Lakeview Downtown Development Authority

PUBLIC NOTICE LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY MEETING The Lakeview Downtown Development Authority will hold an Electronic Regular Meeting through Zoom, which is Enterprise Video Conferencing, beginning at 4:30 P.M. on Tuesday, April 27, 2021. The meeting will take place electronically because of the closure of City Hall and/or social distancing requirements due to the COVID- 19 Pandemic, current rates of infection in Calhoun County, gathering limitations in Emergency Orders issued under the Public Health Code by Michigan’s Director of Health and Human Services, and the determination that the personal health of members of the public or the public body would be at risk if the meeting were held in person, as permitted by the Open Meetings Act (OMA) based upon the October 15, 2020 Extension of the Declaration of Local Emergency by Calhoun County Board of Commissioners 1. At least one City staff member, classified as a critical infrastructure worker, may be physically present in City Hall to facilitate the electronic meeting, while Authority Board members, other staff, and members of the public will participate remotely by Zoom. The building will remain closed to the public during the time of the meeting. Members of the public may participate in the meeting by calling in to the Zoom meeting at the following telephone number: 312-626-6799. The caller will be prompted to enter the meeting ID number: 989 8139 0550 The caller will be placed into a virtual “waiting room” until it is their time to speak during public comment. Members of the public may watch the entirety of the meeting live on Facebook Live. To watch: Watch on the City’s Facebook page: https://www.facebook.com/CerealCityMichigan Members of the public may also email a public comment, which is compliant with the rules of public comment to be read at the meeting to City Clerk Victoria Houser cityclerk@battlecreekmi.gov; or by writing the question or comment on paper, placing it in an envelope addressed to the Lakeview Downtown Development Authority by 12:00 pm (noon) on Tuesday, April 27, 2021 into the blue freestanding Drop Box located in the drive-up lane to the Northeast of City’s Hall’s main entrance. The question or comment, if compliant with the City Commission meeting rules set out in Battle Creek Ordinance, 212.02(XVII), will be read aloud at the meeting during public comment. The City of Battle Creek will provide necessary reasonable auxiliary aids and services, such as closed captioning for the hearing impaired and audiotapes of printed materials being considered in the meeting upon notice to the City of Battle Creek. Individuals with disabilities requiring auxiliary aids or services should contact the City of Battle Creek by writing or calling the following: Battle Creek City Clerk Battle Creek, MI 49016 (269) 966-3378 (Voice) (269) 966-3348 (TDD) Questions concerning this matter may be directed to the City Manager’s office, at 966-3378. 1 See Resolution 218 dated 10/20/2020 for electronic meeting procedures and other information required by §§ 3 and 3a of the OMA.  LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY AGENDA Regularly Scheduled Meeting April 27, 2021 4:30 pm Virtual Meeting 1. Welcome and introductions (as needed) 2. Approval of minutes October 27, 2020 (action required) 3. Approval of the FY 2020 Annual Audit (action required) 4. Approval of the FY 2021 Annual Report (action required) 5. Adoption of the FY 22 budget (action required) 6. FY 2021 interim financial statements through March (action required) 7. Public comments 8. Board member comment 9. Adjourn Attachments - LDDA board minute public notice - Agenda - Minutes from October 27, 2020 - FY 2020 Annual Audit - FY 2021 Annual Report - FY 22 budget - FY 2021 interim financial statements through March NEXT MEETING SCHEDULED FOR October 26, 2021  Lakeview Downtown Development Authority Minutes of the Meeting of October 27, 2020 4:30pm. MEMBERS PRESENT: Jamie Brown, TR Shaw, David Rost, Dave Schweitzer OTHERS: Assistant City Manager Ted Dearing, Finance Services Manager Tracy Hovarter, I.T. Director Sarah VanWormer The meeting was called to order at 4:30Pm. On a motion by Brown, supported by Schweitzer, the board accepted the resignation of board member Jeff Calhoun. MOTION CARRIED RES. NO. 2020-07 On a motion by Schweitzer, supported by Shaw, the Board authorized the provision of administrative services by the City of Battle Creek. MOTION CARRIED RES. NO. 2020-08 On a motion by Brown, supported by Shaw, the Board approved of the minutes of the regular meeting of June 2, 2020 as submitted. MOTION CARRIED RES. NO. 2020-09 After a brief review of the financials, on a motion by Schweitzer, supported by Brown, the Board accepted the interim financials statement for July through September 2020 pending audit. MOTION CARRIED RES. NO. 2020-10 The board discussed a proposed climate-controlled indoor storage development at the former Macy’s at Lakeview Square Mall and the status of Horrocks in Battle Creek. The Board adjourned the meeting at 4:45pm. LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY (A Component Unit of the City of Battle Creek, Michigan) Year Ended Financial June 30, 2020 Statements LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY Table of Contents Page Independent Auditors’ Report 1 Management’s Discussion and Analysis 3 Basic Financial Statements Statement of Net Position and Governmental Funds 7 Balance Sheet Statement of Activities and Governmental Fund Revenues, Expenditures and Changes in Fund Balances 8 Statement of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – General Fund 9 Notes to Financial Statements 10 Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 15   INDEPENDENT AUDITORS' REPORT December 21, 2020 To the Board of Directors of the Lakeview Downtown Development Authority City of Battle Creek, Michigan Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities and each major fund of the Lakeview Downtown Development Authority, a component unit of the City of Battle Creek, Michigan (the "Authority") as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprise the Authority's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Independent Auditors' Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Rehmann is an independent member of Nexia International. 1 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Authority, as of June 30, 2020, and the respective changes in financial position thereof and the budgetary comparison for the general fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Required Supplementary Information Accounting principles generally accepted in the United States of America require that management's discussion and analysis listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 21, 2020, on our consideration of the Authority's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Authority's internal control over financial reporting and compliance. 2 MANAGEMENT'S DISCUSSION AND ANALYSIS 3 LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY Management's Discussion and Analysis The Lakeview Downtown Development Authority (the “Authority”) was established October 27, 1981, pursuant to Public Act 197 of 1975. The Authority is a component unit of the City of Battle Creek, Michigan and presents this management discussion and analysis of its financial performance as an overview of financial activities for the fiscal year ended June 30, 2020. Using this Annual Report This discussion and analysis is intended to serve as an introduction to the Authority’s basic financial statements. The basic financial statements are comprised of the following: • The statement of net position and governmental fund balance sheet presents information on all of the Authority’s assets and liabilities, with the difference between the two reported as net position/fund balance. Over time, increases or decreases in net position/fund balance may serve as a useful indicator of whether the financial position of the Authority is improving or deteriorating. • The statement of activities and governmental fund revenues, expenditures and changes in fund balances presents information showing how the Authority’s net position/fund balance changed during the most recent fiscal year. • The statement of revenues, expenditures and changes in fund balance – budget and actual – general fund presents information showing the comparison of the Authority’s actual revenues and expenditures to what was budgeted. • The notes to the basic financial statements provide additional information that is essential to a full understanding of the data provided in the basic financial statements. Financial Analysis The net position of the Authority is summarized for the purpose of determining the overall fiscal position. As shown below, the Authority’s assets exceeded liabilities by $100,279 at the end of the fiscal year. A comparative analysis of the data is presented below: Net Position as of June 30, 2020 2019 Assets Current and other assets $ 842,542 $ 113,957 Liabilities Other liabilities 742,263 6,563 Net position Unrestricted $ 100,279 $ 107,394 4 LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY Management's Discussion and Analysis When comparing the current fiscal year to the previous fiscal year, net position decreased by $7,115. Changes in Net Position for the Year Ending June 30, 2020 2019 Total revenues $ 1,989,816 $ 1,974,636 Total expenses 1,996,931 1,964,334 Change in net position (7,115) 10,302 Net position, beginning of year 107,394 97,092 Net position, end of year $ 100,279 $ 107,394 General Fund Budgetary Highlights The general fund original adopted and final budget reflected revenues equal to expenditures and no change to fund balance. Ultimately, actual revenues were less than budget due to the Authority not receiving the expected property tax capture collections. Actual expenditures were less than budget primarily due to community development expenditure transfers from the primary government less then expected. This results in the decrease of fund balance for the fiscal year of $7,115. Economic Factors The Lakeview Downtown Development Authority's expenses are governed by the laws of the State of Michigan. During 2020, total expenses were $1,996,931. Contacting the Authority This financial report is designed to provide a general overview of the Lakeview Downtown Development Authority's finances and to show accountability for the money it receives and expends. The financial statements can be found on the City’s website: www.battlecreekmi.gov. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the City Revenue Services Director, P.O. Box 1717, Battle Creek, MI 49016‐1717. 5 BASIC FINANCIAL STATEMENTS 6 LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY Statement of Net Position and Governmental Funds Balance Sheet June 30, 2020 Total Capital Governmental Statement of General Projects Funds Adjustments Net Position Assets Pooled cash and investments $ 792,637 $ 46,648 $ 839,285 $ ‐ $ 839,285 Interest receivable 3,257 ‐ 3,257 ‐ 3,257 Total assets $ 795,894 $ 46,648 $ 842,542 ‐ 842,542 Liabilities Accounts payable $ 742,263 $ ‐ $ 742,263 ‐ 742,263 Fund balances Committed for capital projects ‐ 46,648 46,648 (46,648) ‐ Unassigned 53,631 ‐ 53,631 (53,631) ‐ Total fund balances 53,631 46,648 100,279 (100,279) ‐ Total liabilities and fund balances $ 795,894 $ 46,648 $ 842,542 (100,279) ‐ Net position Unrestricted $ 100,279 $ 100,279 The accompanying notes are an integral part of these financial statements. 7 LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY Statement of Activities and Governmental Fund Revenues, Expenditures and Changes in Fund Balances For the Year Ended June 30, 2020 Total Capital Governmental Statement General Projects Funds Adjustments of Activities Revenues Property taxes $ 1,957,399 $ ‐ $ 1,957,399 $ ‐ $ 1,957,399 Unrestricted investment earnings 32,417 ‐ 32,417 ‐ 32,417 Total revenues 1,989,816 ‐ 1,989,816 ‐ 1,989,816 Expenditures/expenses Community development 1,996,931 ‐ 1,996,931 ‐ 1,996,931 Change in fund balance/ net position (7,115) ‐ (7,115) ‐ (7,115) Fund balances/net position Beginning of year 60,746 46,648 107,394 ‐ 107,394 End of year $ 53,631 $ 46,648 $ 100,279 $ ‐ $ 100,279 The accompanying notes are an integral part of these financial statements. 8 LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual ‐ General Fund For the Year Ended June 30, 2020 Budget Actual (Original Over (Under) and Final) Actual Final Budget Revenues Property taxes $ 2,015,164 $ 1,957,399 $ (57,765) Unrestricted investment earnings 8,000 32,417 24,417 Total revenues 2,023,164 1,989,816 (33,348) Expenditures Community development 2,023,164 1,996,931 (26,233) Net change in fund balance ‐ (7,115) (7,115) Fund balance, beginning of year 60,746 60,746 ‐ Fund balance, end of year $ 60,746 $ 53,631 $ (7,115) The accompanying notes are an integral part of these financial statements. 9 NOTES TO FINANCIAL STATEMENTS 10 LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY Notes to Financial Statements 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reporting Entity These financial statements present the activities of the Lakeview Downtown Development Authority (the “Authority”). The Authority was established October 27, 1981, pursuant to Public Act 197 of 1975. The primary purpose of the Authority is to revitalize and encourage economic activity in the Lakeview business district. The Authority’s activities are primarily funded through tax increment financing. The Authority is a component unit of the City of Battle Creek, Michigan (the “City”) because the City appoints the Authority’s Board of Directors, it has the ability to significantly influence the Authority’s operations, and it is financially accountable for the Authority. Accordingly, the Authority is presented as a discrete component unit in the City’s financial statements and is an integral part of that reporting entity. Government‐wide and Fund Financial Statements As permitted by generally accepted accounting principles, the Authority uses an alternative approach reserved for single program governments to present combined government‐wide and fund financial statements by using a columnar format that reconciles individual line items of fund financial data to government‐wide data in a separate column. Accordingly, this is presented in the statement of net position and governmental funds balance sheet and the statement of activities and governmental fund revenues, expenditures and changes in fund balances. Major individual governmental funds are reported as separate columns in the aforementioned basic financial statements. Measurement Focus, Basis of Accounting and Financial Statement Presentation The government‐wide financial information is reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Governmental fund financial information is reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Authority considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due. Property taxes and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the government. 11 LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY Notes to Financial Statements The Authority reports the following major governmental funds: The general fund is the Authority’s primary operating fund. It accounts for all financial resources of the Authority, except those accounted for and reported in another fund. The capital projects fund accounts for all financial resources restricted, committed or assigned to expenditures for the acquisition or construction of capital assets. The effect of interfund activity has been eliminated from the government‐wide financial statements. Fund Balances Governmental funds report nonspendable fund balance for amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. Restricted fund balance is reported when externally imposed constraints are placed on the use of resources by grantors, contributors, or laws or regulations of other governments. Committed fund balance is reported for amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government’s highest level of decision‐making authority, the Board. A formal resolution of the Board is required to establish, modify, or rescind a fund balance commitment. The Authority currently has no nonspendable or restricted fund balances. The Authority also has no assigned fund balance as the Board has not yet given authority for the making of such assignments; assigned fund balances are neither restricted nor committed. Unassigned fund balance is the residual classification for the general fund. When the government incurs expenditures for purposes for which various fund balance classifications can be used, it is the government’s policy to use restricted fund balance first, then committed, assigned, and finally unassigned fund balance. Budgetary Information The general fund is under formal budgetary control and its budget is prepared on the same modified accrual basis used to reflect actual results. The Authority follows the City budget process in establishing the budgetary data reflected in the financial statements: • The Authority submits a proposed budget to the City Manager. After review and approval, the City Manager submits a recommended operating budget to the City Commission. Public hearings are held to obtain taxpayer comments. The budget is legally adopted through a City Commission resolution prior to the beginning of the budgetary year for the Authority’s funds. • The budget is adopted on a basis consistent with generally accepted accounting principles. Budgeted amounts are as originally adopted and amended by the City Commission during the year. No budget amendments were made during the year. For the year ended June 30, 2020, the Authority’s general fund expenditures were within budget. 12 LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY Notes to Financial Statements 2. POOLED CASH AND INVESTMENTS At year‐end, the carrying amount of the Authority’s pooled cash and investments, which were deposited entirely in the City’s internal cash management pool, was $839,285. Because it is infeasible to allocate risk to individual component units or pool participants, aggregate cash and investment categorizations are presented in the City’s basic financial statements. 3. PROPERTY TAXES Property tax revenue is derived pursuant to a tax increment financing agreement between the Authority and various applicable taxing districts. Real and personal property taxes are levied and attach as an enforceable lien on properties located within the boundaries of the tax increment financing district. The City bills and collects the taxes on behalf of the Authority. Delinquent taxes on ad valorem real property are purchased by the County of Calhoun. Property tax revenue is recognized when levied in the government‐wide financial statements and in the fund financial statements to the extent that it is available to pay current obligations. Except for property taxes captured from local schools that exceed contractual obligations, the Authority is entitled to all taxes levied on property within the Lakeview Downtown Development Authority district to the extent that the current taxable value exceeds the base year taxable value. The Lakeview Downtown Development Authority district was established in 1981 and then expanded in 1991. Taxable values of ad valorem property for the 2019 levy are summarized below: Total taxable value $ 87,260,375 Less: base year value 8,693,117 Capture increment $ 78,567,258 4. DEVELOPMENT PROJECTS AND COMMITMENTS The Authority has entered into a development agreement with the City whereby the Authority reimburses the City for costs to construct certain public improvements. At June 30, 2020, the Authority has committed $46,648 to existing projects. The funds not committed to existing projects would be available for new projects approved by the Authority. 5. CONTINGENCIES The Authority is currently involved in various tax appeals pending before the Michigan Tax Tribunal. The appeals cover various commercial and industrial properties for 2020. Due to the large number of appeals currently before the Tribunal, the time frame for resolution of these matters is unknown at this time. An estimate of the Authority's maximum exposure is approximately $425,000 in taxable value. The City is vigorously defending all litigation. 13 LAKEVIEW DOWNTOWN DEVELOPMENT AUTHORITY Notes to Financial Statements 6. CORONAVIRUS (COVID‐19) In March 2020, the World Health Organization declared the novel coronavirus outbreak (COVID‐19) to be a global pandemic. The extent of the ultimate impact of the pandemic on the Authority’s operational and financial performance will depend on various developments, including the duration and spread of the outbreak and its impact on employees, vendors, and taxpayers, all of which cannot be reasonably predicted at this time. In addition, it will continue to place additional demands on the Authority. While management reasonably expects the COVID‐19 outbreak to negatively impact the Authority’s financial position, changes in financial position, and, where applicable, the timing and amounts of cash flows, the related financial consequences and duration are highly uncertain.  14  INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS December 21, 2020 To the Board of Directors of the Lakeview Downtown Development Authority City of Battle Creek, Michigan We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of the Lakeview Downtown Development Authority, a component unit of the City of Battle Creek, Michigan (the "Authority") as of and for the year ended June 30, 2020, and the related notes to the financial statements, and have issued our report thereon dated December 21, 2020. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Authority’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Authority’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Rehmann is an independent member of Nexia International. 15 Compliance and Other Matters As part of obtaining reasonable assurance about whether the Authority’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Authority’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. 16 Lakeview Downtown Development Authority 2021-2022 Fiscal Year Budget Revenue Item Tax Incrementa Revneue $2,011,277.00 (1) Interest Income $4,000.00 TOTAL $2,015,277.00 (1) Assumes captured assessed value of $79,825,464 and capture of City, KCC and County Millage in FY 2021/2022 Expense Item Professional/administrative fees $2,500.00 (2) Audit fees $3,000.00 (2) Contingency $0.00 Unexpended funds $2,009,777.00 (3) TOTAL $2,015,277.00 (2) To City Finance Department (3) Expected to be returned proportionately to City, KCC, and Calhoun County  LDDA Budget Performance Report Fiscal Year to Date 03/31/21 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Account Description Budget Amendments Budget Transactions Encumbrance Transactions Transactions Rec'd Prior Year YTD s Fund 251 - LDDA General Fund REVENUE Department 62 - LDDA Business Unit 2311 - LDDA General Fund 402 Current Real Property Taxes 402.100 Current Real Property Taxes Tax Incremental Revenue 2,031,289.00 .00 2,031,289.00 .00 .00 2,029,295.53 1,993.47 100 1,996,255.00 402 - Current Real Property Taxes Totals $2,031,289.00 $0.00 $2,031,289.00 $0.00 $0.00 $2,029,295.53 $1,993.47 100% $1,996,255.00 664 Investment Income 664.010 Investment Income Appreciation - invest value .00 .00 .00 .00 .00 (3,240.02) 3,240.02 +++ 15,420.08 664.020 Investment Income Interest-Investments 8,000.00 .00 8,000.00 .00 .00 3,204.97 4,795.03 40 11,613.63 664 - Investment Income Totals $8,000.00 $0.00 $8,000.00 $0.00 $0.00 ($35.05) $8,035.05 0% $27,033.71 667 Rents 667.020 Rents Rents & Other .00 .00 .00 .00 .00 25,000.00 (25,000.00) +++ .00 667 - Rents Totals $0.00 $0.00 $0.00 $0.00 $0.00 $25,000.00 ($25,000.00) +++ $0.00 Business Unit 2311 - LDDA General Fund Totals $2,039,289.00 $0.00 $2,039,289.00 $0.00 $0.00 $2,054,260.48 ($14,971.48) 101% $2,023,288.71 Department 62 - LDDA Totals $2,039,289.00 $0.00 $2,039,289.00 $0.00 $0.00 $2,054,260.48 ($14,971.48) 101% $2,023,288.71 REVENUE TOTALS $2,039,289.00 $0.00 $2,039,289.00 $0.00 $0.00 $2,054,260.48 ($14,971.48) 101% $2,023,288.71 EXPENSE Department 62 - LDDA Business Unit 2311 - LDDA General Fund 801 Prof & Oth Svcs 801.010 Prof & Oth Svcs Professional Services 5,500.00 .00 5,500.00 .00 .00 5,500.00 .00 100 5,500.00 801.030 Prof & Oth Svcs Attorney Fees .00 .00 .00 .00 .00 300.00 (300.00) +++ 475.00 801 - Prof & Oth Svcs Totals $5,500.00 $0.00 $5,500.00 $0.00 $0.00 $5,800.00 ($300.00) 105% $5,975.00 959 Contribution-Other Govt Entities 959.030 Contribution-Other Govt Entities Surplus Tax Distribution 751,567.00 .00 751,567.00 .00 .00 .00 751,567.00 0 .00 959 - Contribution-Other Govt Entities Totals $751,567.00 $0.00 $751,567.00 $0.00 $0.00 $0.00 $751,567.00 0% $0.00 960 Transfer to Primary Government 960.101 Transfer to Primary Government Transfer to General Fund 1,282,222.00 .00 1,282,222.00 106,851.83 .00 961,666.47 320,555.53 75 954,041.23 960 - Transfer to Primary Government Totals $1,282,222.00 $0.00 $1,282,222.00 $106,851.83 $0.00 $961,666.47 $320,555.53 75% $954,041.23 Business Unit 2311 - LDDA General Fund Totals $2,039,289.00 $0.00 $2,039,289.00 $106,851.83 $0.00 $967,466.47 $1,071,822.53 47% $960,016.23 Department 62 - LDDA Totals $2,039,289.00 $0.00 $2,039,289.00 $106,851.83 $0.00 $967,466.47 $1,071,822.53 47% $960,016.23 EXPENSE TOTALS $2,039,289.00 $0.00 $2,039,289.00 $106,851.83 $0.00 $967,466.47 $1,071,822.53 47% $960,016.23 Fund 251 - LDDA General Fund Totals REVENUE TOTALS 2,039,289.00 .00 2,039,289.00 .00 .00 2,054,260.48 (14,971.48) 101% 2,023,288.71 EXPENSE TOTALS 2,039,289.00 .00 2,039,289.00 106,851.83 .00 967,466.47 1,071,822.53 47% 960,016.23 Fund 251 - LDDA General Fund Totals $0.00 $0.00 $0.00 ($106,851.83) $0.00 $1,086,794.01 ($1,086,794.01) $1,063,272.48 Run by Linda A Morrison on 04/21/2021 02:43:59 PM Page 1 of 1