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Jerome urban renewal agency R:\URA\Reports\2020 Urban Renewal Agency Annual Report-draft.docx 1/8 2020 Annual Report Jerome Urban Renewal Agency To create opportunities for economic growth through public improvements and neighborhood redevelopment. ---PAGE BREAK--- Jerome urban renewal agency R:\URA\Reports\2020 Urban Renewal Agency Annual Report-draft.docx 2/8 I. EXECUTIVE SUMMARY The following summaries identify the major activity that was undertaken in the 2020 calendar year by the Jerome Urban Renewal Agency. Area 2 • The JURA entered into a reimbursement agreement with Scoular, Inc. in the summer of 2020. Scoular is building a new $13 million plant that will convert barley concentrate into fish food. This new plant will employ 13 people and is likely to be the first of many phases of capital improvements at the Scoular facility. The agency agreed to reimburse Scoular up to $650,000 for public infrastructure/eligible costs associated with developing the facility. • The JURA executed an agreement with Intermountain gas to extend natural gas service into the Southeast industrial Park (Northside Subdivision). This project will serve all properties within Area’s 2 and 4. The cost of the project is estimated to be $260,000. Area 3 • The JURA purchased property at 120 W Main for future redevelopment. • The JURA extended an exclusive right to negotiate agreement with Summit Creek Capital for the redevelopment of Block 55, 56, and 66. It’s anticipated that a DDA will be signed and construction begin in 2021. • The JURA committed $25,000 to help with the redevelopment of Shepherds’ Park. Area 4 • While there were no projects completed or commitments made in Area 4 in 2020, we expect Nelson Jameson and Western Dairy Transport to construct new facilities in 2021. Area 5 • No major activity was conducted in Area 5 in 2020. ---PAGE BREAK--- Jerome urban renewal agency R:\URA\Reports\2020 Urban Renewal Agency Annual Report-draft.docx 3/8 II. MAP OF THE JEROME URBAN RENEWAL DISTRICTS The map below indicates the boundaries of the four active plan areas the Agency has established. ---PAGE BREAK--- Jerome urban renewal agency R:\URA\Reports\2020 Urban Renewal Agency Annual Report-draft.docx 4/8 III. ORGANIZATION AND MISSION Mission and Vision To revitalize and improve the quality of life for Jerome; to create opportunities for economic growth through public improvements and neighborhood redevelopment. Currently, the agency oversees four different plans: Area 2, Area 3, Area 4, and Area 5. The City of Jerome established the Jerome Urban Renewal Agency in 1998 with the formation of the South Lincoln Plan (Area On July 7, 2011, the JURA Board voted to close the South Lincoln Area (Area 1) by September 30, 2012 which was 10 years earlier than required by state law. In late 2005, the Agency established the Southeast Industrial Area (Area which is now home to Idaho Milk Products and Jackson/Scoular. In 2013, the agency hired Kushlan Associates, a consulting firm, to assist with the eligibility report and economic feasibility study related to Area 3. The study was completed in 2014 and the Agency established Area 3 in December 2014. The area takes in all of W. Main to Interstate 84 within the City limits. This area would encompass some of the most dilapidated and blighted areas of Jerome. In 2014, the Agency also amended the Southeast Industrial Area (Area 2) to eliminate the unfunded portion, which then became the new Area 4. Finally, in 2018 the agency again hired Kushlan Associates to assist with the eligibility report and economic feasibility study related to Area 5. The study was completed in 2018 and the Agency established Area 5 in December of 2018. The Agency Board of Commissioners is currently comprised of five appointed individuals: • Gary Warr, Chair • Kathy Cone, Vice-Chair • Jason Peterson • Shonna Fraser • Bryan Craig Professional staff for the agency is comprised of both City of Jerome staff members and outside consultants hired by the Agency. Legal counsel is provided by Ryan Armbruster with Elam and Burke. City staff is comprised of Mike Williams, Executive Director, Ross Hyatt, Finance Director, Lori McCrae, Accounting & Budget Manager, Bernadette Coderniz, Administrative Clerk, and Tyson Carpenter, City Engineer. ---PAGE BREAK--- Jerome urban renewal agency R:\URA\Reports\2020 Urban Renewal Agency Annual Report-draft.docx 5/8 IV. STRATEGIC PRIORITIES On August 25, 2011, the Agency held a Strategic Planning meeting where the board members, staff, and public discussed the strategic focus areas for the next 12 months and five years. As a result, the Agency established its first mission statement, vision statement, and a strategic plan for the five years. The Agency had last officially updated the strategic priorities in January 2013. As part of its budgeting process in 2016, the Agency began identifying major areas of importance and outlined basic objectives for the agencies focus. Priority Objectives: • 12 Month Plan o Continue marketing downtown area for revitalization projects o Develop Block 55, 56, and 66 o Explore options for park and recreational opportunities to drive traffic downtown Green space, splash pad, etc. o Continue marketing Area 2, 4, and 5 as the prime location in the Magic Valley for industrial expansion o Pay down as much debt as possible on Area 2 • Long Term Directives o Acquire empty buildings and open spaces within Area 3 o Improve parking opportunities in Area 3 o Improve west entrance to Jerome for economic development and redevelopment o Maintain adequate water and sewer capacity for economic development o Support walkability and connectivity between key gathering points in the City and URA areas o Be debt free in Area 2 as soon as possible. V. TAX INCREMENT REVENUE: 2020 The only source of Agency income, other than interest on interest bearing accounts, is property taxes generated within the tax increment revenue allocation areas. In 2013 the Idaho Legislature approved legislation to provide personal property tax relief to all Idaho businesses while replacing the revenue losses for local governments, including Urban Renewal Agencies. At the conclusion of calendar year 2020, the total Tax Increment Revenue received by the Agency was $1,717,453 for the Southeast Industrial Area, $187,520 for the Downtown Improvement Project Area, $15,756 for Area 4, and $226,935 for Area 5. The following chart shows a summary of revenue received for the 2020 calendar year: Urban Renewal Area Revenue Received in 2020 Southeast Industrial Area (Area 2) Downtown Improvements Project (Area 3) Area 4 Area 5 $1,717,453 $ 187,520 $ 15,756 $ 226,935 TOTAL $2,147,664 ---PAGE BREAK--- Jerome urban renewal agency R:\URA\Reports\2020 Urban Renewal Agency Annual Report-draft.docx 6/8 VI. JEROME URBAN RENEWAL DISTRICTS • South Lincoln District - Closed The Jerome City Council formally approved the South Lincoln Urban Renewal Plan in December of 1998 through Ordinance No. 870. The plan was amended and restated as follows: November 1999 through Ordinance No. 887, December 2000 through Ordinance No. 903, and March 2003 through Ordinance No. 940. The base value for the district was $5,992,823. A copy of the complete plan with all amendments is available in the Office of the Jerome City Clerk, 152 East Ave. A, Jerome, ID. In 2012, the Agency closed the area. • Southeast Industrial Area o The Jerome City Council formally approved the Southeast Industrial Urban Renewal Plan in December of 2005 through Ordinance No. 986. The plan was amended and restated in December 2014 through Ordinance No. 1133. The adjusted base value for the district is $1,221,754. The copy of the plan is available in the Office of the Jerome City Clerk, 152 East Ave. A, Jerome, ID. • Area 3 o The Jerome City Council formally approved the Urban Renewal Plan for Area 3 in December 2014 through Ordinance No. 1135. The adjusted base value for the district is $38,093,940. The copy of the plan is available in the Office of the Jerome City Clerk, 152 East Ave. A, Jerome, ID. • Area 4 o The Jerome City Council formally approved the Urban Renewal Plan for Area 3 in December 2014 through Ordinance No. 1134. The adjusted base value for the district is $316,935. The copy of the plan is available in the Office of the Jerome City Clerk, 152 East Ave. A, Jerome, ID. • Area 5 o Area 5 was adopted by the Jerome City Council in December 2018. The base value for the district is $5,253,824. The copy of the plan is available in the Office of the Jerome City Clerk, 152 East Ave. A, Jerome, ID ---PAGE BREAK--- Jerome urban renewal agency R:\URA\Reports\2020 Urban Renewal Agency Annual Report-draft.docx 7/8 VII. SUMMARY OF INCREMENT VALUE OF JURA DISTRICTS District Adjusted Base Value (2019) Increment Value (2020) Southeast Industrial (Area 2) $ 1,221,754 $122,789,390 Area 3 $ 38,093,940 $ 17,288,445 Area 4 $ 316,935 $ 1,396,771 Area 5 $ 5,253,824 $ 12,951,408 In 2020 the total increment value of the Agency increased by $23,348,772. Area 2 increased by $17,962,992, an increase of 17.1% more than 2019 increment value. This can be contributed to the additions of Idaho Milk Products, Scoular, Inc. and Specialty Sales building new facilities in the Southeast Industrial Park. In Area 3 improvements to Commercial Creamery, Franklin Building Supply, and the old “Paul’s market” building had resulted in an increment value increase of $6,107,432 or 54.6%. Area 4 increased $16,120, a 1.2% increase. Area 5 increment value is now $12,951,408, which has accumulated substantially in the two years since it became active. VIII. PROJECT PRIORITIES AND ALLOCATIONS FOR FY 2021 As part of our normal practice, any fund balance is allocated to the capital improvement line item in the budget to have available for unanticipated projects. Project District Budgeted Cost Explanation Infrastructure Area 2: SE Industrial $ 1,581,440 Projects to be determined Infrastructure Area 3: Downtown $ 238,867 Projects to be determined Infrastructure Area 4 $ 39,184 Projects to be determined Infrastructure Area 5 $ 378,385 Projects to be determined TOTAL PROJECT COSTS $ 2,237,876 IX. LEGAL REQUIREMENTS AND ADDITIONAL DOCUMENTATION Under the Idaho Urban Renewal Law, an urban renewal agency is required to file with the local governing body, on or before March 31 of each year, a report of its activities for the preceding calendar year, which shall include a complete financial statement setting forth its assets, liabilities, income and operating expense at the end of the calendar year. A copy of the Agency’s (informal) financial statements for the period ended December 31, 2020 is attached. By virtue of certain amendments to the Idaho Urban Renewal Law adopted in 2002, the fiscal year of an urban renewal agency has been established as October 1st through September 30th. Consequently, any formal financial statement ---PAGE BREAK--- Jerome urban renewal agency R:\URA\Reports\2020 Urban Renewal Agency Annual Report-draft.docx 8/8 would be limited to a report through the end of the Agency’s fiscal year. Under Idaho Code section 67- 450B, all local government entities must complete an audit of its statements at the conclusion of its fiscal year. A copy of the Agency’s 2020 audited financial statements is also attached for purposes of review and comment. In accordance with new reporting requirements under Idaho Code Section 67- 450(E) the Agency must submit certain information to the Legislative Services Office by December 1, 2020 for the 2020 fiscal year period ending on September 30, 2020. The Agency filed this report prior to the statutory deadline of December 1, 2020. During 2020 the Agency purchased property at 120 W. Main. Previously, in 2019, the Agency purchased property at 132 W. Main. Both parcels are located in Area 3, the downtown project area. The properties may generate redevelopment of downtown Jerome. The Agency intends to assess the best reuse of these properties, including seeking proposals from private redevelopment in conjunction with public uses. By virtue of a Memorandum of Understanding with the City of Jerome, the Agency may ultimately acquire Blocks 55, 56, and 66 in Area 3, the downtown project area. The Agency completed a request for proposal process and has entered into an exclusive right to negotiation agreement with Summit Creek Capital for the private redevelopment of those parcels. Construction may begin on those parcels in 2021. Public Involvement and Outreach On March 18, 2021 at 3:00 p.m., this annual report was officially presented to the public at a special meeting of the Jerome Urban Renewal Agency. In presenting this annual report, the Agency sought to engage the public for comment through several outreach mediums. Advertisement of the presentation of the annual report was accomplished by these methods: • Posted on the City of Jerome Facebook page (City of Jerome, Idaho) • Advertised on the City Website (cityofjerome.org) Fiscal Year Financial Statement (Audited) In March 2021, the Agency received a report from Rexroat, Harberd, and Associates expressing an opinion on the audit of the agency’s financial statements for Fiscal Year 2020. In this auditor’s opinion, the financial statements present fairly the financial position of the agency in conformity with accounting principle generally accepted in the United States of America. This report identifies the Agency’s assets, liabilities, income, and expenses through September 30, 2020. A copy of the report is also available on the City of Jerome’s website at cityofjerome.org Budget The Agency is also required to formally adopt its fiscal year budget by September 1 of each year. The Agency adopted its FY 2020-2021 Budget on August 20, 2020. As required by the Idaho Urban Renewal Law and Local Economic Development Act, the Agency has filed its budget with the City of Jerome. Copies of the budget are available through the Agency’s offices. ---PAGE BREAK--- Jerome urban renewal agency R:\URA\Reports\2020 Urban Renewal Agency Annual Report-draft.docx 9/8 X. APPENDIX • The Jerome Urban Renewal Agency Financial Statements for FY 2020 (Audit) • Balance Sheet (FY 2020-2021, Period Ended 12/31/2020) • Revenue/Expense Report (FY 2020-2021, Period Ended 12/31/2020) ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY A COMPONENT UNIT OF THE CITY OF JEROME, IDAHO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2020 ---PAGE BREAK--- TABLE OF CONTENTS PAGE Independent Auditors’ Report 1-2 Management’s Discussion and Analysis 3-8 Basic Financial Statements: Government-wide Financial Statements: Statement of Net 9 Statement of Activities 10 Fund Financial Statements: Governmental Funds: Balance Sheet 11 Statement of Revenue, Expenditures and Changes in Fund Balance 12 Notes to Financial Statements 13-20 Required Supplementary Information: Budgetary Comparison Schedules 21-24 Notes to Required Supplementary Information 25 Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 26-27 ---PAGE BREAK--- Rexroat, Harberd & Assoc., Certified Public Accountants P.O. Box 7 - 125 North Buchanan - Jerome, Idaho 83338 Telephone [PHONE REDACTED] Fax [PHONE REDACTED] ---PAGE BREAK--- & ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY MANAGEMENT’S DISCUSSION AND ANALYSIS For Year Ended September 30, 2020 I. Background. The City of Jerome Urban Renewal Agency offers readers an overview of its financial activities in a narrative form called the “Management’s Discussion and Analysis.” This report highlights the general fiscal health of the Agency, outlines key financial decisions that were initiated by the Agency’s leadership and identifies future financial priorities and activities. In order to fully understand the financial statements included in the Agency’s Audit, residents should first read the Management’s Discussion and Analysis document. It is our goal that through its reading, our citizens will be better informed and involved. II. Understanding this Report. This Management’s Discussion and Analysis report is broken into three major components that include Government-wide financial statements which provide information for the Agency as a whole; fund financial statements which provide detailed information for the Agency’s significant funds; and notes to the financial statements which provide additional information that is essential to understanding the government-wide and fund statements. This report covers the Fiscal Year that began on October 1, 2019 and ended on September 30, 2020. It provides financial comparisons and analyzes financial trends, designed to provide the reader with better understanding of the Agency’s overall financial health. The Agency’s financial statements are broken into two categories: Government-Wide Financial Statements and Fund Financial Statements. a. Government-Wide Financial Statements. Government-wide financial statements, presented on pages 9-10 of the financial statements, are designed to provide readers with a broad overview of the Agency’s finances, in a manner similar to a private sector business. The statement of net position presents information on all of the City of Jerome Urban Renewal Agency’s assets and liabilities with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Agency is improving or deteriorating. In other words, it will help to show how solvent the Agency is. The statement of activities presents information showing how the government’s net position and liabilities changed during the most recent fiscal year. All changes in net position are reported as they occur, regardless of the timing of related cash flows. This is accrual accounting and thus, revenues and expenditures are reported in this statement for some items that might not reflect actual cash flows until future fiscal periods. The government-wide financial statements include all of the Agency’s services, which are primarily supported by property taxes (tax increment revenue) and interest income. The Agency has no business-type activities. The governmental activities of the City of Jerome Urban Renewal Agency include general government administration and operations. 3 ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY MANAGEMENT’S DISCUSSION AND ANALYSIS For Year Ended September 30, 2020 b. Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been separated for specific activities or objectives. Government Funds. Government funds are used to account for essentially the same activities as previously identified under governmental activities in the government-wide financial statement. However, unlike the government-wide financial statements, governmental fund financial statements, presented on pages 11-12 of the financial statements, focus on near- term inflows and outflows of Agency liquid resources as well as balances of liquid resources at the end of the fiscal year. Such information is helpful when determining the Agency’s near-term financing requirements and health. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for both as readers may better understand the long-term impact of the government’s near-term financing decisions. The City of Jerome Urban Renewal Agency currently maintains four governmental funds. Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances for these major funds. The Agency adopts an annual budget. Budgetary comparison statements for all 4 fund areas are found on Pages 21 to 24. Revenues exceeded expenditures by $127,107 for Area 2; revenues exceeded expenditures by $83,684 for Area 3; revenues exceeded expenditures by $20,882 for Area 4; and revenues exceeded expenditures by $225,302 for Area 5. If the reader comes upon “Notes to the Financial Statements” or “Other Information,” these sections are to provide additional narrative and required supplementary information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. III. Health of the Agency – Financial Statements Overview a. Government-Wide Financial Analysis. One important question to ask about the Agency’s finances is, “Is the Agency better or worse off as a result of the previous year’s activities?” The information in the government-wide financial statement helps answer this question because it captures all agency assets and liabilities using the accrual basis of accounting. In this way, all of the Agency’s financial transactions both in revenues and expenditures are captured for the long-term and the near-term and one can see the true financial health of the Agency. 4 ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY MANAGEMENT’S DISCUSSION AND ANALYSIS For Year Ended September 30, 2020 For the City of Jerome Urban Renewal Agency for the Fiscal Year 2020, changes in governmental assets and liabilities were as follows: As indicated in Table 3.1, for the year ended September 30, 2020, cash and investments made up 72% of the Agency assets. The Agency acquired real property in Area 3 this fiscal year. Typically when the Agency purchases capital assets, they are donated to the City of Jerome. In this instance the Agency plans to improvement the property to be more appealing to developers and eventually sell it to a private party. At the end of the fiscal year, the Agency is able to report a positive net position of $633,041. When looking at the Agency’s net position, the other area to look at is the restricted and unrestricted totals. The $457,202 designated as committed funds represents amounts that are subject to external restrictions on how they may be used. These assets are related to debt service required for the issuance of revenue related debt. 5 Table 3.1 Net Position Governmental Governmental Total Total Activities Activities FY 2019 FY 2020 FY 2019 FY 2020 Current Assets Cash and Investments $950,914 $1,419,700 $950,914 $1,419,700 Restricted Assets $450,475 $457,202 $450,475 $457,202 Deferred Charges $2,827 $1,458 $2,827 $1,458 Non Current Assets $50,170 $102,851 $50,170 $102,851 Total Assets $1,454,386 $1,981,211 $1,454,386 $1,981,211 Current Liabilities $931,999 $533,957 $931,999 $533,957 Non-Current Liabilities $1,555,617 $814,213 $1,555,617 $814,213 Total Liabilities $2,487,616 $1,348,170 $2,487,616 $1,348,170 Net Position: Invested in Capital Assets $50,170 $102,851 $50,170 $102,851 Committed $450,475 $457,202 $450,475 $457,202 Unrestricted ($1,533,875) $72,988 ($1,533,875) $72,988 Total Net Position: ($1,033,230) $633,041 ($1,033,230) $633,041 ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY MANAGEMENT’S DISCUSSION AND ANALYSIS For Year Ended September 30, 2020 Table 3.2, Change in Net Position, reflects the overall change in net position for the City of Jerome Urban Renewal Agency. For the fiscal year 2020, the Agency’s total revenues were $2,208,238 while total expenses were $541,967. The Agency reports a $1,666,271 increase in net position. A more detailed accounting of the fund activities can be found on page 12 of the audit. b. Fund Financial Analysis. As noted earlier, the City of Jerome Urban Renewal Agency uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Government Funds. The focus of the Agency’s governmental fund reporting is to provide information on near-term inflows, outflows, and balances of spendable resources. Perhaps the key area to look at in government fund balance sheets is the final unrestricted fund balance as they indicate resources available for spending at the end of the fiscal year. At the end of this last fiscal year, the Agency reported a positive fund equity balance of $1,855,581 of which $1,398,379 is committed for spending by the Agency. The remainder of the fund balance of $472,202 is restricted to indicate that it is not available for new spending because it has already been reserved to pay for debt service and refundable deposits. In summary, the City of Jerome Urban Renewal Agency is financially healthy with a combined total of $1,855,581 in restricted and committed assets. 6 Table 3.2 Change in Net Position Governmental Governmental Total Total Activities Activities FY 2019 FY 2020 FY 2019 FY 2020 Revenues Program Revenues: Charges for Service General Revenues: Property Taxes $1,762,263 $2,193,402 $1,762,263 $2,193,402 Other Governmental $0 $0 $0 $0 Investment Earnings $26,662 $14,836 $26,662 $14,836 Total Revenues $1,788,925 $2,208,238 $1,788,925 $2,208,238 Expenses Urban Renew al Projects: Southeast Industrial Area 2 $380,365 $186,166 $380,365 $186,166 Dow ntow n Area 3 $0 $284,360 $0 $284,360 Support Services $86,425 $71,441 $86,425 $71,441 Total Expenses $466,790 $541,967 $466,790 $541,967 Change in Net Position $1,322,135 $1,666,271 $1,322,135 $1,666,271 Net Position - beginning as reported ($2,355,365) ($1,033,230) ($2,355,365) ($1,033,230) Net Position - ending ($1,033,230) $633,041 ($1,033,230) $633,041 ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY MANAGEMENT’S DISCUSSION AND ANALYSIS For Year Ended September 30, 2020 IV. Capital Assets and Debt Management Administration a. Capital Assets. Capital Assets such as streets, street improvements, water, sewer, and other capital improvements, which the Agency pays for, are most-often donated to the City of Jerome, Idaho. However, during this fiscal year the Agency purchased real property and will not be donating it to the City. There were no major assets paid for by the Agency and donated to the City of Jerome. b. Debt Management and Administration. As of September 30, 2020, the Agency had total debt of $1,226,849. This amount reflects revenue bond debt and loan proceeds to pay the cost of acquisition and construction of various urban renewal projects. The table of long-term debt is as follows: The City of Jerome Urban Renewal Agency pledges the incremental tax revenues and all funds in the bond fund and the debt service reserve fund for the payment of the bonds. 7 Table 4.2 Long-Term Debt Balance Additions Payment Balance 1-Oct-19 Adjustments 30-Sep-20 Governmental Activities: Bonds Payable $1,884,833 $0 ($912,384) $972,449 N.S. Develop/S. Jackson $600,000 $0 ($600,000) $0 Commercial Creamery $0 $284,360 ($29,960) $254,400 Total $2,484,833 $284,360 ($1,542,344) $1,226,849 ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY MANAGEMENT’S DISCUSSION AND ANALYSIS For Year Ended September 30, 2020 V. Fiscal Year 2021 Fiscal Priorities In August of 2020, the City of Jerome Urban Renewal Agency Commissioners and City Staff developed the Fiscal Year 2021 spending priorities to help focus the efforts of the Agency’s resources in the current fiscal year that began on October 1, 2020 and ends on September 30, 2021. Those priorities and their associated dollar amounts are as follows: As an urban renewal agency operating in the State of Idaho, the Agency’s revenue flexibility is quite limited, but conversely, quite stable. Property tax resources flow to the agency through the tax increment process of “revenue allocation” as it is termed in Idaho law. The City of Jerome Urban Renewal Agency currently has four separate revenue allocation areas. Area 2 is commonly referred to as the “Southeast Industrial Project Area”. Area 3 is called the “Downtown Improvement Project Area. As well as Area 4 and Area 5 that have not yet been assigned project names. Previously, the Agency had an additional revenue allocation area. Area 1 was commonly referred to as the “South Lincoln Project Area”. The Agency filed the South Lincoln Area termination ordinance with the Office of the Jerome County Recorder, County Assessor and Idaho State Tax Commissioner on October 11, 2012. Prior to September 30, 2014 existing surplus was remitted to the County Treasurer for distribution to the taxing entities within the revenue allocation area. Conclusion. This financial report is designed to provide a general overview of the City of Jerome Urban Renewal Agency’s finances for all those with an interest in the government’s finances and activities. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to Mike Williams, Executive Director, 152 East Avenue A, Jerome, Idaho 83338. Mike Williams Executive Director City of Jerome Urban Renewal Agency 8 Table 5.1 2021 Fiscal Priorities Item Area Projected Cost Explanation Infrastructure Area 2 $1,581,440 Projects to be determined Infrastructure Area 3 $238,867 Projects to be determined Infrastructure Area 4 $39,184 Projects to be determined Infrastructure Area 5 $378,385 Projects to be determined Total Projects $2,237,876 ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY STATEMENT OF NET POSITION SEPTEMBER 30, 2020 The accompanying notes are an integral part of the financial statements 9 Governmental ASSETS: Activities Cash and Investments 1,419,700 $ Deferred charges 1,458 Restricted assets: Cash and investments 457,202 Capital assets: Land 102,851 Total Assets 1,981,211 LIABILITIES: Accounts payable - trade and other accrued liabilities 106,321 Refundable Deposits 15,000 Long-term liabilities: Current portion 412,636 Noncurrent portion 814,213 Total Liabilities 1,348,170 NET POSITION Net investment in capital assets 102,851 Restricted for debt repayment and reimbursable deposits 457,202 Unrestricted 72,988 Total Net Position 633,041 $ ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2020 The accompanying notes are an integral part of the financial statements 10 Operating Charges for Grants and Governmental Functions/Programs: Expenses Services Contributions Activities Governmental Activities: Urban renewal projects 470,526 $ - $ - $ (470,526) $ Support services 71,441 - - (71,441) Total governmental activities 541,967 $ - $ - $ (541,967) General Revenues: Property taxes 2,193,402 Unrestricted investment earnings 14,836 Other income - Total general revenues 2,208,238 Change in net position 1,666,271 Net position beginning of year (1,033,230) Net position-ending 633,041 $ Net (Expense) Revenue and Changes in Net Position Program Revenues ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY BALANCE SHEET - GOVERNMENTAL FUNDS SEPTEMBER 30, 2020 The accompanying notes are an integral part of the financial statements 11 Southeast Downtown Industrial Improvements Project Project Total Area 2 Area 3 Area 4 Area 5 Governmental ASSETS: Pooled cash and investments 1,007,282 $ 189,024 $ 32,747 $ 190,647 $ 1,419,700 $ Restricted cash 457,202 - - - 457,202 TOTAL ASSETS 1,464,484 $ 189,024 $ 32,747 $ 190,647 $ 1,876,902 $ LIABILITIES: Accounts payable - trade 3,347 $ 2,529 $ 168 $ 277 $ 6,321 $ Refundable deposits - 15,000 - - 15,000 TOTAL LIABILITIES 3,347 17,529 168 277 21,321 FUND BALANCES: Restricted for debt repayment 457,202 - - - 457,202 Committed 1,003,935 171,495 32,579 190,370 1,398,379 TOTAL FUND BALANCES 1,461,137 171,495 32,579 190,370 1,855,581 TOTAL LIABILITIES AND FUND BALANCES 1,464,484 $ 189,024 $ 32,747 $ 190,647 $ 1,876,902 $ Reconciliation to the Statement of Net Position: Total fund equity 1,855,581 $ Capital assets used in governmental activites are not financial resources and, therefore, are not reported in the funds 102,851 Deferred charges and related amortization are recognized in full in the year incurred and are not capitalized and amortized in the funds 1,458 Payables expected to be paid in the next year but not soon enough to use the current period's revenues are not included in the funds (100,000) Long-term liabilities are not due and payable in the current period, and therfore, are not reported in the funds (1,226,849) Total Net Position 633,041 $ ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - GOVERNMENTAL FUNDS YEAR ENDED SEPTEMBER 30, 2020 The accompanying notes are an integral part of the financial statements 12 Southeast Downtown Industrial Improvements Project Project Total Area 2 Area 3 Area 4 Area 5 Governmental REVENUE: Property Taxes 1,747,700 $ 195,956 $ 22,797 $ 226,949 $ 2,193,402 $ Interest Earned 14,086 2,664 258 - 17,008 Other - - - - - 1,761,786 198,620 23,055 226,949 2,210,410 EXPENDITURES: Current: Office supplies and postage 18 48 3 - 69 Operating supplies - - - - - Professional services 9,399 19,178 746 799 30,122 Advertising and publishing 117 295 21 - 433 Insurance and bonds 369 999 77 - 1,445 Dues and subscriptions 421 1,140 88 - 1,649 Personnel training - - - - - Administration expense 3,821 7,371 560 293 12,045 Economic development support 25,000 - - - 25,000 Inside engineering expense - - - - - Other purchased services - 678 - - 678 Miscellaneous expense - - - - - Capital Outlay: Urban Renewal Projects - 52,681 - - 52,681 Debt service 1,595,534 32,546 678 555 1,629,313 1,634,679 114,936 2,173 1,647 1,753,435 EXCESS OF REVENUE OVER (UNDER) EXPENDITURES 127,107 83,684 20,882 225,302 456,975 FUND BALANCE SEPTEMBER 30, 2019 1,334,030 87,811 11,697 (34,932) 1,398,606 FUND BALANCE SEPTEMBER 30, 2020 1,461,137 $ 171,495 $ 32,579 $ 190,370 $ 1,855,581 $ Reconciliation to the Statement of Activities: Total net change in fund balances 456,975 $ Repayment of note principal is reported as an expenditure in the governmental funds, but the payment reduces long-term liabilities in the Statement of Net Assets 1,543,992 Governmental funds report the acquistion or construction of capital assets as expenditures, but the payment increases capital assets in the Statement of Net Assets. 52,681 Revenues and expenditures in the Statement of Activities that do not provide or use current financial resources are not reported as revenues or expenditures in the funds (384,360) Amortization of deferred charges is recognized in the Statement of Activities, but not in the Fund Financial Statement (3,017) Change in Net Position 1,666,271 $ ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY NOTES TO FINANCIAL STATEMENTS YEAR ENDED SEPTEMBER 30, 2020 Note 1 - Summary of Significant Accounting Policies A) Basis of Presentation The financial statements of the Jerome Urban Renewal Agency (Agency) are presented in conformity with accounting principles generally accepted in the United States of America for governmental units as prescribed by the Governmental Accounting Standards Board (GASB) and other authoritative sources. GASB is responsible for establishing generally accepted accounting principles (GAAP) for state and local governments through its pronouncements. B) Financial Reporting Entity The Jerome Urban Renewal Agency (Agency) was organized in 1994 under the Idaho Urban Renewal Law of 1965. The Agency is governed by a five-person Board of Commissioners appointed by the Mayor of the City of Jerome with the advice and consent of the City Council. Generally accepted accounting principles require government financial statements to include the primary government and its component units. Component units of a governmental entity are legally separate entities for which the primary government is considered to be financially accountable and for which the nature and significance of their relationship with the primary government are such that exclusion would cause the combined financial statements to be misleading or incomplete. The primary government is considered to be financially accountable if it appoints a majority of an organization’s governing body and imposes its will on that organization. The primary government may also be financially accountable if an organization is fiscally dependent on the primary government, regardless of the authority of the organization’s governing board. Based on the application of the criteria set forth by the Governmental Accounting Standards Board, management has determined that there are no entities which would be component units of the Agency. For financial reporting purposes, in conformity with governmental accounting standards, the Agency is included as a component unit of the City of Jerome, Idaho’s financial statements. The Agency provides urban renewal services to the City and its citizens. These statements present only the funds of the Agency and are not intended to present the financial position and results of operations of the City of Jerome, Idaho in conformity with generally accepted accounting principles. C) Government-Wide and Fund Financial Statements The Agency’s financial statements include the activities of the Agency. The Agency’s government-wide financial statements provide both short-term and long- term information about the Agency’s overall financial status. Fund financial statements focus on the individual activities of the Agency, reporting the Agency’s operations in more detail than the government-wide financial statements. Government-wide financial statements - The government-wide financial statements are designed to provide readers with a broad overview of the Agency’s finances in a manner similar to a private-sector business. The government-wide financial statements include a Statement of Net Position and a Statement of Activities. These statements present summaries of Governmental and Business-Type Activities for the Agency accompanied by a total column. Fiduciary activities of the Agency are not included in these statements. These statements are presented on an “economic resources” measurement focus and the accrual basis of accounting. 13 ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY NOTES TO FINANCIAL STATEMENTS YEAR ENDED SEPTEMBER 30, 2020 The Statement of Net Position presents information on all of the Agency’s assets and liabilities, including capital assets as well as infrastructure assets and long-term liabilities, with the difference between the two presented as net position (deficit). Net position is divided into three components: a. Invested in capital assets, net of related debt - consists of the historical cost of capital assets less accumulated depreciation and less any debt that remains outstanding that was used to finance those assets. b. Restricted net position - consists of balances that are restricted by the Agency’s creditors (for example, through debt covenants), by state enabling legislation (through restrictions on shared revenues), by grantors (both federal and state), and by other contributors (including those who have donated to the Agency). c. Unrestricted - all other balances are reported in this category. The Statement of Activities presents information showing how the net position changed during the most recent year. All changes in net position are reported as soon as the underlying event gives rise to the change that occurs, regardless of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods uncollected taxes and earned but unused vacation leave). Amounts reported as program revenues on the government-wide financial statements include charges for services - amounts received from customers or applicants who purchase, use or directly benefit from the goods, services or privileges provided by the Agency, program-specific operating grants and contributions, and program-specific capital grants and contributions. General revenues consist of taxes and all other revenues that do not meet the definition of program revenues. Special items are significant transactions or events within the control of management that are either unusual in nature or infrequent in occurrence. Certain eliminations have been made as prescribed by GASB Statement No. 34 in regards to interfund activities, payables and receivables. All internal balances in the Statement of Net Position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. In the Statement of Activities, internal service fund transactions have been eliminated; however, those transactions between governmental and business-type activities have not been eliminated. Fund Financial Statements – The Agency, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements use a current financial resources measurement focus and the modified accrual basis of accounting, focusing on the near-term inflows and outflows of spendable resources, and balances of spendable resources available at fiscal year-end. 14 ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY NOTES TO FINANCIAL STATEMENTS YEAR ENDED SEPTEMBER 30, 2020 Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual when they are measurable and available). “Measurable” means the amount of the transaction can be determined and “available” means collected within the current period or expected to be collected soon enough thereafter (usually 60 days) to be used to pay liabilities of the current period. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on general long-term debt, which is recognized when the obligations are expected to be liquidated with expendable available financial resources. Property taxes are susceptible to accrual. Other receipts become measurable and available when the cash is received by the government and are recognized as revenue at that time. Because the focus of governmental funds is narrower than that of the government- wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. Governmental fund financial statements include a Balance Sheet and a Statement of Revenues, Expenditures and Changes in Fund Balances for all major governmental funds. An accompanying schedule is presented to reconcile and explain the differences in fund balances and changes in fund balances as presented in these statements to the net position and changes in net position presented in the Government-Wide financial statements. The Agency has presented all major funds that met those qualifications. In addition, the Agency has presented certain funds as major funds because the Agency believes the financial position and activities of these funds are significant to the Agency as a whole. The Agency reports the following major governmental funds: a. Southeast Industrial Project Area – a special revenue fund used to account for and report property taxes (tax increment revenue) restricted or committed for the operation and maintenance of the Southeast Industrial Project revenue allocation area. b. Downtown Improvement Project Area – a special revenue fund used to account for and report property taxes (tax increment revenue) restricted or committed for the operation and maintenance of the Downtown Improvement Project revenue allocation area. c. Area 4 – a special revenue fund used to account for and report property taxes (tax increment revenue) restricted or committed for the operation and maintenance of the Area 4 revenue allocation area. d. Area 5 – a special revenue fund used to account for and report property taxes (tax increment revenue) restricted or committed for the operation and maintenance of the Area 5 revenue allocation area. D) Use of Restricted Funds When both restricted and unrestricted resources are available for use, it is the Agency’s policy to use restricted resources first, then unrestricted resources as they are needed. 15 ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY NOTES TO FINANCIAL STATEMENTS YEAR ENDED SEPTEMBER 30, 2020 E) Long-term Debt Obligations In the government-wide financial statements long-term debt is reported as a liability. Bond discounts and issuance costs are deferred and amortized over the term of the bonds using the effective interest rate method. Bond premiums/discounts are presented as an addition to/reduction of the face amount of bonds payable, whereas issuance costs are recorded as deferred charges. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums and discounts on debt issuances are reported as other financing sources and other financing uses, respectively. F) Property Tax Calendar Property taxes for each year are levied in September of that year with the first half of real property taxes and all personal property and mobile home taxes due on December 20th. Taxes not paid on or before December 20th are considered to be delinquent. The second half of the real property taxes is due June 20th of the following year and is considered to be delinquent on June 21st. An initial late penalty of 2% of tax plus 1% per month interest charge is assessed on all delinquent taxes. A tax lien is filed for property whose taxes become three years delinquent. Taxes collected by the County are remitted to the Agency on a basis. Property tax revenue is recognized when it becomes available. Available means when due, or past due and receivable within the current period, or expected to be collected soon enough thereafter to be used to pay liabilities of the current period, which period is not to exceed 60 days. G) Interfund Activity Permanent reallocation of resources between funds of the reporting entity are classified as interfund transfers. For the purpose of the statement of activities, all interfund transfers between individual governmental funds have been eliminated. H) Capital Assets Capital assets, which includes only land, are reported in the government-wide financial statements. Assets are capitalized when they have a useful life in excess of one year and have a cost of $5,000 or more. Purchased or constructed capital assets are valued at cost or estimated historical cost if actual cost is unavailable. Donated assets are reported at fair value at the time received. There is no depreciation recorded for land. I) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Note 2 - Cash and Investments Cash balances of the Agency’s funds are pooled for investment purposes. The individual funds’ portions of the pool’s cash and investments are reported as “pooled cash and investments.” Investments are stated at fair value (quoted market price or the best available estimate). The Agency does not have a written investment policy. 16 ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY NOTES TO FINANCIAL STATEMENTS YEAR ENDED SEPTEMBER 30, 2020 For deposits, custodial credit risk is the risk that, in the event of a bank failure, the government’s deposits may not be returned to it. The Agency does not have a deposit policy for custodial credit risk. At September 30, 2020, the carrying amount of the Agency’s deposits with financial institutions (after considering outstanding and other reconciling items) was $222,507 and the bank balance was $250,050, of which all but $50 was insured or collateralized. For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the Agency will not be able to recover the value of its investments that are in the possession of an outside party. The elected State Treasurer, following Idaho Code Section 67-2328, is authorized to sponsor an investment pool in which the Agency voluntarily participates. The Pool is not registered with the Securities and Exchange Commission or any other regulatory body. Oversight is with the State Treasurer and Idaho Code defines allowable investments. All investments are entirely insured or collateralized with securities held by the Pool or by its agent in the Pool’s name and the fair value of the Agency’s position in the external investment pool is the same as the value of the pool shares. The fund was assigned an AAAf fund credit quality rating and S1+ volatility rating by Standard & Poor’s Rating Service in 2009. The Agency’s investment in the State of Idaho Local Government Investment Pool as of September 30, 2020, was $1,654,395. The Agency receives peak net cash inflows during the first quarter of the fiscal year. Cash and investments meeting the criteria as uninsured may, at times during the fiscal year, significantly exceed the uninsured balance at the September 30th fiscal year-end. All of the Agency’s restricted assets are reserved for debt repayment. Reconciliation of carrying amount to cash numbers on the financial statements: Sources of cash: Deposits with financial institutions $ 222,507 Local Government Investment Pool, at fair value 1,654,395 $1,876,902 Cash on financial statements: Pooled cash and investments $1,419,700 Restricted assets 457,202 $1,876,902 Note 3 – Capital Assets Capital asset activity for the fiscal year ended September 30, 2020 was as follows: 17 Balance Balance October September Governmental activities: 1, 2019 Increases Decreases 30, 2020 Land 50,170 $ 52,681 $ - $ 102,851 $ Net capital assets 50,170 $ 52,681 $ - $ 102,851 $ ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY NOTES TO FINANCIAL STATEMENTS YEAR ENDED SEPTEMBER 30, 2020 Note 4 – Changes in Long Term Liabilities As of September 30, 2020, the Agency had incurred other obligations which were payable in future fiscal periods. Since payment of these obligations is outside of the Agency's current operating cycle, they did not require current appropriation and expenditure of governmental fund-type resources. These obligations are as follows: Bonds Payable - Series 2008 The Agency issued a note to provide financing to pay the cost of construction of an Urban Renewal Project. The interest rate is 4.6% for Series A and 6.55% for Series B with semi-annual interest payments due each April 1st and October 1st and annual principal payments of varying principal amounts due each April 1st. Additional principal payments of $193,540 for Series A and $389,627 for Series B were also made during the year ended September 30, 2020. The principal balance as of September 30, 2020, is $972,449. Miscellaneous Payable – Commercial Creamery Company of Idaho, Inc. The Agency entered into a reimbursement participation agreement with Commercial Creamery on December 18, 2018. The Agency shall disburse a portion of the revenue allocation for actual eligible costs not to exceed $300,000. A payment of $29,960 was made on August 20, 2020. Subsequent payments are required on or before March 1 and September 1 of each year through September 1, 2034 or at which time the maximum reimbursement has been distributed. Based on first payment, it is projected full payment will occur on or before September 1, 2024. The principal balance as of September 30, 2020 is $254,400. Long-term liability activity for the year ended September 30, 2020, was as follows: Balance Addi- Balance Amounts October tional September Due Within 1, 2019 Debt Payments 30, 2020 One Year Bonds payable - Series 2008 $1,884,833 $ $ 912,384 $ 972,449 $ 348,535 North Side Development/ S. Jackson 600,000 600,000 Commercial Creamery (including amortized discount) 284,360 29,960 254,400 64,101 $2,484,833 $ 284,360 $1,542,344 $1,226,849 $ 412,636 As of September 30, 2020, debt service requirements to maturity for principal and interest, for general long-term debt obligations, are as follows: 18 Year Ended Principal Interest Total 2021 412,636 $ 47,231 $ 459,867 $ 2022 433,120 26,132 459,252 2023 318,996 7,637 326,633 2024 62,097 - 62,097 2025 - - - 2026 - - - 1,226,849 $ 81,000 $ 1,307,849 $ ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY NOTES TO FINANCIAL STATEMENTS YEAR ENDED SEPTEMBER 30, 2020 Note 5 - Risk The Agency is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. Commercial insurance is purchased to cover these risks. Note 6 - Pledge for Payment of the Bonds The Agency pledges the incremental tax revenues and all funds in the debt reserve fund and the debt service reserve fund for the payment of the bonds and the note. Note 7 – Fund Balances In accordance with GASB Statement No. 54, fund balances are classified as follows: • Nonspendable – amounts that cannot be spent because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. • Restricted – amounts that can be spent only for specific purposes because of constitutional provisions or enabling legislation or because of constraints that are externally imposed by creditors, grantors, contributors, or the laws or regulations of other governments. • Committed – amounts that can be used only for specific purposes determined by a formal action of the Board of Commissioners. The Board of Commissioners is the highest level of decision-making authority for the Agency. Commitments may be established, modified, or rescinded only through ordinances or resolutions approved by the Board of Commissioners. • Assigned – amounts that do not meet the criteria to be classified as restricted or committed but that are intended to be used for specific purposes. Intent can be expressed by the Agency Commissioners or by an official or body to which the Agency delegates the authority. • Unassigned – all other spendable amounts. As required by GASB 54, the Agency’s establishment, modification, and rescinding of a committed fund balance is decided upon by passage of an annual appropriations resolution by the Agency Commissioners, acting as the highest level of decision-making authority. When expenditures are incurred for which both restricted and unrestricted fund balance are available, the Agency considers restricted to have been spent first. In the case of an expenditure being incurred for purposes for which amounts in any of the unrestricted fund balances could be used, the Agency does not have a formal policy, but defaults to the order as follows: first against committed, then assigned and finally unassigned fund balances as considered to have been spent. As of September 30, 2020, fund balances are composed of the following: 19 Southeast Downtown Industrial Improvement Area 2 Area 3 Area 4 Area 5 Total Debt payment from bond proceeds 457,202 $ - $ - $ - $ 457,202 $ Committed Fund Balances: Operations 1,003,935 171,495 32,579 190,370 1,398,379 Total Fund Balance 1,461,137 $ 171,495 $ 32,579 $ 190,370 $ 1,855,581 $ ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY NOTES TO FINANCIAL STATEMENTS YEAR ENDED SEPTEMBER 30, 2020 Note 8 – Interest Expense Interest Expense in the following amounts is included under direct expenses on the Statement of Activities: Southeast Industrial Area Project Area 2 $ 83,149 Downtown Improvement Area Project Area 3 1,648 Note 9 – Area 3, 4, and 5 Interfund Transactions Ordinance No. 1135 was adopted approving the Urban Renewal Plan for the Area 3 Urban Renewal Project which includes revenue allocation financing provisions. The Agency incurred expenditures in prior years related to Area 3. The principal balance at the beginning of the year was $24,574. Full repayment and interest in the amount of $939 was made to Area 2. No additional financing is expected in the future. Ordinance No. 1134 was adopted approving the Urban Renewal Plan for the Area 4 Urban Renewal Project which includes revenue allocation financing provisions. The Agency incurred expenditures in prior years related to Area 4. The principal balance at the beginning of the year was $12,718. Full repayment and interest in the amount of $678 was made to Area 2. No additional financing is expected in the future. Ordinance No. 1172 was adopted approving the Urban Renewal Plan for the Area 5 Urban Renewal Project which includes revenue allocation financing provisions. The Agency incurred expenditures in prior years related to Area 3. The principal balance at the beginning of the year was $34,932. Full repayment and interest in the amount of $555 was made to Area 2. No additional financing is expected in the future. 20 ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY BUDGETARY COMPARISON SCHEDULE SOUTHEAST INDUSTRIAL PROJECT AREA FUND YEAR ENDED SEPTEMBER 30, 2020 21 Over REVENUE: Original Final Actual (Under) Property Taxes 1,640,229 $ 1,640,229 $ 1,747,700 $ 107,471 $ Interest Earned 1,022 1,022 14,086 13,064 Total Revenue 1,641,251 1,641,251 1,761,786 120,535 EXPENDITURES: Current: Office supplies and postage 50 50 18 (32) Operating supplies 100 100 - (100) Professional services 10,119 10,119 9,399 (720) Advertising and publishing 353 353 117 (236) Insurance and bonds 345 345 369 24 Dues and subscriptions 345 345 421 76 Administration expense 3,909 3,909 3,821 (88) Economic Development support 25,000 25,000 25,000 - Area 4 Expense 500 500 - (500) Miscellaneous 25 25 - (25) Capital Outlay - Construction 485,826 485,826 - (485,826) Debt Service 1,850,000 1,850,000 1,595,534 (254,466) Total expenditures 2,376,572 2,376,572 1,634,679 (741,893) EXCESS OF REVENUE AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (735,321) $ (735,321) $ 127,107 $ 862,428 $ Budgeted Amounts ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY BUDGETARY COMPARISON SCHEDULE DOWNTOWN IMPROVEMENT AREA FUND YEAR ENDED SEPTEMBER 30, 2020 22 Over REVENUE: Original Final Actual (Under) Property Taxes 137,016 $ 137,016 $ 195,956 $ 58,940 $ Interest Earned 2,764 2,764 2,664 (100) Total Revenue 139,780 139,780 198,620 58,840 EXPENDITURES: Current: Office supplies and postage 50 50 48 Professional services 15,204 15,204 19,178 3,974 Advertising and publishing 515 515 295 (220) Insurance and bonds 933 933 999 66 Dues and subscriptions 933 933 1,140 207 Administration expense 10,576 10,576 7,371 (3,205) Other purchased services - - 678 678 Capital Outlay - Construction 206,950 206,950 52,681 (154,269) Debt Service 25,322 25,322 32,546 7,224 Total expenditures 260,483 260,483 114,936 (145,547) EXCESS OF REVENUE AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (120,703) $ (120,703) $ 83,684 $ 204,387 $ Budgeted Amounts ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY BUDGETARY COMPARISON SCHEDULE AREA 4 FUND YEAR ENDED SEPTEMBER 30, 2020 23 Over REVENUE: Original Final Actual (Under) Property Taxes 24,924 $ 24,924 $ 22,797 $ (2,127) $ Interest Earned 214 214 258 44 Total Revenue 25,138 25,138 23,055 (2,083) EXPENDITURES: Current: Office supplies and postage - - 3 3 Professional services 1,176 1,176 746 (430) Advertising and publishing 32 32 21 (11) Insurance and bonds 73 73 77 4 Dues and subscriptions 73 73 88 15 Administration expense 818 818 560 (258) Capital Outlay - Construction 21,146 21,146 - (21,146) Debt Service 13,511 13,511 678 (12,833) Total expenditures 36,829 36,829 2,173 (34,656) EXCESS OF REVENUE AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (11,691) $ (11,691) $ 20,882 $ 32,573 $ Budgeted Amounts ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY BUDGETARY COMPARISON SCHEDULE AREA 5 FUND YEAR ENDED SEPTEMBER 30, 2020 24 Over REVENUE: Original Final Actual (Under) Property Taxes 225,000 $ 225,000 $ 226,949 $ 1,949 $ Interest Earned - - - - Total Revenue 225,000 225,000 226,949 1,949 EXPENDITURES: Current: Professional services - - 799 799 Administration expense - - 293 293 Capital Outlay - Construction 207,380 207,380 - (207,380) Debt Service 17,620 17,620 555 (17,065) Total expenditures 225,000 225,000 1,647 (223,353) EXCESS OF REVENUE AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES - $ - $ 225,302 $ 225,302 $ Budgeted Amounts ---PAGE BREAK--- JEROME URBAN RENEWAL AGENCY NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED SEPTEMBER 30, 2020 NOTE 1 - BUDGETARY INFORMATION A) Budgetary-GAAP Reporting Reconciliation The accompanying Budgetary Comparison Schedule for all Areas compares the legally adopted budget with actual data on a budgetary basis. Accounting principles applied for purposes of developing data on the budgetary basis do not differ significantly from those used to present financial statements in conformity with generally accepted accounting principles (GAAP). B) Budgetary Policies Jerome Urban Renewal Agency prepares an annual budget of revenue and expenditures prior to the beginning of the fiscal year. The budget is prepared on the modified accrual basis of accounting. Budget figures are based on prior levels of revenue and expenditures taking into account specific items which may be planned in advance by the District such as capital outlay expenditures. Any excess of budgeted expenditures over budgeted revenue are temporary situations and are budgeted so as to utilize cash balances in the individual fund. C) Excess of Expenditures Over Appropriations None of the Budgetary Comparison Schedules show an excess of expenditures over appropriations. 25 ---PAGE BREAK--- Rexroat, Harberd & Assoc., Certified Public Accountants P.O. Box 7 - 125 North Buchanan - Jerome, Idaho 83338 Telephone [PHONE REDACTED] Fax [PHONE REDACTED] 0 ( ---PAGE BREAK--- 0 0 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL BALANCE SHEET DECEMBER 31, 2020 URBAN RENEWAL - SE INDUSTRIAL FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 2 ASSETS 09-00-00-1000 CASH IN POOLED CASH FUND 743,388.32 09-00-00-1006 DEBT RESERVE 2008 - LGIP 456,530.75 09-00-00-1007 DEBT SERVICE FUND 2008 - LGIP 3.17 09-00-00-1500 LONG TERM DEBT 972,450.69 TOTAL ASSETS 2,172,372.93 LIABILITIES AND EQUITY LIABILITIES 09-00-00-2001 ACCOUNTS PAYABLE 605.66 09-00-00-2180 BONDS PAYABLE - 2008 USB 972,450.69 TOTAL LIABILITIES 973,056.35 FUND EQUITY 09-00-00-2500 FUND BALANCE 1,461,136.44 UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES - YTD ( 261,819.86) BALANCE - CURRENT DATE ( 261,819.86) TOTAL FUND EQUITY 1,199,316.58 TOTAL LIABILITIES AND EQUITY 2,172,372.93 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL REVENUES WITH COMPARISON TO BUDGET FOR THE 3 MONTHS ENDING DECEMBER 31, 2020 URBAN RENEWAL - SE INDUSTRIAL PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 3 SOURCE 00 09-00-00-3001 TAX INCREMENT REV-SE INDUSTRIA .00 .00 1,744,732.00 1,744,732.00 .0 09-00-00-3249 PERSONAL PROP REPLACEMENT 2,120.54 2,120.54 4,241.00 2,120.46 50.0 09-00-00-3373 INTEREST EARNED 581.11 ( 271.41) 23,374.00 23,645.41 ( 1.2) TOTAL SOURCE 00 2,701.65 1,849.13 1,772,347.00 1,770,497.87 .1 TOTAL FUND REVENUE 2,701.65 1,849.13 1,772,347.00 1,770,497.87 .1 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 3 MONTHS ENDING DECEMBER 31, 2020 URBAN RENEWAL - SE INDUSTRIAL PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 4 DEPARTMENT 00 09-00-00-4131 OFFICE SUPPLIES & POSTAGE .00 .00 18.00 18.00 .0 09-00-00-4132 OPERATING SUPPLIES .00 .00 37.00 37.00 .0 09-00-00-4142 PROFESSIONAL SERVICES 296.31 682.16 10,220.00 9,537.84 6.7 09-00-00-4144 ADVERTISING & PUBLISHING .00 .00 152.00 152.00 .0 09-00-00-4146 INSURANCE & BONDS .00 564.29 564.00 ( .29) 100.1 09-00-00-4148 DUES & SUBSCRIPTIONS .00 1,679.00 602.00 ( 1,077.00) 278.9 09-00-00-4157 INTEREST EXPENSE /DEBT SERVICE .00 .00 894,065.00 894,065.00 .0 09-00-00-4169 MISCELLANEOUS EXPENSE .00 .00 25.00 25.00 .0 09-00-00-4179 ECON. DEV. REIMBURSE PAYMENTS .00 .00 100,000.00 100,000.00 .0 09-00-00-4186 ADMINISTRATION EXPENSE 639.38 743.54 4,140.00 3,396.46 18.0 09-00-00-4187 ECONOMIC DEVELOPMENT SUPPORT .00 .00 9,125.00 9,125.00 .0 09-00-00-4279 CAPITAL OUTLAY - CONSTRUCTION .00 260,000.00 1,581,440.00 1,321,440.00 16.4 TOTAL DEPARTMENT 00 935.69 263,668.99 2,600,388.00 2,336,719.01 10.1 TOTAL FUND EXPENDITURES 935.69 263,668.99 2,600,388.00 2,336,719.01 10.1 NET REVENUE OVER EXPENDITURES 1,765.96 ( 261,819.86) ( 828,041.00) ( 566,221.14) ( 31.6) ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL BALANCE SHEET DECEMBER 31, 2020 URBAN RENEWAL - AREA 3 FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 5 ASSETS 10-00-00-1000 CASH IN POOLED CASH FUND 188,668.33 10-00-00-1500 LONG TERM DEBT 268,392.08 TOTAL ASSETS 457,060.41 LIABILITIES AND EQUITY LIABILITIES 10-00-00-2001 ACCOUNTS PAYABLE 7,150.50 10-00-00-2020 REFUNDABLE DEPOSITS RECEIVED 15,000.00 10-00-00-2181 MISC PAYBL - COMM CREAMERY 268,392.08 TOTAL LIABILITIES 290,542.58 FUND EQUITY 10-00-00-2500 FUND BALANCE 171,494.67 UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES - YTD ( 4,976.84) BALANCE - CURRENT DATE ( 4,976.84) TOTAL FUND EQUITY 166,517.83 TOTAL LIABILITIES AND EQUITY 457,060.41 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL REVENUES WITH COMPARISON TO BUDGET FOR THE 3 MONTHS ENDING DECEMBER 31, 2020 URBAN RENEWAL - AREA 3 PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 6 SOURCE 00 10-00-00-3001 TAX INCREMENT REVENUE - DOWNTO 4,039.22 4,479.35 185,952.00 181,472.65 2.4 10-00-00-3249 PERSONAL PROPERTY REPLACEMENT 2,817.70 2,817.70 5,635.00 2,817.30 50.0 10-00-00-3373 INTEREST EARNED 69.51 ( 462.18) 7,442.00 7,904.18 ( 6.2) TOTAL SOURCE 00 6,926.43 6,834.87 199,029.00 192,194.13 3.4 TOTAL FUND REVENUE 6,926.43 6,834.87 199,029.00 192,194.13 3.4 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 3 MONTHS ENDING DECEMBER 31, 2020 URBAN RENEWAL - AREA 3 PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 7 DEPARTMENT 00 10-00-00-4131 OFFICE SUPPLIES & POSTAGE .00 .00 24.00 24.00 .0 10-00-00-4132 OPERATING SUPPLIES .00 .00 49.00 49.00 .0 10-00-00-4142 PROFESSIONAL SERVICES 6,755.47 7,596.67 13,580.00 5,983.33 55.9 10-00-00-4144 ADVERTISING & PUBLISHING .00 .00 203.00 203.00 .0 10-00-00-4146 INSURANCE & BONDS .00 749.81 750.00 .19 100.0 10-00-00-4148 DUES & SUBSCRIPTIONS .00 2,231.00 800.00 ( 1,431.00) 278.9 10-00-00-4163 OTHER PURCHASED SERVICES .00 456.00 .00 ( 456.00) .0 10-00-00-4169 MISCELLANEOUS EXPENSE .00 .00 25.00 25.00 .0 10-00-00-4179 ECON. DEV. REIMBURSE PAYMENTS .00 .00 67,614.00 67,614.00 .0 10-00-00-4186 ADMINISTRATION EXPENSE 720.59 778.23 5,501.00 4,722.77 14.2 10-00-00-4187 ECONOMIC DEVELOPMENT SUPPORT .00 .00 12,125.00 12,125.00 .0 10-00-00-4279 CAPITAL OUTLAY - CONSTRUCTION .00 .00 238,867.00 238,867.00 .0 TOTAL DEPARTMENT 00 7,476.06 11,811.71 339,538.00 327,726.29 3.5 TOTAL FUND EXPENDITURES 7,476.06 11,811.71 339,538.00 327,726.29 3.5 NET REVENUE OVER EXPENDITURES ( 549.63) ( 4,976.84) ( 140,509.00) ( 135,532.16) ( 3.5) ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL BALANCE SHEET DECEMBER 31, 2020 URBAN RENEWAL - SE INDUSTRIAL FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 2 ASSETS 09-00-00-1000 CASH IN POOLED CASH FUND 743,388.32 09-00-00-1006 DEBT RESERVE 2008 - LGIP 456,530.75 09-00-00-1007 DEBT SERVICE FUND 2008 - LGIP 3.17 09-00-00-1500 LONG TERM DEBT 972,450.69 TOTAL ASSETS 2,172,372.93 LIABILITIES AND EQUITY LIABILITIES 09-00-00-2001 ACCOUNTS PAYABLE 605.66 09-00-00-2180 BONDS PAYABLE - 2008 USB 972,450.69 TOTAL LIABILITIES 973,056.35 FUND EQUITY 09-00-00-2500 FUND BALANCE 1,461,136.44 UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES - YTD ( 261,819.86) BALANCE - CURRENT DATE ( 261,819.86) TOTAL FUND EQUITY 1,199,316.58 TOTAL LIABILITIES AND EQUITY 2,172,372.93 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL REVENUES WITH COMPARISON TO BUDGET FOR THE 3 MONTHS ENDING DECEMBER 31, 2020 URBAN RENEWAL - SE INDUSTRIAL PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 3 SOURCE 00 09-00-00-3001 TAX INCREMENT REV-SE INDUSTRIA .00 .00 1,744,732.00 1,744,732.00 .0 09-00-00-3249 PERSONAL PROP REPLACEMENT 2,120.54 2,120.54 4,241.00 2,120.46 50.0 09-00-00-3373 INTEREST EARNED 581.11 ( 271.41) 23,374.00 23,645.41 ( 1.2) TOTAL SOURCE 00 2,701.65 1,849.13 1,772,347.00 1,770,497.87 .1 TOTAL FUND REVENUE 2,701.65 1,849.13 1,772,347.00 1,770,497.87 .1 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 3 MONTHS ENDING DECEMBER 31, 2020 URBAN RENEWAL - SE INDUSTRIAL PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 4 DEPARTMENT 00 09-00-00-4131 OFFICE SUPPLIES & POSTAGE .00 .00 18.00 18.00 .0 09-00-00-4132 OPERATING SUPPLIES .00 .00 37.00 37.00 .0 09-00-00-4142 PROFESSIONAL SERVICES 296.31 682.16 10,220.00 9,537.84 6.7 09-00-00-4144 ADVERTISING & PUBLISHING .00 .00 152.00 152.00 .0 09-00-00-4146 INSURANCE & BONDS .00 564.29 564.00 ( .29) 100.1 09-00-00-4148 DUES & SUBSCRIPTIONS .00 1,679.00 602.00 ( 1,077.00) 278.9 09-00-00-4157 INTEREST EXPENSE /DEBT SERVICE .00 .00 894,065.00 894,065.00 .0 09-00-00-4169 MISCELLANEOUS EXPENSE .00 .00 25.00 25.00 .0 09-00-00-4179 ECON. DEV. REIMBURSE PAYMENTS .00 .00 100,000.00 100,000.00 .0 09-00-00-4186 ADMINISTRATION EXPENSE 639.38 743.54 4,140.00 3,396.46 18.0 09-00-00-4187 ECONOMIC DEVELOPMENT SUPPORT .00 .00 9,125.00 9,125.00 .0 09-00-00-4279 CAPITAL OUTLAY - CONSTRUCTION .00 260,000.00 1,581,440.00 1,321,440.00 16.4 TOTAL DEPARTMENT 00 935.69 263,668.99 2,600,388.00 2,336,719.01 10.1 TOTAL FUND EXPENDITURES 935.69 263,668.99 2,600,388.00 2,336,719.01 10.1 NET REVENUE OVER EXPENDITURES 1,765.96 ( 261,819.86) ( 828,041.00) ( 566,221.14) ( 31.6) ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL BALANCE SHEET DECEMBER 31, 2020 URBAN RENEWAL - AREA 3 FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 5 ASSETS 10-00-00-1000 CASH IN POOLED CASH FUND 188,668.33 10-00-00-1500 LONG TERM DEBT 268,392.08 TOTAL ASSETS 457,060.41 LIABILITIES AND EQUITY LIABILITIES 10-00-00-2001 ACCOUNTS PAYABLE 7,150.50 10-00-00-2020 REFUNDABLE DEPOSITS RECEIVED 15,000.00 10-00-00-2181 MISC PAYBL - COMM CREAMERY 268,392.08 TOTAL LIABILITIES 290,542.58 FUND EQUITY 10-00-00-2500 FUND BALANCE 171,494.67 UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES - YTD ( 4,976.84) BALANCE - CURRENT DATE ( 4,976.84) TOTAL FUND EQUITY 166,517.83 TOTAL LIABILITIES AND EQUITY 457,060.41 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL REVENUES WITH COMPARISON TO BUDGET FOR THE 3 MONTHS ENDING DECEMBER 31, 2020 URBAN RENEWAL - AREA 3 PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 6 SOURCE 00 10-00-00-3001 TAX INCREMENT REVENUE - DOWNTO 4,039.22 4,479.35 185,952.00 181,472.65 2.4 10-00-00-3249 PERSONAL PROPERTY REPLACEMENT 2,817.70 2,817.70 5,635.00 2,817.30 50.0 10-00-00-3373 INTEREST EARNED 69.51 ( 462.18) 7,442.00 7,904.18 ( 6.2) TOTAL SOURCE 00 6,926.43 6,834.87 199,029.00 192,194.13 3.4 TOTAL FUND REVENUE 6,926.43 6,834.87 199,029.00 192,194.13 3.4 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 3 MONTHS ENDING DECEMBER 31, 2020 URBAN RENEWAL - AREA 3 PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 7 DEPARTMENT 00 10-00-00-4131 OFFICE SUPPLIES & POSTAGE .00 .00 24.00 24.00 .0 10-00-00-4132 OPERATING SUPPLIES .00 .00 49.00 49.00 .0 10-00-00-4142 PROFESSIONAL SERVICES 6,755.47 7,596.67 13,580.00 5,983.33 55.9 10-00-00-4144 ADVERTISING & PUBLISHING .00 .00 203.00 203.00 .0 10-00-00-4146 INSURANCE & BONDS .00 749.81 750.00 .19 100.0 10-00-00-4148 DUES & SUBSCRIPTIONS .00 2,231.00 800.00 ( 1,431.00) 278.9 10-00-00-4163 OTHER PURCHASED SERVICES .00 456.00 .00 ( 456.00) .0 10-00-00-4169 MISCELLANEOUS EXPENSE .00 .00 25.00 25.00 .0 10-00-00-4179 ECON. DEV. REIMBURSE PAYMENTS .00 .00 67,614.00 67,614.00 .0 10-00-00-4186 ADMINISTRATION EXPENSE 720.59 778.23 5,501.00 4,722.77 14.2 10-00-00-4187 ECONOMIC DEVELOPMENT SUPPORT .00 .00 12,125.00 12,125.00 .0 10-00-00-4279 CAPITAL OUTLAY - CONSTRUCTION .00 .00 238,867.00 238,867.00 .0 TOTAL DEPARTMENT 00 7,476.06 11,811.71 339,538.00 327,726.29 3.5 TOTAL FUND EXPENDITURES 7,476.06 11,811.71 339,538.00 327,726.29 3.5 NET REVENUE OVER EXPENDITURES ( 549.63) ( 4,976.84) ( 140,509.00) ( 135,532.16) ( 3.5) ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL BALANCE SHEET DECEMBER 31, 2020 URBAN RENEWAL - AREA 4 FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 8 ASSETS 11-00-00-1000 CASH IN POOLED CASH FUND 32,441.81 TOTAL ASSETS 32,441.81 LIABILITIES AND EQUITY LIABILITIES 11-00-00-2001 ACCOUNTS PAYABLE 1,022.34 TOTAL LIABILITIES 1,022.34 FUND EQUITY 11-00-00-2500 FUND BALANCE 32,579.01 UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES - YTD ( 1,159.54) BALANCE - CURRENT DATE ( 1,159.54) TOTAL FUND EQUITY 31,419.47 TOTAL LIABILITIES AND EQUITY 32,441.81 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL BALANCE SHEET DECEMBER 31, 2020 URBAN RENEWAL - AREA 4 FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 8 ASSETS 11-00-00-1000 CASH IN POOLED CASH FUND 32,441.81 TOTAL ASSETS 32,441.81 LIABILITIES AND EQUITY LIABILITIES 11-00-00-2001 ACCOUNTS PAYABLE 1,022.34 TOTAL LIABILITIES 1,022.34 FUND EQUITY 11-00-00-2500 FUND BALANCE 32,579.01 UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES - YTD ( 1,159.54) BALANCE - CURRENT DATE ( 1,159.54) TOTAL FUND EQUITY 31,419.47 TOTAL LIABILITIES AND EQUITY 32,441.81 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL REVENUES WITH COMPARISON TO BUDGET FOR THE 3 MONTHS ENDING DECEMBER 31, 2020 URBAN RENEWAL - AREA 4 PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 9 SOURCE 00 11-00-00-3001 TAX INCREMENT REV-AREA 4 .00 .00 22,176.00 22,176.00 .0 11-00-00-3249 PERSONAL PROP REPLACEMENT 290.48 290.48 581.00 290.52 50.0 11-00-00-3373 INTEREST EARNED 12.06 ( 33.43) 767.00 800.43 ( 4.4) TOTAL SOURCE 00 302.54 257.05 23,524.00 23,266.95 1.1 TOTAL FUND REVENUE 302.54 257.05 23,524.00 23,266.95 1.1 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 3 MONTHS ENDING DECEMBER 31, 2020 URBAN RENEWAL - AREA 4 PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 10 DEPARTMENT 00 11-00-00-4131 OFFICE SUPPLIES & POSTAGE .00 .00 3.00 3.00 .0 11-00-00-4132 OPERATING SUPPLIES .00 .00 5.00 5.00 .0 11-00-00-4142 PROFESSIONAL SERVICES 986.64 1,046.64 1,400.00 353.36 74.8 11-00-00-4144 ADVERTISING & PUBLISHING .00 .00 21.00 21.00 .0 11-00-00-4146 INSURANCE & BONDS .00 77.30 77.00 ( .30) 100.4 11-00-00-4148 DUES & SUBSCRIPTIONS .00 230.00 82.00 ( 148.00) 280.5 11-00-00-4169 MISCELLANEOUS EXPENSE .00 .00 25.00 25.00 .0 11-00-00-4186 ADMINISTRATION EXPENSE 61.73 62.65 567.00 504.35 11.1 11-00-00-4187 ECONOMIC DEVELOPMENT SUPPORT .00 .00 1,250.00 1,250.00 .0 11-00-00-4279 CAPITAL OUTLAY - CONSTRUCTION .00 .00 39,184.00 39,184.00 .0 TOTAL DEPARTMENT 00 1,048.37 1,416.59 42,614.00 41,197.41 3.3 TOTAL FUND EXPENDITURES 1,048.37 1,416.59 42,614.00 41,197.41 3.3 NET REVENUE OVER EXPENDITURES ( 745.83) ( 1,159.54) ( 19,090.00) ( 17,930.46) ( 6.1) ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL BALANCE SHEET DECEMBER 31, 2020 URBAN RENEWAL - AREA 5 FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 11 ASSETS 12-00-00-1000 CASH IN POOLED CASH FUND 190,277.09 TOTAL ASSETS 190,277.09 LIABILITIES AND EQUITY LIABILITIES 12-00-00-2001 ACCOUNTS PAYABLE 124.08 TOTAL LIABILITIES 124.08 FUND EQUITY 12-00-00-2500 FUND BALANCE 190,370.56 UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES - YTD ( 217.55) BALANCE - CURRENT DATE ( 217.55) TOTAL FUND EQUITY 190,153.01 TOTAL LIABILITIES AND EQUITY 190,277.09 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL REVENUES WITH COMPARISON TO BUDGET FOR THE 3 MONTHS ENDING DECEMBER 31, 2020 URBAN RENEWAL - AREA 5 PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 12 SOURCE 00 12-00-00-3001 TAX INCREMENT AREA 5 .00 .00 226,949.00 226,949.00 .0 12-00-00-3249 PERSONAL PROP REPLACEMENT 580.97 580.97 1,162.00 581.03 50.0 12-00-00-3373 INTEREST EARNED 70.39 147.14 1,534.00 1,386.86 9.6 TOTAL SOURCE 00 651.36 728.11 229,645.00 228,916.89 .3 TOTAL FUND REVENUE 651.36 728.11 229,645.00 228,916.89 .3 ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 3 MONTHS ENDING DECEMBER 31, 2020 URBAN RENEWAL - AREA 5 PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 13 DEPARTMENT 00 12-00-00-4131 OFFICE SUPPLIES & POSTAGE .00 .00 5.00 5.00 .0 12-00-00-4132 OPERATING SUPPLIES .00 .00 10.00 10.00 .0 12-00-00-4142 PROFESSIONAL SERVICES 52.68 132.68 2,800.00 2,667.32 4.7 12-00-00-4144 ADVERTISING & PUBLISHING .00 .00 42.00 42.00 .0 12-00-00-4146 INSURANCE & BONDS .00 154.60 155.00 .40 99.7 12-00-00-4148 DUES & SUBSCRIPTIONS .00 460.00 165.00 ( 295.00) 278.8 12-00-00-4169 MISCELLANEOUS EXPENSE .00 .00 25.00 25.00 .0 12-00-00-4186 ADMINISTRATION EXPENSE 123.46 198.38 1,134.00 935.62 17.5 12-00-00-4187 ECONOMIC DEVELOPMENT SUPPORT .00 .00 2,500.00 2,500.00 .0 12-00-00-4279 CAPITAL OUTLAY - CONSTRUCTION .00 .00 378,384.00 378,384.00 .0 TOTAL DEPARTMENT 00 176.14 945.66 385,220.00 384,274.34 .3 TOTAL FUND EXPENDITURES 176.14 945.66 385,220.00 384,274.34 .3 NET REVENUE OVER EXPENDITURES 475.22 ( 217.55) ( 155,575.00) ( 155,357.45) ( ---PAGE BREAK--- CITY OF JEROME - URBAN RENEWAL BALANCE SHEET DECEMBER 31, 2020 POOLED CASH FUND FOR ADMINISTRATION USE ONLY 25 % OF THE FISCAL YEAR HAS ELAPSED 02/22/2021 10:20AM PAGE: 14 ASSETS 75-00-00-1000 CASH ALLOCATED TO OTHER FUNDS ( 1,154,775.55) 75-00-00-1001 POOLED CHECKING 25,555.30 75-00-00-1003 INVESTMENTS - STATE TREAS LGIP 1,129,220.25 TOTAL ASSETS .00