/OTHER FEES 400 1,793 1,343 1,500 1,500 0.00% TOTAL DEBT SERVICE 503,625 492,643 484,443 484,600 471,475 -2.71% TOTAL BUSINESS UNIT EXPENSES 503,625 492,643 484,443 484,600 471,475 -2.71% NET CHANGE IN FUND BALANCE 11,639$ (36,242)$ (240,016)$ (36,739)$ (24,806)$ -32.48% G.O. IMPROVEMENT BONDS, 2018-A FUND - 32000 DEBT SERVICE FUND 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 47531 - 2019A-GO IMPROVEMENT BONDS REVENUES 4101 - CURRENT AD VALOREM TAXES 68,503$ 66,477$ 96,799$ 190,974$ 187,861$ -1.63% 4154 - PENALTIES & INT-DELINQ TAXES 34 37 69 - - 0.00% TOTAL TAXES 68,537 66,514 96,868 190,974 187,861 -1.63% 4601 - SPECIAL ASSESSMENTS 373,040 341,299 156,603 215,548 209,017 -3.03% 4607 - SPECIAL ASSESSMENTS INTEREST - 1,223 - - - 0.00% TOTAL SPECIAL ASSESSMENTS 373,040 342,522 156,603 215,548 209,017 -3.03% 4603 - INTEREST EARNINGS 11,883 7,430 5,355 5,900 8,200 38.98% 4605 - UNREALIZED INVESTMENT GAIN/LOSS 6,983 (9,530) - - - 0.00% TOTAL INVESTMENT EARNINGS 18,866 (2,100) 5,355 5,900 8,200 38.98% TOTAL REVENUES 460,443 406,936 258,826 412,422 405,078 -1.78% EXPENDITURES 6601 - BOND PRINCIPAL - 175,000 220,000 220,000 340,000 54.55% 6611 - BOND INTEREST 141,601 155,425 145,550 145,550 131,550 -9.62% 6621 - PAYING AGENT/OTHER FEES 2,305 2,585 2,050 1,500 1,500 0.00% TOTAL DEBT SERVICE 143,906 333,010 367,600 367,050 473,050 28.88% TOTAL BUSINESS UNIT EXPENSES 143,906 333,010 367,600 367,050 473,050 28.88% NET CHANGE IN FUND BALANCE 316,537$ 73,926$ (108,774)$ 45,372$ (67,972)$ -249.81% G.O. IMPROVEMENT BONDS, 2019-A FUND - 32100 DEBT SERVICE FUND 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 47532 - 2020A-GO IMPROVEMENT BONDS REVENUES 4101 - CURRENT AD VALOREM TAXES -$ 84,629$ 121,079$ 238,875$ 240,030$ 0.48% 4154 - PENALTIES & INT - DELINQ TAXES - 18 87 - - 0.00% TOTAL TAXES - 84,647 121,166 238,875 240,030 0.48% 4603 - INTEREST EARNINGS - 58 342 - 100 100.00% 4605 - UNREALIZED INVESTMENT GAIN/LOSS - (101) - - - 0.00% TOTAL INVESTMENT EARNINGS - (43) 342 - 100 100.00% TOTAL REVENUES - 84,604 121,508 238,875 240,130 0.53% EXPENDITURES 6601 - BOND PRINCIPAL - - 40,000 40,000 195,000 387.50% 6611 - BOND INTEREST - 22,847 32,900 32,900 30,550 -7.14% 6621 - PAYING AGENT/OTHER FEES - 1,400 1,143 1,500 1,500 0.00% TOTAL DEBT SERVICE - 24,247 74,043 74,400 227,050 205.17% TOTAL BUSINESS UNIT EXPENSES - 24,247 74,043 74,400 227,050 205.17% NET CHANGE IN FUND BALANCE -$ 60,357$ 47,465$ 164,475$ 13,080$ -92.05% G.O. IMPROVEMENT BONDS, 2020-A FUND - 32200 DEBT SERVICE FUND 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 47533 - 2021A-GO IMPROVEMENT BONDS REVENUES 4101 - CURRENT AD VALOREM TAXES -$ -$ 108,174$ 213,414$ 209,443$ -1.86% TOTAL TAXES - - 108,174 213,414 209,443 -1.86% 4601 - SPECIAL ASSESSMENTS - 328,543 190,952 191,731 155,146 -19.08% TOTAL SPECIAL ASSESSMENTS - 328,543 190,952 191,731 155,146 -19.08% 4603 - INTEREST EARNINGS - 328 2,306 - 4,000 100.00% 4605 - UNREALIZED INVESTMENT GAIN/LOSS - (2,228) - - - 0.00% TOTAL INVESTMENT EARNINGS - (1,900) 2,306 - 4,000 100.00% TOTAL REVENUES - 326,643 301,432 405,145 368,589 -9.02% EXPENDITURES 6601 - BOND PRINCIPAL - - - - 250,000 100.00% 6611 - BOND INTEREST - - 83,988 83,988 92,850 10.55% 6621 - PAYING AGENT/OTHER FEES - 600 400 1,500 1,500 0.00% TOTAL DEBT SERVICE - 600 84,388 85,488 344,350 302.81% TOTAL BUSINESS UNIT EXPENSES - 600 84,388 85,488 344,350 302.81% NET CHANGE IN FUND BALANCE -$ 326,043$ 217,044$ 319,657$ 24,239$ -92.42% FUND - 32300 DEBT SERVICE FUND G.O. IMPROVEMENT BONDS, 2021-A 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 47610 - 2013A-GO TIF BONDS REVENUES 4915.5 - TRANSFERS IN FROM TIF #3 FUND 477,063$ 2,243,137$ 2,232,169$ 2,232,169$ -$ -100.00% TOTAL TRANSFERS IN 477,063 2,243,137 2,232,169 2,232,169 - -100.00% TOTAL REVENUES 477,063 2,243,137 2,232,169 2,232,169 - -100.00% EXPENDITURES 6601 - BOND PRINCIPAL 335,000 2,140,000 2,195,000 2,195,000 - -100.00% 6611 - BOND INTEREST 140,563 103,438 35,669 35,669 - -100.00% 6621 - PAYING AGENT/OTHER FEES - 900 500 1,500 - -100.00% TOTAL DEBT SERVICE 475,563 2,244,338 2,231,169 2,232,169 - -100.00% TOTAL BUSINESS UNIT EXPENSES 475,563 2,244,338 2,231,169 2,232,169 - -100.00% NET CHANGE IN FUND BALANCE 1,500$ (1,201)$ 1,000$ -$ -$ 0.00% G.O. TAX INCREMENT BONDS, 2013-A FUND - 37500 DEBT SERVICE FUND 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 47617 - 2016B-GO TIF BONDS REVENUES 4915.8 - TRANSFERS IN FROM TIF #5 FUND 48,325 46,425 48,325 48,325 - -100.00% TOTAL TRANSFERS IN 48,325 46,425 48,325 48,325 - -100.00% TOTAL REVENUES 48,325 46,425 48,325 48,325 - -100.00% EXPENDITURES 6611 - BOND INTEREST 46,825 46,825 46,825 46,825 - -100.00% 6621 - PAYING AGENT/OTHER FEES 450 850 3,550 1,500 - -100.00% TOTAL DEBT SERVICE 47,275 47,675 50,375 48,325 - -100.00% TOTAL BUSINESS UNIT EXPENSES 47,275 47,675 50,375 48,325 - -100.00% NET CHANGE IN FUND BALANCE 1,050$ (1,250)$ (2,050)$ -$ -$ 0.00% G.O. TAX INCREMENT BONDS, 2016-B FUND - 37300 DEBT SERVICE FUND 2022 2020 2021 September 2022 2023 Object Code / Description Actual Actual YTD Budget Budget Change 47618 - 2016C-GO TIF BONDS REVENUES 4915.8 - TRANSFERS IN FROM TIF #5 FUND 308,508 305,858 306,686 306,686 - -100.00% TOTAL TRANSFERS IN 308,508 305,858 306,686 306,686 - -100.00% TOTAL REVENUES 308,508 305,858 306,686 306,686 - -100.00% EXPENDITURES 6601 - BOND PRINCIPAL 285,000 290,000 295,000 295,000 - -100.00% 6611 - BOND INTEREST 22,008 16,258 10,186 10,186 - -100.00% 6621 - PAYING AGENT/OTHER FEES 450 850 450 1,500 - -100.00% TOTAL DEBT SERVICE 307,458 307,108 305,636 306,686 - -100.00% TOTAL BUSINESS UNIT EXPENSES 307,458 307,108 305,636 306,686 - -100.00% NET CHANGE IN FUND BALANCE 1,050$ (1,250)$ 1,050$ -$ -$ 0.00% G.O. TAX INCREMENT BONDS, 2016-C FUND - 37200 DEBT SERVICE FUND 10/14/2022 1 Special Revenue Funds Joint City Council and Financial Commission Work  Session, October 17, 2022 Jesse Anderson, Interim Community Development Director Community Development Special Revenue Funds 2 •HRA/EDA Funds •Tax Increment Financing (TIF) Funds •Districts #2, #3, #5, #6, #7, #8 •Community Development Block Grant (CDBG) Fund 10/14/2022 2 HRA and EDA Mission 3 •The mission of the Housing & Redevelopment Authority is to utilize its taxing authority to fund the operations of the Brooklyn Center Economic Development Authority. •The mission of the Brooklyn Center Economic Development  Authority is to initiate programs and facilitate redevelopment and/or  renovation opportunities which promote public and private  investments into commercial, industrial, and residential  redevelopment and renovation activities.  Overview of EDA •Primarily serves the Strategic Priorities of: •Resident and Business Economic Stability •Targeted  Redevelopment •Significant Activities:  •Economic development initiatives and programs which support business growth,  expansion, and capacity building within the City; •Planning initiatives & budgeting associated with the use of Tax  Increment Financing; •Continued redevelopment of the Opportunity Site;  •Promoting development opportunities and redevelopment of EDA‐owned properties; •Job Pathways/Workforce Development; •Targeted  Entrepreneur and Small Business Support •Business retention, expansion, and attraction & community marketing activities 4 10/14/2022 3 5 •Targeted  Redevelopment  •Opportunity Site –Phase 1 •Strategic Redevelopment of EDA‐owned Properties  •Resident Economic Stability  •Job Pathways/Workforce Development (Brooklynk) •Resident Wealth Creation •Food Security •Job Retention and Expansion •Business Economic Stability •Assess Local Needs •Resources for Local Businesses •Stability for Local Businesses 2023 – Key Initiatives 6 2022 Initiatives •Opportunity Site  •Planning applications and term sheet approvals complete for Phase 1; closing and permitting to follow •Facilitate implementation of a business incubator within EMP •Continue advancing redevelopment opportunities within Opportunity Site •Complete Opportunity Site Master Plan •Strategic Redevelopment of EDA‐owned Properties •Continue working with International Food Village on pre‐development process at the former Target  Site •Develop tools to reduce barriers for developers and investors to access EDA‐owned property •Develop an RFP for scattered site EDA‐owned parcels Targeted Redevelopment 10/14/2022 4 7 Business Ecosystem –Centered in Equity Assessment of local business needs: 1. Access to Capital 2. Access to Technical Assistance and Resources 3. Stable Environments for Business to Thrive Business Economic Stability 8 2022 Programs and Initiatives – Access to Capital •Micro‐Grant Façade Improvement •City Revolving Loan Fund •Micro‐loan fund –LIBA •Minnesota Investment Fund Program •Connections to local, county, and state grant  opportunities Business Economic Stability 10/14/2022 5 9 2022 Programs and Initiatives – Technical Assistance and Resources •Site Visits/Connections to TA  Providers •Hennepin County –Elevate Business •Grow Minnesota! Partnership •Business Resource newsletter Business Economic Stability 10 2022 Programs and Initiatives – Stabile Business Environment •Opportunity Site – Entrepreneur Market Place •Hennepin County Business District Initiative (BDI) Grant •Affordable lease options within EDA‐owned property •Updated Zoning Code to support home‐based businesses and live/work space •Real Estate Acquisition Fund (ARPA) •Consideration of Special Service District in TOD/commercial districts to support  business amenities Business Economic Stability 10/14/2022 6 11 •Resident Wealth Creation ‐Promote  Homeownership and wealth building  programs among historically low wealth  communities •Promote homeownership with down  payment assistance program (CDBG) •Explore partnerships to provide financial  literacy programs (ex: PRG) •City‐wide Housing Study –Housing Policy  Action Plan (TIF 3 –Housing Fund) •Tenant  Protections (General Fund) •Food Security –Promote and facilitate  food security for residents •Partnerships with local food shelf  providers to identify barriers and invest  in sustainable food production and  distribution (Proposed ARPA) •Support the BC Community Food  Collective ($110,000) •Support local farmer’s markets ($12,000  for 2022‐2024) Resident Economic Stability 2022 Programs and Initiatives 12 •Job Retention and Expansion –Increase  the number of high quality jobs in the  community •Identify redevelopment opportunities  and advance the creation of livable  wage and skilled jobs, while  emphasizing and encouraging local  hiring practices •Job Pathways/Workforce Development  – Collaborate with partners to provide  training and workforce development  programming for residents •Joint Powers Agreement with  Brooklyn Park for Work  Force  Development (ARPA) •Support the Brooklynk Program  (General Fund) 2022 Initiatives  Resident Economic Stability 10/14/2022 7 13 Positions 2023 2024 2025 Community Development Director 0.50 .50 .50 Deputy Director 0.50 .50 0 Economic Development Coordinator .75 .75 .75 Total 1.75 1.75 1.25 •As the department has grown the EDA  has absorbed a greater proportion of  wages versus the general fund •TIF 3 has historically funded economic  development initiatives that  otherwise would have been funded by  EDA •TIF 3 is decertified – ongoing  initiatives now need to be funded by  the EDA •Proposed: Being to move some wages  to GF to make room for ED initiatives  that would have been funded by TIF 3 2022 Staffing 2022 EDA Budget Highlights 14 •Anticipated Revenues: $782,688 •Levy: $566,088  •TIF Reimbursements: $200,000 •Anticipated Expenditures: $810,413 •Personal Services: $265,089 •Professional Services: $70,000 •Other Contractual Services: $172,000 •Repairs and Maintenance: $15,000 10/14/2022 8 TIF Districts 15 •TIF Funds have the authority to  collect tax increment which are used  for various redevelopment projects  within the City and for debt service  payments of bonds which were  issued for  redevelopment purposes •There are five active TIF Districts in  the City TIF District #2 16 •Primary financing tool for the  redevelopment of the Earle Brown  Terrace  and Earle Brown Commons  senior projects •Decertified in 2011 •District Goals:  •Provide EDA with options for  maximizing  redevelopment opportunities and benefits  •Repay TIF District #5 inter‐fund loan •Support development of Opportunity Site 10/14/2022 9 TIF District #2 17 •1/1/23 Projected Balance:  $1,242,193  •2023 Planned Activity •Recouping: $106,152 •Expenditures: •Opportunities:  •Entrepreneurial Market operating seed TIF District #3 18 •Covers three designated areas: Brooklyn  Boulevard/69th; Brookdale area; and  Willow/252 •Decertifies at the end of 2021 •15% of annual TIF revenues dedicated to  housing fund •District Goals:  •Debt service •Develop options for the use of Out‐of‐District  pooled funds •Redevelopment of 57th/Logan; Opportunity Site;  and former Sears Site •Brooklyn Boulevard Corridor Land Use Plan 10/14/2022 10 TIF District #3 19 •1/1/23 Projected Balance: $3,153,987 •2023 Planned Activity: $625,650 •Admin Reimbursement: $150,000 •Opportunity Site Planning: $150,000 •Property Maintenance: $75,000 •(Decreased with target site shut down and  fees associated with Ocean buffet) •Funds from Opportunity Site Phase 1 land  purchase will go back into TIF 3 •Opportunities for  Pooled Funds:  •TIF 7 inter‐fund loan to assist with  redevelopment of Opportunity  Site (Infrastructure) •Strategic land acquisition •Other TIF eligible expenses TIF District #3 – Housing Fund 20 •1/1/23 Projected Balance: $2,181,080 •2022 Projected Revenue: $0 •Opportunities for  Housing  Funds:  •NOAH Preservation program •Supporting the preservation or  expansion of affordable housing •Implementing Housing Policy  Action Plan 10/14/2022 11 TIF District #5 21 •Renewal and Renovation District  established in 2011 for the Shingle  Creek Crossing PUD •Decertifies in 2029 •Most of the increment goes to debt  service on bonds related to the  redevelopment •5% of the increment is pooled to cover  administrative costs associated with the  district and out‐of‐district expenditures TIF District #5 22 •1/1/23 Projected Balance: $619,635 •2022 Planned Activity •Revenue: $530,760 •Expenditures: $491,485 •Debt Service: $453,171 •Admin Reimbursement: $30,000 •Opportunities for  Pooled Funds: •Assist with repositioning and marketing  vacant properties •Infrastructure improvements to facilitate  redevelopment and build out 10/14/2022 12 TIF District #5 23 Potential to  Decertified in 2027 TIF District #6 24 •Housing District created for  the  development an affordable assisted care  senior facility and future redevelopment  of 4 adjacent lots   (The Sanctuary) •Decertifies in 2043 •District Goals: •Provide revenue for PAYGO  note 10/14/2022 13 TIF District #6 25 •1/1/23 Projected Balance: $70,000 •2023 Planned Activity •Revenue: $190,000 •Expenditures: $190,000 •Admin: $4,750 •PAYGO  Note: $185,250 TIF District #7 26 •District #7 – Portion of Opportunity Site and  Kohls/Bank of America •Activity must commence by 2026 (8‐year  rule) •Expenditures related to Opportunity Site  are being billed to TIF 3 •Interfund Loan Agreement will allow TIF 7  to pay back TIF 3 for Opportunity Site  expenditures at a later date •District Goals: •Develop funding strategies which promote the  redevelopment of the Opportunity Site 10/14/2022 14 TIF District #7 27 •1/1/23 Projected Balance: $393,986 •2023 Planned Activity •Revenue: $186,343 •Expenditures: $5,000 •Admin: $5,000 TIF District #8 28 •District #8 – 5801 Xerxes Avenue North •Housing District •Created to facilitate SonderPlace development •Increment will begin to be collected  when the project is complete •District Goals: •Provide revenue for PAYGO  note •Excess increment can be used to support  affordable housing 10/14/2022 15 TIF District #8 29 •1/1/23 Projected Balance: $9,501 •2023 Planned Activity •Revenue: $275,000 •Expenditures: $248,700 •PAYGO  Note: $247,500 •Admin: $1,200