HomeMy WebLinkAbout111914 CRC Financial Packet
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Carmel Redevelopment Commission
Annual Budget Summary Update
as of 10/31/14
Reference B C D E F G H
1 Actual Actual PROJECTED Amended % Complete Variance of Revised Budget
2 September October November Total Approved Approved
3 Projections Budget6/18/2014
4 BEGINNING BALANCE WITHOUT RESTRICTED FUNDS $546,845 $477,092 $1,325,291
5
6 RESTRICTED FUNDS BALANCE
7 Energy Center Consumption Reserve Balance 500,000 500,000 500,000 500,000 500,000
8 Interest for Energy Center Consumption Reserve 1,642 1,734 1,734 1,642
9 Parcel 7C Tenant Rent Reserve Balance 800,000 800,000 800,000 800,000 800,000
10 Interest for Parcel 7C Tenant Rent Reserve 1,680 1,828 1,828 1,680
11 Supplemental Reserve Fund Balance 584,459 584,459 584,459 785,481 1,119,000
12 Interest for Supplemental Reserve Fund 63 171 171 63
13 Total Restricted Funds Balance 1,887,844 1,888,192 1,888,192 2,088,803 2,419,000
14
15 BEGINNING BALANCE WITH RESTRICTED FUNDS 2,434,689 2,365,284 3,213,483
16
17 TRANSFERS FROM RESTRICTED FUNDS
18 Transfer from Energy Center Consumption Reserve 500,000 500,000
19 Transfer from Parcel 7C Tenant Rent Reserve 200,000 200,000
20 Total Transfers From Restricted Funds 700,000 700,000
21
22 RECEIPTS - TIF
23 Interest 20 605 288%395 210
24 Net Increment
25TIF Revenue, Net of Developer Pass Through 00 17,532,007 50%17,532,007
26 One-time Merchants Square Bond Defeasance Funds 0 0 565,281 100%0 565,281
27 Nash PIATT Payments (December 2013 and June 2014)0 0 76,221 100%0 76,221
28Village Financial Secondary IPC 00 (238,659) 52%(276,210)
29 2006 COIT Refunding Bond 0 0 (963,761) 50%(963,761)
30 Certificates of Participation, Series 2010C (Energy Center)0 0 (2,048,538) 67%(2,048,538)
31 Illinois Street Bond 0 0 (1,367,685) 67%(1,367,685)
32 2013 Illinois Street Bond 0 0 (244,472) 55%(244,472)
33 2005 PAC Lease 0 0 (4,656,000) 50%(4,656,000)
34 2012 Lease 0 0 (13,126,000) 65%(13,126,000)
35 Net Increment after Debt Service and Developer Pass Through 0 20 0 (4,471,000) 98%(4,509,157)
36 TOTAL RECEIPTS - TIF 0 20 0 (4,471,000) (4,509,157)
37
38 RECEIPTS - NON TIF
39 Interest 225 639 232%363 276
40 Energy Payments 26,922 26,922 26,922 323,060 83%323,060
41 2013 and 2014 REI Energy Payments 0 10,462 10,462 167,385 145%59,486 107,899
42 4CDC Grants 100,625 0 337,909 61%337,909
43 Civic Rent 0 0 225,000 0%200,000
44 Keystone Group, LLC Receivable (Bond Enhancement) 2013 0 0 172,753 100%0 172,753
45 Keystone Group, LLC Receivable (Bond Enhancement) 2014 0 0 200,000 0%200,000
46 Sale of Buildings - Projected 0 954,885 1,019,885 102%1,000,000
47 Miscellaneous Receipts 0 0 800,000 942,179 0%0
48 TOTAL RECEIPTS - NON TIF 127,547 992,492 837,384 3,388,809 84%2,341,897
49 TOTAL RECEIPTS 127,547 992,512 837,384 (1,082,191)50
51 EXPENDITURES - TIF
52 Construction
53 Palladium Construction/Retention and Legal 161,648 85,417 62,164 1,517,389 93%1,100,000
54 Contingency Fund 0 0 590,000 100%0 590,000
55 Parcel 73 Streetscape Site Engineering 0 1,324 5,491 110%5,011
56 Mezz Building Site Engineering 0 0 8,888 84%10,624
57 3rd Avenue and Monon Connecting Path Engineering 1,815 2,217 1,010 24,900 24%24,900
58 Monon Trail Work Engineering 0 458 1,018 24,900 29%24,900
59 Park Work at Monon Engineering 0 0 1,305 24,900 0%24,900
60 Duke Relocation at Pedcor Engineering 0 0 8,900 33%8,900
61 Parcel 73 Streetscape 0 0 203,890 0%100,000
62 Miscellaneous Construction 0 0 20,000 0%20,000
63 City Center Electric Utility Relocation & Expansion 0 0 250,000 0%250,000
64 Mezz Building Site Construction 0 0 310,000 0%310,000
65 Project Professional Fees
66 Legal Fees 27,200 34,294 110,225 347,641 106%195,000
67 Architecture/Engineering Fees 0 0 325 10,000 0%10,000
68 Accounting Fees 4,888 5,229 5,251 90,000 89%90,000
69 Miscellaneous Professional Fees 0 0 20,000 0%20,000
70 Bond and Trustee Fees 1,750 500 31,403 70%37,684
71 Transfer to Supplemental Reserve Fund 785,481 52%1,119,000
72 TOTAL EXPENDITURES - TIF 197,300 129,438 181,298 4,273,783 64%3,940,919 73
74 EXPENDITURES - NON TIF
75 Projected Reimbursement of Department Expenses 0 0 5,000 0%104,246
76 Sophia Square Garage Expenses (2013)0 0 309,534 100%0 309,534
77 Miscellaneous Expenditures 0 14,874 36,707 82%36,707
78 TOTAL EXPENDITURES - NON TIF 0 14,874 0 351,241 75%450,487
79 TOTAL EXPENDITURES 197,300 144,313 181,298 4,625,024 80
81 ENDING BALANCE WITHOUT RESTRICTED FUNDS 477,092 1,325,291 1,981,377 $950,406 $99,165
82 ENDING BALANCE WITH RESTRICTED FUNDS $2,364,936 $3,213,483 $3,869,569 $3,039,209 $2,518,165
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Civic Rent Reserve 801,828
Supplemental Reserve Fund 584,630
Sub-total:1,888,192
Unrestricted Funds
TIF 107,468
Non TIF 1,217,823
Sub-total:1,325,291
Total Funds $3,213,483
Outstanding Receivables
Energy Consumption Payments (1)10,462
Total Outstanding Receivables $10,462
(1) Amounts due reflects November 2014 for Office Building One
and the Tarkington. REI Real Estate Services, LLC acts as
property manager on behalf of the CRC and collects the Energy
Consumption Payments to be forwarded.
Carmel Redevelopment Commission Fund Balances
and Outstanding Receivables as of 10/31/14
Fund Balances
Outstanding Receivables
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