Committee reviews Minot ‘Magic Fund’ allocations, balances and constraints; members consider community facilities and special-assessment options

The Economic Development Plan Review Committee spent the bulk of its Jan. 24 meeting reviewing how Minot’s economic development sales tax revenue is allocated and used under the city’s “Magic Fund” guidelines.

David ("Dave"), a city finance presenter, walked members through the ordinance and updated guidelines that carve the sales tax penny into six buckets: program administration; legacy primary sector; state matching funds/program initiatives (used for PACE/FlexPACE and other matching programs); City of Minot economic development projects (for example, façade and wayfinding programs); a small-business carve‑out; and a flood-control bucket.

Dave presented preliminary year‑end balances as of Dec. 31: administration approximately $231,810; the primary‑sector bucket “just a little over $10,000,000”; the state matching funds bucket at a zero balance at year‑end (to be funded as receipts arrive); City economic development projects a little over $1,000,000 (about $700,000 of which is already committed under façade improvement agreements); and zero balances in the remaining buckets at year‑end. He said the city saw a solid final month for sales tax collections—about 5% year‑over‑year—and that the 2025 budget increases the sales tax projection.

Committee members…