Vision Fund balance rises about $187,500 after sales-tax allocation, staff says

Eric, the committee’s finance presenter, told the Vision Fund Committee on Jan. 22 that the fund balance is up about $187,500 after the addition of sales-tax funding intended to support economic development partnerships with the Chamber/EDC and the downtowners. "You'll notice the balance is up, about 187,500," Eric said, adding that first-quarter payments to partners have already been made and that the $187,500 remains from a $250,000 sales-tax allocation.

The committee heard that the fund’s historical average project spend had been estimated at about $134,000 but actual averages are closer to $104,500. Eric said he reduced the assumed average project depletion to $110,000, which increased the number of projects the fund could support to about 5.6 at current levels. He also reported that two recently funded projects (identified in the materials as Freedom Family Center and LightSpring) came off the notes receivable schedule, leaving two approved applicants who have not yet drawn funds.

Committee members asked about repayment timing for a Cloverdale project that shows a Feb. 1 repayment start date. Eric said repayments will be routed through Lewis and Clark Development in Mandan, which will retain 1% and then remit payments back to the Vision Fund; he said the committee can expect receipts to begin in February or March. The committee then moved and voted to receive the financial statements; the motion passed with aye votes recorded.

The committee did not take further financial action beyond receiving the report; staff will continue administering loans and monitoring repayment timing.