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REDA Meeting Minutes — Monday, June 21, 2016 Page 2 provided that the city wasn't losing money but the program was easily understandable by citizens." Roll Call Ayes: McGehee, Willmus, Laliberte, Etten and Roe. Nays: None. Motion carried. 7. Business Items (Action Items) a. Financial Overview of Operating Account Executive Director Trudgeon briefly summarized the agenda for this meeting; and deferred to City Finance Director/Assistant REDA Treasurer Chris Miller for an update on the REDA Operating Budget by fund. As detailed in the staff report of today's date, Finance Director Miller reported on available REDA funds as of December 31, 2015, along with his memorandum dated April 15, 2016 (Attachment A); along with an update of expenditures and revenue to-date during 2016 (Attachment B). Mr. Miller noted available funds (Attachment B dated June 13, 2016) showed expenditures and revenue to-date, with available funds required for day-to-day program administration, especially since no REDA levy had been allocated for 2016 beyond grant or other miscellaneous revenue. Mr. Miller noted expenditures to-date in 2016 were primarily for REDA staffing and professional services available from non-designated, general REDA funds. Mr. Miller noted most of these funds will be expended, leaving few start-up funds available for day-to-day cash flow for operations beginning in January of 2017. While some of the unrestricted monies in other program funds may be redirected, as per REDA direction for dedication to general operations, Mr. Miller suggested the key would be the REDA's discussion on how to proceed in their role that would then inform that reallocation. President Roe noted there was a carry-over need of approximately $165,000 for cash flow purposes to meet operational needs between tax levy collection periods at today's level of programming. Finance Director Miller concurred that first half tax collection payments were typically not received until mid-year, creating an approximate 6-month delay before their receipt. President Roe further clarified that the Community Development Block Grant (CDBG) grant funds, received by the RHRA through Ramsey County, were restricted to a specific use.