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Redevelopment fund shows planned expenditures; board hears small-business grant audit costs
Summary
Staff reported the redevelopment fund had a cash balance just under $102,000 and total assets about $171,000, with a year-to-date loss of roughly $15,000 driven by small-business grant payments and early redevelopment costs; staff said revenues are budgeted at just under $1.8 million including village and site-acquisition funds.
Presenter reviewed the redevelopment fund, saying planned project expenditures have produced a year-to-date loss of about $15,000 while the total cash balance remains just under $102,000 and receivables include roughly $70,000 from loan receivables. Presenter noted $33,004.56 in small-business grant expenses to date and about $97,000 in redevelopment costs as the primary contributors to the near-term loss.
"The total cash balance right there on the top is just under a $102,000," the presenter said. Staff explained the redevelopment fund is budgeted for just under $1.8 million in revenues, with about $1,000,000.5 attributed to the village agreement and other predevelopment/site acquisition funds. Presenter also noted WEDC-required audit expenses tied to the small-business grant compliance.
