Redevelopment Commission reviewed and approved its budgets for 2021 Monday afternoon.
The Redevelopment General Fund for 2020 started with a balance of $617,928, with an expected 2020 revenue of $170,000. Expected expenditures for 2020 total $581,925, leaving a year-end balance of $206,003 for 2021.
Estimating 2021’s revenue for the general fund to be $170,000, City Planner Jeremy Skinner said that would put the fund’s beginning total for 2021 at $376,003.
The budgeted expenditures for 2021 total $231,925, leaving a year-end balance for 2021 at $144,078.
The balance for the Warsaw Technology Park at the end of 2019 was $1,077,303, with expected revenue for 2020 to add $240,000, for total funds for 2020 at $1,317,303.
Expected expenditures are estimated to total $292,000 this year, leaving the district with a year-end balance for 2020 of $1,025,303. Expected revenue for 2021 is $240,000, giving the Tech Park $1,265,303 in total funds for 2021. After expenditures of $717,000, that will leave the year-end balance for 2021 at $548,303.
The Northern and Southern Residential Tax Increment Finance (TIF) districts were created this past year, so Skinner said estimating the revenues from them was a “shot in the dark.” He estimated $20,000 for each TIF district, with $10,000 budgeted for engineering and $10,000 for capital outlays. Skinner said the Redevelopment Commission won’t spend anything unless they get revenue in from the districts. He said he expects the Northern Residential TIF district to generate more revenue than the Southern because of growth that is occurring in the north.
The Redevelopment Allocation budget started 2020 with a balance of $450,622, with expected revenue for 2020 at $310,000. Expected expenditures for 2020 are to total $434,750, ending 2020 with a balance of $325,872.
Expected revenue for 2021 is $330,000, making total funds for 2021 at $655,872. Expenditures, which include capital outlays of $200,000 and the Buffalo Street bond payment of $157,950, will total $392,950. That will make the 2021 year-end balance $262,922.
The Northern TIF district began 2020 with a balance of $2,514,559, with expected revenue for 2020 at about $3.1 million, for total funds for 2020 at $5,614,559.
Expected expenditures for 2020 will include $60,000 to help support salaries; $600,000 for sewage bond pledge; $114,400 for Sofamor Danek bond; three bonds for Winona PVD at $280,397.50, $109,460 and $77,325; $121,662.50 for Thompson/Thrift bond; $286,912.50 for Airport Industrial Park bond; $150,000 for engineering; $5,000 for property acquisition; and $1.5 million for infrastructure projects. That leaves the Northern TIF district with a year-end balance for 2020 at just over $2.3 million.
Expected revenue for 2021 will be about $3 million, giving the district $5,309,402 in total funds for 2021.
Expected expenditures for 2021 will include $65,000 for salaries; $600,000 for sewage blond pledge; three Winona PVD bonds at $280,258, $111,600 and $55,925; $120,000 for Thompson/Thrift bond; $357,888 for Airport Industrial Park bond; $225,000 for engineering; $5,000 for property acquisition; and $1 million for infrastructure projects. That leaves the Northern TIF District with a year-end balance for 2021 at $2,488,730.50.
The Winona Interurban TIF does not generate a lot of revenue, Skinner said, but this year the size of the district was increased, primarily for the riverfront district alcohol licenses for businesses.
It started 2020 with $67,301 and is expected to receive revenue of $8,300 this year. Capital outlays for this year were $25,000, leaving a year-end balance for 2020 at $50,601. The expected revenue for 2021 is $8,300, putting total funds at $58,901 for 2021. After $5,000 in engineering and $45,000 in capital outlays, the year-end balance for the Winona Interurban is expected to be $8,901.
