Redevelopment Panel Studies 2017 Budgets
July 28, 2016 at 4:25 p.m.
By David [email protected]
City Planner Jeremy Skinner went through the budgets with the Commission.
In the Redevelopment General budget, Skinner said total funds for 2017 expected to have on hand is $479,437.40. The proposed 2017 budget is $171,925, which includes $30,000 for engineering and $140,000 for infrastructure projects. Skinner said he doesn’t necessarily have the $140,000 earmarked for anything, but there are a lot of projects the Commission is working on like the Gatke property, etc. The 2017 year-end balance is estimated at $307,512.40.
The Warsaw Technology Park’s current balance at of the end of 2015 was $192,174. Expected revenue for 2016 is $100,000, up a little bit from last year, Skinner stated. Total funds from 2016 is $292,174. After an additional appropriation of $110,000 to go toward the OrthoWorx contract and $55,000 for capital outlays, the 2016 year-end balance will be $127,174. Expected revenue in 2017 is expected to total around $100,000, with $227,174 from previous years total funds. After $67,000 for OrthoWorx and $100,000 for capital outlays, the 2017 year-end balance is projected at $60,174.
The current balance for Redevelopment Allocation 472 is $321,575.91, with expected revenue this year of around $310,000, providing for $631,575.91 in 2016 total funds.
Expected 2016 expenditures include $15,000 for engineering, $196,000 for capital outlays, $196,620 for city hall bond payment and $90,619.03 for Buffalo Street bond payment capital interest. The 2016 year-end balance should be $213,956, Skinner said.
For 2017, the expected revenue is $310,000, and the $523,956 in 2016 total funds. Next year, budgeted expenditures include $15,000 for engineering, $196,000 for capital outlays, $190,050 for city hall bond payment and $80,950 for Buffalo Street bond payment capital interest. Total expenditures are $411,050, with a 2017 year-balance estimated at $112,906.
“Part of managing this money is we have to have a bond payment for city hall and then basically we duplicated that bond payment ... so while it’s shown in here, it doesn’t necessarily mean we have it on hand to spend, but we’re basically showing our double bond coverage. As we go through the years on this budget, we’ll always show that double bond coverage that’s in here so we’re covering that bond twice. It doesn’t necessarily mean we will or have to spend money. Obviously, I don’t want to end 2017 with a balance of $112,000, because then basically we’re not covering our bond payments,” Skinner explained.
For the Northern TIF District budget, Skinner said the current balance at the beginning of 2016 was $4,361,137. Expected revenue for this year is $3 million, providing for total funds for 2016 on hand at $7,361,137. Total budget for this year was $2,924,236.88, leaving a 2016 year-end balance of $4,436,900.37.
Expected revenue for 2017 is $3 million.
Budgeted expenditures for 2017 total $3,537,662, and include $600,000 for a sewage bond pledge; $226,000 for Sofamor Danek bond; $291,947.50 and $168,432.50 and $37,425 for Winona PVD bonds; $118,322 for Thompson Thrift bond; $150,000 for engineering; $200,000 for property acquisition; and $1.7 million for infrastructure projects. That should leave the 2017 year-end balance at $3,899,238.37.
The infrastructure project money is being earmarked for Phase II of the Warsaw Technology Park, Skinner said.
The current balance of the Eastern TIF District is $267,298.83 with expected revenue this year of $170,000, providing for 2016 total funds of $437,299. Expected expenditures for this year is $200,000, leaving $237,298.83 for 2017. Expected revenue for 2017 is also estimated at $170,000, providing for total 2017 funds of $407,299. Total expenditures are $200,000, leaving a 2017 year-end balance of $207,298.83. Expenditures for 2016 and 2017 are for engineering, property acquisition and infrastructure projects.
The last budget was for Winona Interurban, which Skinner said doesn’t generate a lot of money.
Its current balance is $39,279.36, and expected revenue for 2016 is $5,800. Capital outlays this year total $45,000, leaving a 2016 year-end balance of $79.36. Expected revenue in 2017 is $5,800, for total funds of $5,879. Capital outlays in 2017 total $5,000, leaving a 2017 year-end balance of $879.36.
The claims approved at Tuesday meeting included: $19,686.92, Troyer Group, professional services; $27,610, Mark Allen Snyder and Select Portfolio Servicing Inc., right of way acquisition for the Husky Trail Project; $32.10, NIPSCO, electric charges at shell building at 1445 Polk Drive; $125, Redevelopment Association of Indiana, dues for Skinner; $4,958, Faegre Baker Daniels, professional services; $165,000, OrthoWorx, first payment per collaboration agreement for AcceLinx, a multi-stage medical device orthopedic business accelerator; $11,890, First Church of Christ Scientist, right of way acquisition for Husky Trail Project; $7,400, Mallers Joyner Cinemas, right of way acquisition for Husky Trail Project; and $5,340, A&Z Engineering, engineering services for the Husky Trail Project.[[In-content Ad]]
City Planner Jeremy Skinner went through the budgets with the Commission.
In the Redevelopment General budget, Skinner said total funds for 2017 expected to have on hand is $479,437.40. The proposed 2017 budget is $171,925, which includes $30,000 for engineering and $140,000 for infrastructure projects. Skinner said he doesn’t necessarily have the $140,000 earmarked for anything, but there are a lot of projects the Commission is working on like the Gatke property, etc. The 2017 year-end balance is estimated at $307,512.40.
The Warsaw Technology Park’s current balance at of the end of 2015 was $192,174. Expected revenue for 2016 is $100,000, up a little bit from last year, Skinner stated. Total funds from 2016 is $292,174. After an additional appropriation of $110,000 to go toward the OrthoWorx contract and $55,000 for capital outlays, the 2016 year-end balance will be $127,174. Expected revenue in 2017 is expected to total around $100,000, with $227,174 from previous years total funds. After $67,000 for OrthoWorx and $100,000 for capital outlays, the 2017 year-end balance is projected at $60,174.
The current balance for Redevelopment Allocation 472 is $321,575.91, with expected revenue this year of around $310,000, providing for $631,575.91 in 2016 total funds.
Expected 2016 expenditures include $15,000 for engineering, $196,000 for capital outlays, $196,620 for city hall bond payment and $90,619.03 for Buffalo Street bond payment capital interest. The 2016 year-end balance should be $213,956, Skinner said.
For 2017, the expected revenue is $310,000, and the $523,956 in 2016 total funds. Next year, budgeted expenditures include $15,000 for engineering, $196,000 for capital outlays, $190,050 for city hall bond payment and $80,950 for Buffalo Street bond payment capital interest. Total expenditures are $411,050, with a 2017 year-balance estimated at $112,906.
“Part of managing this money is we have to have a bond payment for city hall and then basically we duplicated that bond payment ... so while it’s shown in here, it doesn’t necessarily mean we have it on hand to spend, but we’re basically showing our double bond coverage. As we go through the years on this budget, we’ll always show that double bond coverage that’s in here so we’re covering that bond twice. It doesn’t necessarily mean we will or have to spend money. Obviously, I don’t want to end 2017 with a balance of $112,000, because then basically we’re not covering our bond payments,” Skinner explained.
For the Northern TIF District budget, Skinner said the current balance at the beginning of 2016 was $4,361,137. Expected revenue for this year is $3 million, providing for total funds for 2016 on hand at $7,361,137. Total budget for this year was $2,924,236.88, leaving a 2016 year-end balance of $4,436,900.37.
Expected revenue for 2017 is $3 million.
Budgeted expenditures for 2017 total $3,537,662, and include $600,000 for a sewage bond pledge; $226,000 for Sofamor Danek bond; $291,947.50 and $168,432.50 and $37,425 for Winona PVD bonds; $118,322 for Thompson Thrift bond; $150,000 for engineering; $200,000 for property acquisition; and $1.7 million for infrastructure projects. That should leave the 2017 year-end balance at $3,899,238.37.
The infrastructure project money is being earmarked for Phase II of the Warsaw Technology Park, Skinner said.
The current balance of the Eastern TIF District is $267,298.83 with expected revenue this year of $170,000, providing for 2016 total funds of $437,299. Expected expenditures for this year is $200,000, leaving $237,298.83 for 2017. Expected revenue for 2017 is also estimated at $170,000, providing for total 2017 funds of $407,299. Total expenditures are $200,000, leaving a 2017 year-end balance of $207,298.83. Expenditures for 2016 and 2017 are for engineering, property acquisition and infrastructure projects.
The last budget was for Winona Interurban, which Skinner said doesn’t generate a lot of money.
Its current balance is $39,279.36, and expected revenue for 2016 is $5,800. Capital outlays this year total $45,000, leaving a 2016 year-end balance of $79.36. Expected revenue in 2017 is $5,800, for total funds of $5,879. Capital outlays in 2017 total $5,000, leaving a 2017 year-end balance of $879.36.
The claims approved at Tuesday meeting included: $19,686.92, Troyer Group, professional services; $27,610, Mark Allen Snyder and Select Portfolio Servicing Inc., right of way acquisition for the Husky Trail Project; $32.10, NIPSCO, electric charges at shell building at 1445 Polk Drive; $125, Redevelopment Association of Indiana, dues for Skinner; $4,958, Faegre Baker Daniels, professional services; $165,000, OrthoWorx, first payment per collaboration agreement for AcceLinx, a multi-stage medical device orthopedic business accelerator; $11,890, First Church of Christ Scientist, right of way acquisition for Husky Trail Project; $7,400, Mallers Joyner Cinemas, right of way acquisition for Husky Trail Project; and $5,340, A&Z Engineering, engineering services for the Husky Trail Project.[[In-content Ad]]
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