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<br />
<br />EDA TIF DISTRICT #4 – PRESBYTERIAN HOMES
<br />
<br />Function: Economic Development
<br />Supervisor: Director of Finance and Administrative Services
<br />Fund#: 254
<br />Activity#: 47308
<br />
<br />Activity Scope
<br />
<br />TIF district No. 4, Presbyterian Homes, was established as a 15 year renewal and
<br />renovation district to facilitate the redevelopment of existing senor housing units and
<br />replacement of existing nursing home units. The first increment was received in 2014
<br />with the districted expiring on December 31, 2029.
<br />
<br />Objectives
<br />
<br />1. Utilize funds for Presbyterian Homes project per the development agreement.
<br />
<br />Issues
<br />
<br />1. Ensure compliance with TIF laws for uses of available funds.
<br />
<br />Measurable Workload Data
<br />
<br />None developed at this time.
<br />
<br />Budget Commentary
<br />
<br />Increment was received starting in 2014 and is estimated for 2018. Payments are based
<br />on 90% of increment received to the developer and estimated for 2018. The only other
<br />charges budgeted are administrative charges.
<br />
<br />Budget Summary
<br />Function: Economic Development Department: EDA TIF District #4 Pres Homes
<br />Appropriation Detail
<br />Actual Actual Budget Amended YTD Preliminary % Change
<br />Activity FY 2015 FY 2016 FY 2017 FY2017 5/31/2017 FY 2018 17 vs 18
<br />Revenues
<br />Taxes 146,854 170,282 150,000 150,000 - 150,000 0.00%
<br />Intergovernmental - - - - - - 0.00%
<br />Miscellaneous 654 (77) 650 650 1,490 700 7.69%
<br />Total Revenues 147,508$ 170,205$ 150,650$ 150,650$ 1,490$ 150,700$ 0.03%
<br />Expenditures
<br />Total Materials and Supplies - - - - - - 0.00%
<br />Other Services and Charges 133,850 155,147 139,525 139,525 - 139,525 0.00%
<br />Capital Outlay - - - - - - 0.00%
<br />Total Operating Expenses 133,850 155,147 139,525 139,525 - 139,525 0.00%
<br />Total Expenditures 133,850$ 155,147$ 139,525$ 139,525$ -$ 139,525$ 0.00%
<br />Fund Balance - January 1 4,535 18,193 33,251 33,251 33,251 44,376
<br />Excess Revenue Over Expenditure 13,658 15,058 11,125 11,125 1,490 11,175
<br />Fund Balance - December 31 18,193$ 33,251$ 44,376$ 44,376$ 34,741$ 55,551$
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