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Home My WebLink AboutCRC Annual Budget Summary (ending 6-30-14)Carmel Redevelopment Commission Annual Budget Summary Update as of 6/30/14 Reference B C D E F G 1 Actual Actual PROJECTED % Complete Variance of 2014 Budget 2 May June July Approved Budget Approved 3 1/15/2014 4 BEGINNING BALANCE WITHOUT RESTRICTED FUNDS $1,210,704 $170,077 $10,930,674 5 6 RESTRICTED FUNDS BALANCE 7 Energy Center Consumption Reserve Balance 1,000,000 500,000 500,000 500,000 8 Interest for Energy Center Consumption Reserve 1,502 1,517 1,517 9 Parcel 7C Tenant Rent Reserve Balance 1,000,000 800,000 800,000 800,000 10 Interest for Parcel 7C Tenant Rent Reserve 1,457 1,481 1,481 11 Supplemental Reserve Fund Balance 559,500 1,119,000 12 Total Restricted Funds Balance 2,002,959 1,302,998 1,862,498 2,419,000 13 14 BEGINNING BALANCE WITH RESTRICTED FUNDS 3,213,663 1,473,075 12,793,171 15 16 TRANSFERS FROM RESTRICTED FUNDS 17 Transfer from Energy Center Consumption Reserve 500,000 500,000 18 Transfer from Parcel 7C Tenant Rent Reserve 200,000 200,000 19 Total Transfers From Restricted Funds 700,000 700,000 20 21 RECEIPTS - NON OPERATING 22 Interest 1 317 251%210 23 Net Increment 24TIF Revenue, Net of Developer Pass Through 010,673,277 (1,871,187) 61%17,532,007 25 One-time Merchants Square Bond Defeasance Funds 0 0 100%0 565,281 26 Nash PIATT Payments (December 2013 and June 2014)0 76,221 100%0 76,221 27Village Financial Secondary IPC 00 (58,699) 30%(276,210) 28 2006 COIT Refunding Bond 0 (484,228)50%(963,761) 29 Certificates of Participation, Series 2010C (Energy Center)0 0 (682,894) 33%(2,048,538) 30 Illinois Street Bond 0 0 (454,284) 33%(1,367,685) 31 2013 Illinois Street Bond 0 0 (134,460) 0%(244,472) 32 2005 PAC Lease 0 0 (2,328,000) 0%(4,656,000) 33 2012 Lease 0 0 (4,618,000) 30%(13,126,000) 34 Net Increment after Debt Service and Developer Pass Through 1 10,265,587 (10,147,523) (4,509,157) 35 TOTAL RECEIPTS - NON OPERATING 1 10,265,587 (10,147,523)(4,509,157) 36 37 RECEIPTS - OPERATING 38 Interest 73 11 104%276 39 Energy Payments 26,922 0 53,843 42%323,060 40 2013 and 2014 REI Energy Payments 3,589 13,745 100%107,899 41 4CDC Grants 0 0 16,285 27%337,909 42 Civic Rent 0 0 0%200,000 43 Keystone Group, LLC Receivable (Bond Enhancement) 2013 0 0 172,753 0%172,753 44 Keystone Group, LLC Receivable (Bond Enhancement) 2014 0 0 0%200,000 45 Sale of Buildings - Projected 0 0 0%1,000,000 46 Miscellaneous Receipts 0 74,734 0%0 47 TOTAL RECEIPTS - OPERATING 30,583 88,490 242,881 2,341,897 48 TOTAL RECEIPTS 30,584 10,354,078 (9,904,642)49 50 EXPENDITURES - NON OPERATING 51 Construction 52 Palladium Construction/Retention and Legal 220,880 107,796 21,407 66%1,100,000 53 Contingency Fund 590,000 0 100%590,000 54 Parcel 73 Streetscape Site Engineering 2,394 0 844 83%5,011 55 Mezz Building Site Engineering 2,502 0 1,736 84%10,624 56 3rd Avenue and Monon Connecting Path Engineering 0 0 4,150 0%24,900 57 Monon Trail Work Engineering 0 0 4,150 0%24,900 58 Park Work at Monon Engineering 0 0 4,150 0%24,900 59 Duke Relocation at Pedcor Engineering 0 0 1,483 0%8,900 60 Parcel 73 Streetscape 0 0 20,000 0%100,000 61 Miscellaneous Construction 0 0 3,333 0%20,000 62 City Center Electric Utility Relocation & Expansion 0 0 0%250,000 63 Mezz Building Site Construction 0 0 77,500 0%310,000 64 Project Professional Fees 65 Legal Fees 55,245 36,724 9,811 70%195,000 66 Architecture/Engineering Fees 0 0 1,667 0%10,000 67 Accounting Fees 27,024 10,095 6,677 55%90,000 68 Miscellaneous Professional Fees 0 0 3,333 0%20,000 69 Bond and Trustee Fees 0 2,500 6,831 64%37,684 70 Transfer to Supplemental Reserve Fund 0%1,119,000 71 TOTAL EXPENDITURES - NON OPERATING 898,045 157,115 167,072 3,940,919 72 73 EXPENDITURES - OPERATING 74 Projected Reimbursement of Department Expenses 0 0 0%104,246 75 Sophia Square Garage Expenses 173,166 136,367 100%0 309,534 76 Miscellaneous Expenditures 0 0 1,101 41%36,707 77 TOTAL EXPENDITURES - OPERATING 173,166 136,367 1,101 450,487 78 TOTAL EXPENDITURES 1,071,211 293,482 168,174 79 80 ENDING BALANCE WITHOUT RESTRICTED FUNDS 170,077 10,930,674 857,858 $99,165 81 ENDING BALANCE WITH RESTRICTED FUNDS $2,173,036 $12,233,671 $2,720,356 $2,518,165 A -1-