January 25, 2019 • 10:00 am Lee County Admin East 2201 ... · 1/25/2019 · January 25, 2019 •...

January 25, 2019 • 10:00 am Lee County Admin East

2201 Second St, Suite 500 Fort Myers, FL 33901

I. Call to Order

II. Guest Introductions

III. Approval of Minutes

a. September 28, 2018

IV. Treasurer's Report

a. Financials (September, October, November, December 2018)

V. New Business

a. Knott•Ebelini•Hart Invoices (September, October, November 2018)

b. Horizon Council Executive Committee, IDA Designee

c. Project Arrow

VI. Old Business

VII. Economic Development Office Comments a. IDA Meetings February and March

VIII. Adjourn

Next Meeting: Friday, February 22, 2019

1

LEE COUNTY

INDUSTRIAL DEVELOPMENT AUTHORITY

September 28, 2018

Members Present:

Member(s) Absent:

Staff and Guests Present:

David Barton, Ed Bolter, Douglas Gyure, Tom Hoolihan,

Wayne Kirkwood, Gail Markham and Robbie Roepstorff

None

Tiffany Grint, Pamela Johnson, Glen Salyer, Benjamin

Small, Miesha Hewitt (IDA Counsel), Jim Humphrey (IDA Counsel), Sarah Owen (SWFL Community Foundation), and Chris Westley (Florida Gulf Coast

University).

I. CALL TO ORDER

Chair Robbie Roepstorff called the meeting to order at 10:01 a.m., followed by roll call.

Kirkwood noted that he would be out-of-town and unable to attend the October 25th IDA

meeting.

II. GUEST INTRODUCTIONS

Sarah Owen, Southwest Florida Community Foundation; Miesha Hewitt,

Knott•Ebelini•Hart; and Christopher Westley, Ph.D., Florida Gulf Coast University were

introduced.

III. SPECIAL CEREMONY

a. Board Members Swearing-in

Counsel Jim Humphrey swore in the members of the Lee County IDA and reinstated them

in identical board positions on the Lee County Educational Facilities Authority (EFA).

Christopher Westley, Ph.D. of Florida Gulf Coast University was also sworn in for the

EFA as a necessary member from an educational institution.

Ed Bolter was sworn in by Humphrey, for a term of four years with the IDA (ending

2022).

IV. APPROVAL OF MINUTES

A motion was made to approve the August 24, 2018 IDA meeting minutes by Markham,

seconded by Kirkwood, and unanimously approved.

2

V. TREASURER’S REPORT

a. Financials (August 2018)

Ed Bolter noted the August 2018 financial reports had been provided and reviewed. Line

item expenditures compared to their corresponding budget allocations are within budget.

The August financial summaries reflect no changes in other assets from the previous

period through August 31. The summary sheet shows the total funds available balance of

$2,208,354.07, which includes $1,136.27 in payables for legal fees through July 31, 2018.

Certificates of deposit from TIAA, Ever Bank, PNC and Regions Bank are coming due.

Roepstorff is researching renewal rates and will roll them over and renew.

Bolter made a request to include the IDA Treasurer in future fiscal year budget

preparation meetings.

The referenced financial reports are for informational purposes and no Board action is

required.

VI. NEW BUSINESS

a. Presentation Request – Sarah Owen, President & CEO, Southwest Florida Community

Foundation made a presentation on behalf of the FutureMakers Coalition. Owen

requested the IDA make a $15,000.00 investment in Lee County’s workforce

development.

The FutureMakers Coalition goal is to transform the workforce by increasing the number

of working-age adults with degrees, certifications, and other high quality credentials

needed to fill jobs. The IDA’s investment would allow the Lee County Action Team to

pilot a project or program directly benefitting Lee County’s workforce and economic

development.

The Helios Foundation and the Kresge Foundation are poised to match a $15,000

investment made by October 15, 2018.

Humphrey confirmed the project or program was legally consistent under Chapter 159,

fostering economic development in Lee County.

A motion was made to invest $15,000.00 in the FutureMakers Coalition allowing the Lee

County Action Team to pilot a project or program directly benefitting Lee County’s

workforce and economic development by Markham, seconded by Hoolihan, and unanimously

approved.

b. FY2018-19 Officer Rotation

Humphrey (as Temporary Chair) announced the annual Election of Officers was to be

held. The FY2018-19 rotation includes the following changes: Wayne Kirkwood, Chair;

David Barton, Vice Chair; Ed Bolter, Secretary; Tom Hoolihan, Treasurer; Gail

Markham, Assistant Secretary; Doug Gyure, Assistant Secretary; and Robbie Roepstorff

an IDA member.

3

A motion was made to carry forward with the FY2018-19 election and approve the new slate

of officers by Kirkwood, seconded by Markham, and unanimously approved.

c. FY2018-19 Budget Adoption A motion was made to amend the FY 2018-2019 budget to include the $15,000.00 investment

in the FutureMakers Coalition allowing the Lee County Action Team to pilot a project or

program directly benefitting Lee County’s workforce and economic development by Bolter,

seconded by Gyure, and unanimously approved.

A motion was made to approve the FY2018-19 budget by Bolter, seconded by Hoolihan, and

unanimously approved.

d. FY2018-19 Calendar Adoption

FY2018-19 meeting calendar was discussed.

A motion was made to approve the FY2018-19 meeting calendar by Markham, seconded by

Bolter, and unanimously approved.

e. LIBOR Settlement Notice

A discussion with Board and Counsel resulted in LIBOR being a non-issue for the IDA.

f. Knott•Ebelini•Hart Invoices (July & August 2018)

A motion was made to accept the Knott•Ebelini•Hart invoices for July and August of 2018,

in the amount of $3,813.77 by Bolter, seconded by Roepstorff, and unanimously approved.

VII. OLD BUSINESS

Humphrey noted for the record that IDA and EFA meeting notices had been published.

He also noted that Bond Counsel, Chris Traber, was handling the IRS’ review of the 2010

Bonita Springs bond issue and would need signatures from the Chair on the IRS forms.

A motion was made to authorize the Chair, Wayne Kirkwood to sign the IRS forms by

Markham, seconded by Bolter, and unanimously approved.

VIII. ECONOMIC DEVELOPMENT DIRECTOR COMMENTS

Pamela Johnson noted that the IDA’s website is ADA compliant.

The Horizon Foundation presented a status update report to the IDA at the August 24th

meeting and a motion was made to accept the Horizon Foundation Quarterly Report, approve

distribution, and approve an invoice to be submitted to Johnson (with supporting

documentation) not to exceed $50,000.00. The invoice has been submitted, with supporting

documentation, in the amount of $33,333.00.

Johnson reminded the Board that at the August Board meeting, John Boland, CEO, Storm

Smart, invited the IDA host an off-site meeting. The suggested off-site location is for the

IMAG, presumably to show the Board the Fab Lab, a multi-purpose room that supports the

STEM program and entrepreneurial outreach. Johnson agreed to review the approved IDA

4

calendar with Jim Humphrey and identify a date after January, which would not conflict with

Horizon Council dates and bring the recommendations to the board.

Johnson noted EDO staff changes. Tiffany Grint accepted a position with the Lee County

Talent Development Department. In addition, Amy McQuagge has accepted a new position

in marketing for Sanibel Captiva Community Bank. Replacements will be sought for both

positions. Ruth Buchanan will join the EDO team as a Business Development Manager.

Buchanan comes from North Port, where she was an Economic Development Program

Manager. She holds a Masters Degree from the University of Japan and has also earned her

CEcD (Certified Economic Developer Certification) from the International Economic

Development Council. She will attend the Industry Appreciation Awards on October 4, 2018

and will be formally introduced at the next meeting.

IX. ADJOURN With no further business, a motion was made to adjourn by Bolter, seconded by Barton, and

unanimously approved. The meeting was adjourned at 10:54 a.m.

X. CONVENE AS LEE COUNTY EDUCATIONAL FACILITIES AUTHORITY.

XI. CALL TO ORDER

EFA Chair Wayne Kirkwood called the meeting to order at 10:54 a.m.

XII. EDUCATIONAL FACILITY AUTHORITY (EFA) FY2018-19 ELECTION OF

OFFICERS

Jim Humphrey (as Temporary Chair) announced the FY 2018-19 slate of EFA officers would

be identical to the IDA board positions. The FY 2018-19 EFA slate includes: Wayne

Kirkwood, Chair; David Barton, Vice Chair; Ed Bolter, Secretary; Tom Hoolihan, Treasurer;

Gail Markham, Assistant Secretary, Doug Gyure, Assistant Secretary, Robbie Roepstorff,

IDA member and Dr. Chris Westley, Florida Gulf Coast University, serving as a necessary

member from an educational institution.

A motion was made to carry forward with the FY2018-19 newly elected slate of EFA officers

by Barton, seconded by Markham, and unanimously approved.

XIII. NEW BUSINESS

a. Knott•Ebelini•Hart Invoices (January 2018)

A motion was made to accept the Knott•Ebelini•Hart invoices for January 2018, in the

amount of $3,727.18 by Markham, seconded by Roepstorff, and unanimously approved.

b. FY2018-19 Budget Adoption

A motion was made to accept the FY2018-19 EFA budget, by Markham, seconded by Bolter,

and unanimously approved.

XIV. ADJOURN

With no further business, a motion to adjourn was made by Markham, seconded by Bolter,

and unanimously approved. The meeting was adjourned at 11:06 a.m.

1/15/2019

Lee County Industrial Development AuthorityIDA Financial Summary as of Sept 30, 2018

Current AssetsEdison Bank-Operating 246,041.51Edison Bank-Money Market 207,808.32Petty Cash 114.59

Other Assets Maturity DateBank United 1/17/2019 247,604.03Centennial Bank 12/12/2018 244,764.44TIAA EverBank 9/27/2018 247,270.33Florida Community Bank 11/4/2018 246,917.85PNC Bank 3/21/2019 246,661.39Regions Bank 10/7/2018 245,000.00SunTrust 1/9/2019 245,000.00

Total Financial Assets 2,177,182.46

Liabilities Accounts Payable 3,813.77

Long-term Liabilities 0.00Total Liabilities 3,813.77

Total Funds Available 2,173,368.69

Designated Non-Operating FundsHF 1099 Administration 50,000.00Gold Key Program 5,000.00Economic Development Programs 900,000.00Marketing Support 116,666.70

Total Designated Funds 1,071,666.70

Operating FundsBudgeted Operating Expenses 52,350.00Less Expenditure 34,625.11

Total Estimated-to-Spend 17,724.89

Net Available Funds 1,083,977.10

Sep 30, 18

ASSETSCurrent Assets

Checking/SavingsEdison National Checking 246,041.51Edison National Money Market 207,808.32

Total Checking/Savings 453,849.83

Other Current AssetsPetty Cash 114.59

Total Other Current Assets 114.59

Total Current Assets 453,964.42

Other AssetsBank United CD #1815057021 247,604.03Centennial Bank 244,764.44Florida Community Bank 246,917.85PNC Bank CD 246,661.39Regions Bank CD 245,000.00SunTrust CD 245,000.00TIAA (EverBank ) 247,270.33

Total Other Assets 1,723,218.04

TOTAL ASSETS 2,177,182.46

LIABILITIES & EQUITYLiabilities

Current LiabilitiesAccounts Payable

Accounts Payable 3,813.77

Total Accounts Payable 3,813.77

Total Current Liabilities 3,813.77

Total Liabilities 3,813.77

EquityOpening Bal Equity 1,206,757.15Retained Earnings 792,881.16Net Income 173,730.38

Total Equity 2,173,368.69

TOTAL LIABILITIES & EQUITY 2,177,182.46

Lee County Industrial Development AuthorityBalance SheetAs of September 30, 2018

Accrual Basis

Page 1

Oct '17 - Sep 18

IncomeBond Closing 255,025.00Interest Income 5,671.35

Total Income 260,696.35

Gross Profit 260,696.35

ExpenseNon-Operating Expenditures

Horizon Foundation Sponsorship 20,000.00Marketing Support 33,333.28

Total Non-Operating Expenditures 53,333.28

Operating ExpendituresAudit Fees 5,175.00Business Development 140.65Insurance 2,119.00Legal Fees 25,930.66Meeting Costs 942.92Miscellaneous 316.88

Total Operating Expenditures 34,625.11

Total Expense 87,958.39

Net Income 172,737.96

Lee County Industrial Development AuthorityProfit & LossOctober 2017 through September 2018

Accrual Basis

Page 1

Lee County Industrial Development Authority Budget vs. Actual October 2017 through September 2018

Accrual Basis

Page 1 of 1

Oct '17 - Sept '18 Budget $ Over Budget % of Budget

Operating IncomeBond Closing 255,025.00 250,000.00 5,025.00 102.01%Interest Income 5,671.35 4,500.00 1,171.35 126.03%

Total Income 260,696.35 254,500.00 6,196.35 102.44%

Operating ExpendituresAudit Fees 5,175.00 7,500.00 -2,325.00 69.0%Bank Service Charge 0.00 100.00 -100.00 0.0%Business Entertainment 140.65 5,000.00 -4,859.35 2.81%FGCU Economic Impact Models 0.00 5,000.00 -5,000.00 0.0%Insurance 2,119.00Legal Fees 25,930.66 30,000.00 -4,069.34 86.44%Meeting Costs 942.92 2,500.00 -1,557.08 37.72%Miscellaneous 316.88 2,000.00 -1,683.12 15.84%Printing 0.00 250.00 -250.00 0.0%

Total Operating Expenditures 34,625.11 52,350.00 -17,724.89 66.14%

Net Operating Income 226,071.24 202,150.00 23,921.24 111.83%

Designated Non-Operating FundsHF 1099 Administration 0.00 50,000.00 -50,000.00 0.0%Horizon Foundation Sponsorship 20,000.00 20,000.00 0.00 100.0%Marketing Support 33,333.28 150,000.00 -116,666.72 22.22%Designated for Eco Dev Programs 0.00 900,000.00 -900,000.00 0.0%Gold Key Program 0.00 5,000.00 -5,000.00 0.0%

Net Designated Funds 53,333.28 1,125,000.00 -1,071,666.72 4.74%

Type Date Num Name Memo Split Debit Credit Balance

Edison National Checking 279,368.48Deposit 09/29/2018 Interest Interest Income 6.31 279,374.79Check 09/30/2018 1368 Horizon Foundation Inc Reimbursement for Fundraiser/Marketing Marketing Support 33,333.28 246,041.51

Total Edison National Checking 6.31 33,333.28 246,041.51

Edison National Money Market 207,803.71Deposit 09/30/2018 Interest Interest Income 4.61 207,808.32

Total Edison National Money Market 4.61 0.00 207,808.32

Accounts Receivable 0.00Total Accounts Receivable 0.00

Petty Cash 114.59Total Petty Cash 114.59

Undeposited Funds 0.00Total Undeposited Funds 0.00

Bank United CD #1815057021 247,604.03Total Bank United CD #1815057021 247,604.03

Centennial Bank 244,764.44Total Centennial Bank 244,764.44

Florida Community Bank 246,917.85Total Florida Community Bank 246,917.85

PNC Bank CD 245,668.97General Journal 09/21/2018 102 Interest Maturity- Fiscal Year End Adjustment Interest Income 992.42 246,661.39

Total PNC Bank CD 992.42 0.00 246,661.39

Regions Bank CD 245,000.00Total Regions Bank CD 245,000.00

Regions CD # 0132551835 0.00Total Regions CD # 0132551835 0.00

SunTrust CD 245,000.00Total SunTrust CD 245,000.00

TIAA (EverBank ) 247,270.33Total TIAA (EverBank ) 247,270.33

Accounts Payable -1,136.27Bill 09/21/2018 405 Knott Ebelini Hart Legal Services for August Invoice 405 Legal Fees 2,677.50 -3,813.77

Total Accounts Payable 0.00 2,677.50 -3,813.77

Opening Bal Equity -1,206,757.15Total Opening Bal Equity -1,206,757.15

Retained Earnings -792,881.16Total Retained Earnings -792,881.16

Bond Closing -255,025.00Total Bond Closing -255,025.00

Interest Income -5,660.43General Journal 09/21/2018 102 Interest- Fiscal Year End Adjustment PNC Bank CD 992.42 -6,652.85Deposit 09/29/2018 Interest Edison National Checking 6.31 -6,659.16Deposit 09/30/2018 Interest Edison National Money Market 4.61 -6,663.77

Total Interest Income 0.00 1,003.34 -6,663.77

Non-Operating Expenditures 20,000.00Horizon Foundation Sponsorship 20,000.00Total Horizon Foundation Sponsorship 20,000.00

Lee County Industrial Development AuthorityGeneral LedgerAs of September 30, 2018 Accrual Basis

Page 1


Marketing Support 0.00Check 09/30/2018 1368 Horizon Foundation Inc Reimbursement for Fundraiser/Marketing Edison National Checking 33,333.28 33,333.28

Total Marketing Support 33,333.28 0.00 33,333.28

Total Non-Operating Expenditures 33,333.28 0.00 53,333.28

Operating Expenditures 31,947.61Audit Fees 5,175.00Total Audit Fees 5,175.00

Business Development 140.65Total Business Development 140.65

Insurance 2,119.00Total Insurance 2,119.00

Legal Fees 23,253.16Bill 09/21/2018 405 Knott Ebelini Hart Legal Services for August Invoice 405 Accounts Payable 2,677.50 25,930.66

Total Legal Fees 2,677.50 0.00 25,930.66

Meeting Costs 942.92Total Meeting Costs 942.92

Miscellaneous 316.88

Total Operating Expenditures 2,677.50 0.00 34,625.11

TOTAL 37,014.12 37,014.12 0.00

Lee County Industrial Development AuthorityGeneral LedgerAs of September 30, 2018 Accrual Basis

Page 2

1/7/2019

Lee County Industrial Development AuthorityIDA Financial Summary as of October 30, 2018


Other Assets Maturity DateBank United 1/17/2019 250,186.00Centennial Bank 12/12/2018 244,764.44Florida Community Bank 11/4/2018 249,957.65PNC Bank 3/21/2019 246,661.39Regions Bank 1/7/2019 245,712.85SunTrust 1/9/2019 245,000.00TIAA EverBank 12/27/2018 248,229.27


Liabilities Accounts Payable 5,186.27 Long-term Liabilities 0.00Total Liabilities 5,186.27






Net Available Funds 721,845.04

Oct 31, 18
















EquityOpening Bal Equity 1,206,757.15Retained Earnings 965,619.12Net Income -10,494.46



3:37 PM

01/02/19

Lee County Industrial Development Authority

Balance SheetAs of October 31, 2018 Accrual Basis

Page 1

Oct 18

IncomeInterest Income 8,298.04



ExpenseDesignated Funds

Designated for Eco Dev Programs 15,000.00

Total Designated Funds 15,000.00

Non-Operating ExpendituresMarketing Support 2,420.00


Operating ExpendituresLegal Fees 1,372.50



Net Income -10,494.46

6:40 AM

01/03/19


Profit & LossOctober 2018 Accrual Basis

Page 1

Lee County Industrial Development Authority Budget vs. Actual October 2018

2:47 PM 11/10/18

Accrual Basis

Page 1 of 1

Oct '18 Budget $ Over Budget % of Budget

Operating IncomeInterest Income 8,298.04 0.00 8,298.04 100.0%

Total Income 8,298.04 0.00 8,298.04 100.0%

Operating ExpendituresAudit Fees 0.00 7,500.00 -7,500.00 0.0%Bank Service Charge 0.00 100.00 -100.00 0.0%Business Development 0.00 5,000.00 -5,000.00 0.0%FGCU Economic Impact Models 0.00 5,000.00 -5,000.00 0.0%Insurance 0.00 2,500.00 -2,500.00 0.0%Legal Fees 1,372.50 30,000.00 -28,627.50 4.58%Meeting Costs 0.00 2,500.00 -2,500.00 0.0%Miscellaneous 0.00 1,000.00 -1,000.00 0.0%Printing 0.00 2,000.00 -2,000.00 0.0%


Net Operating Income 6,925.54 -55,600.00 62,525.54 -12.46%

Designated Non-Operating FundsHF 1099 Administration 0.00 50,000.00 -50,000.00 0.0%Horizon Foundation Sponsorship 0.00 20,000.00 -20,000.00 0.0%Marketing Support 2,420.00 200,000.00 -197,580.00 1.21%Designated for Eco Dev Programs 15,000.00 900,000.00 -885,000.00 1.67%Gold Key Program 0.00 5,000.00 -5,000.00 0.0%



Edison National Checking 246,041.51Check 10/10/2018 1369 Southwest Florida Community Foun... FutureMaker Coalition Program Support Designated for Eco Dev Prog... 15,000.00 231,041.51Check 10/22/2018 1370 GulfShore Business Advertising for Industry Appreciation Marketing Support 2,195.00 228,846.51Deposit 10/31/2018 Interest Interest Income 6.76 228,853.27Check 10/31/2018 1371 Dave Anderson Graphic Design Illus... IDA One-Page Marketing Document Marketing Support 225.00 228,628.27

Total Edison National Checking 6.76 17,420.00 228,628.27






Bank United CD #1815057021 247,604.03General Journal 10/30/2018 93 Interest Interest Income 2,581.97 250,186.00

Total Bank United CD #1815057021 2,581.97 0.00 250,186.00


Florida Community Bank 246,917.85General Journal 10/30/2018 106 Qualified Public Deposit Account Annual Confirmation 9/30... Interest Income 3,039.80 249,957.65

Total Florida Community Bank 3,039.80 0.00 249,957.65

PNC Bank CD 245,668.97General Journal 10/30/2018 102 Interest- Fiscal Year End Adjustment Interest Income 992.42 246,661.39

Total PNC Bank CD 992.42 0.00 246,661.39

Regions Bank CD 245,000.00General Journal 10/07/2018 101 Interest Income Interest Income 712.85 245,712.85

Total Regions Bank CD 712.85 0.00 245,712.85



TIAA (EverBank ) 247,270.33General Journal 10/05/2018 103 Interest Income Interest Income 936.64 248,206.97General Journal 10/30/2018 105 Qualified Public Depository Statement Adjustment Interest Income 22.30 248,229.27

Total TIAA (EverBank ) 958.94 0.00 248,229.27

Accounts Payable -3,813.77Bill 10/18/2018 406 Knott Ebelini Hart September Legal Fees Legal Fees 1,372.50 -5,186.27




Interest Income 0.00General Journal 10/05/2018 103 Interest Income TIAA (EverBank ) 936.64 -936.64General Journal 10/07/2018 101 Interest Income Regions Bank CD 712.85 -1,649.49

6:25 AM

01/03/19

Lee County Industrial Development Authority General LedgerAs of October 31, 2018 Accrual Basis

Page 1


General Journal 10/30/2018 93 Interest Bank United CD #1815057021 2,581.97 -4,231.46General Journal 10/30/2018 102 Interest- Fiscal Year End Adjustment PNC Bank CD 992.42 -5,223.88General Journal 10/30/2018 105 Qualified Public Depository Statement Adjustment TIAA (EverBank ) 22.30 -5,246.18General Journal 10/30/2018 106 Qualified Public Deposit Account Annual Confirmation 9/30... Florida Community Bank 3,039.80 -8,285.98Deposit 10/31/2018 Interest Edison National Checking 6.76 -8,292.74Deposit 10/31/2018 Interest Edison National Money Market 5.30 -8,298.04


Designated Funds 0.00Designated for Eco Dev Programs 0.00

Check 10/10/2018 1369 Southwest Florida Community Foun... FutureMaker Coalition Program Support Edison National Checking 15,000.00 15,000.00

Total Designated for Eco Dev Programs 15,000.00 0.00 15,000.00

Total Designated Funds 15,000.00 0.00 15,000.00

Non-Operating Expenditures 0.00Marketing Support 0.00

Check 10/22/2018 1370 GulfShore Business Advertising for Industry Appreciation Edison National Checking 2,195.00 2,195.00Check 10/31/2018 1371 Dave Anderson Graphic Design Illus... IDA One-Page Marketing Document Edison National Checking 225.00 2,420.00

Total Marketing Support 2,420.00 0.00 2,420.00

Total Non-Operating Expenditures 2,420.00 0.00 2,420.00

Operating Expenditures 0.00Legal Fees 0.00

Bill 10/18/2018 406 Knott Ebelini Hart September Legal Fees Accounts Payable 1,372.50 1,372.50

Total Legal Fees 1,372.50 0.00 1,372.50


TOTAL 27,090.54 27,090.54 0.00

Lee County Industrial Development Authority 6:25 AM

General Ledger 01/03/19

As of October 31, 2018 Accrual Basis

Page 2

1/3/2019

Lee County Industrial Development AuthorityIDA Financial Summary as of November 30, 2018











Nov 30, 18



















10:02 AM

01/03/19


Balance SheetAs of November 30, 2018 Accrual Basis

Page 1

Oct - Nov 18




ExpenseDesignated Funds

Designated for Eco Dev Programs 15,000.00


Miscellaneous 20.00

Non-Operating ExpendituresMarketing Support 2,420.00


Operating ExpendituresLegal Fees 1,752.78




10:06 AM

01/03/19


Profit & LossOctober through November 2018 Accrual Basis

Page 1

Lee County Industrial Development Authority Budget vs. Actual October - November 2018

2:47 PM 11/10/18

Accrual Basis

Page 1 of 1

Oct - Nov '18 Budget $ Over Budget % of Budget


Total Income 8,923.99 0.00 8,923.99 100.0%

Operating ExpendituresAudit Fees 0.00 7,500.00 -7,500.00 0.0%Bank Service Charge 0.00 100.00 -100.00 0.0%Business Development 0.00 5,000.00 -5,000.00 0.0%FGCU Economic Impact Models 0.00 5,000.00 -5,000.00 0.0%Insurance 0.00 2,500.00 -2,500.00 0.0%Legal Fees 1,752.78 30,000.00 -28,247.22 5.84%Meeting Costs 0.00 2,500.00 -2,500.00 0.0%Miscellaneous 20.00 1,000.00 -980.00 2.0%Printing 0.00 2,000.00 -2,000.00 0.0%






Edison National Checking 228,628.27Deposit 11/30/2018 Interest Interest Income 6.04 228,634.31

Total Edison National Checking 6.04 0.00 228,634.31




Petty Cash 114.59General Journal 11/09/2018 104 US Postal Service Postage Stamps Miscellaneous 20.00 94.59

Total Petty Cash 0.00 20.00 94.59




Florida Community Bank 249,957.65General Journal 11/04/2018 110 Income Interest CD Renewal Interest Income 614.45 250,572.10

Total Florida Community Bank 614.45 0.00 250,572.10

PNC Bank CD 246,661.39Total PNC Bank CD 246,661.39




TIAA (EverBank ) 248,229.27Total TIAA (EverBank ) 248,229.27

Accounts Payable -5,186.27Bill 11/16/2018 407 Knott Ebelini Hart October Legal Fees Legal Fees 380.28 -5,566.55

Total Accounts Payable 0.00 380.28 -5,566.55



Interest Income -8,298.04General Journal 11/04/2018 110 Income Interest CD Renewal Florida Community Bank 614.45 -8,912.49Deposit 11/30/2018 Interest Edison National Money Market 5.46 -8,917.95Deposit 11/30/2018 Interest Edison National Checking 6.04 -8,923.99

Total Interest Income 0.00 625.95 -8,923.99

Designated Funds 15,000.00Designated for Eco Dev Programs 15,000.00Total Designated for Eco Dev Programs 15,000.00




As of November 30, 2018 Accrual Basis

Page 1


Miscellaneous 0.00General Journal 11/09/2018 104 US Postal Service Postage Stamps Petty Cash 20.00 20.00

Total Miscellaneous 20.00 0.00 20.00

Non-Operating Expenditures 2,420.00Marketing Support 2,420.00Total Marketing Support 2,420.00


Operating Expenditures 1,372.50Legal Fees 1,372.50

Bill 11/16/2018 407 Knott Ebelini Hart October Legal Fees Accounts Payable 380.28 1,752.78

Total Legal Fees 380.28 0.00 1,752.78

Total Operating Expenditures 380.28 0.00 1,752.78

TOTAL 1,026.23 1,026.23 0.00



As of November 30, 2018 Accrual Basis

Page 2

1/7/2019

Lee County Industrial Development AuthorityIDA Financial Summary as of December 31, 2018











Dec 31, 18



















Lee County Industrial Development Authority 3:05 PM

Balance Sheet 01/07/19As of December 31, 2018 Accrual Basis

Page 1

Oct - Dec 18




Expense

15,000.00

15,000.00

20.00

2,420.00

2,420.00

3,546.09

Designated Funds

Designated for Eco Dev Programs

Total Designated Funds

Miscellaneous

Non-Operating ExpendituresMarketing Support

Total Non-Operating Expenditures

Operating ExpendituresLegal Fees





Profit & Loss 01/07/19October through December 2018 Accrual Basis

Page 1

Lee County Industrial Development Authority Budget vs. Actual October - December 2018

2:47 PM 11/10/18

Accrual Basis

Page 1 of 1

Oct -Dec '18 Budget $ Over Budget % of Budget


Total Income 10,617.00 0.00 10,617.00 100.0%

Operating ExpendituresAudit Fees 0.00 7,500.00 -7,500.00 0.0%Bank Service Charge 0.00 100.00 -100.00 0.0%Business Development 0.00 5,000.00 -5,000.00 0.0%FGCU Economic Impact Models 0.00 5,000.00 -5,000.00 0.0%Insurance 0.00 2,500.00 -2,500.00 0.0%Legal Fees 3,546.09 30,000.00 -26,453.91 11.82%Meeting Costs 0.00 2,500.00 -2,500.00 0.0%Miscellaneous 20.00 1,000.00 -980.00 2.0%Printing 0.00 2,000.00 -2,000.00 0.0%






Edison National Checking 228,634.31Deposit 12/31/2018 Interest Interest Income 5.45 228,639.76

Total Edison National Checking 5.45 0.00 228,639.76







Centennial Bank 244,764.44General Journal 12/12/2018 107 Interest Income Interest Income 979.06 245,743.50

Total Centennial Bank 979.06 0.00 245,743.50

Florida Community Bank 250,572.10Total Florida Community Bank 250,572.10

PNC Bank CD 246,661.39Total PNC Bank CD 246,661.39




TIAA (EverBank ) 248,229.27General Journal 12/07/2018 111 Interest Income -Maturity Notice Interest Income 703.64 248,932.91

Total TIAA (EverBank ) 703.64 0.00 248,932.91

Accounts Payable -5,566.55Bill 12/18/2018 408 Knott Ebelini Hart November Legal Fees Legal Fees 1,793.31 -7,359.86




Interest Income -8,923.99General Journal 12/07/2018 111 Interest Income -Maturity Notice TIAA (EverBank ) 703.64 -9,627.63General Journal 12/12/2018 107 Interest Income Centennial Bank 979.06 -10,606.69Deposit 12/31/2018 Interest Edison National Checking 5.45 -10,612.14Deposit 12/31/2018 Interest Edison National Money Market 4.95 -10,617.09


Designated Funds 15,000.00Designated for Eco Dev Programs 15,000.00Total Designated for Eco Dev Programs 15,000.00



As of December 31, 2018 Accrual Basis

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Miscellaneous 20.00

Non-Operating Expenditures 2,420.00Marketing Support 2,420.00Total Marketing Support 2,420.00


Operating Expenditures 1,752.78Legal Fees 1,752.78

Bill 12/18/2018 408 Knott Ebelini Hart November Legal Fees Accounts Payable 1,793.31 3,546.09

Total Legal Fees 1,793.31 0.00 3,546.09


TOTAL 3,486.41 3,486.41 0.00



As of December 31, 2018 Accrual Basis

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