Committee reviews Minot ‘Magic Fund’ sales‑tax allocations, balances and options for transfers and projects

The Minot Economic Development Plan Review Committee on Jan. 24 reviewed the city’s breakdown of economic‑development sales tax revenue — the so‑called "Magic Fund" — including current balances, permitted uses and constraints on moving money between buckets.

Dave (finance staff) presented the fund structure created by the city’s sales tax ordinance and the Magic Fund guidelines, describing six buckets for allocations: administration, legacy primary sector, state matching programs, City of Minot economic development projects, a small‑business carve‑out, and a flood‑control bucket. He reported preliminary year‑end balances as of Dec. 31: about $231,810 in program administration; just over $10,000,000 in the primary sector bucket; roughly $1,000,000 in the City projects bucket (about $700,000 of which is already committed under façade‑improvement agreements); and zero balances shown in the state matching, small business and flood buckets at year‑end. The 2025 budget includes a $1,000,000 allocation intended for…