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NEW BRIGHTON ECONOMIC DEVELOPMENT AUTHORITY <br />REQUEST FOR BOARD CONSIDERATION <br /> <br />Report Date: May 8, 2018 <br /> <br /> <br />ITEM DESCRIPTION: APPROVE 2017 EDA FINANCIAL STATEMENTS AND RECEIPT <br />AND EXPENDITURE TRANSACTIONS <br />DEPT. HEAD'S APPROVAL: Brenda Davitt <br />EXECUTIVE DIRECTOR'S REVIEW/RECOMMENDATION: <br />No comments to supplement this report Comments attached <br /> <br />Recommendation: Approve the 2017 Economic Development Authority’s (EDA) financial statements <br />and receipt and expenditure transactions. <br /> <br />Legislative History: The EDA’s bylaws require the EDA’s Board to examine the annual financial <br />statements, receipts and disbursements of the EDA and approve them by resolution. <br /> <br />Financial Impact: None <br /> <br />Explanation: All EDA financial transactions are recorded in the City’s general ledger &/or accounting <br />systems and reported in its Comprehensive Annual Financial Report (CAFR). This treatment is very <br />common as well as consistent with prior years and in conformity with generally accepted accounting <br />principles. Separate financial statements are not prepared for the EDA. <br /> <br />In previous years, the only financial transactions of the EDA were for the 2002 EDA Public Safety Center <br />Bonds Debt Service Fund in the City’s general ledger, CAFR and accounting records. The City <br />refinanced those outstanding bonds in early 2010. There are no longer any assets or liabilities for this <br />bond or for the EDA as a result of the City fulfilling its financial obligations to the EDA in regards to that <br />bond issue. <br /> <br />There were no financial transactions for the EDA in 2017. <br /> <br /> <br /> <br /> <br /> Brenda Davitt, Assistant Treasurer