THE ORD NEBRASKA

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Economic Development Fund Update

Each month we break down collections for our economic development fund, made possible by LB840 (Municipal Option for Economic Development). Both monthly collections and current program activity are listed below. This income is used for a variety of economic development activities, most notably our low-interest loan program.

In November of 2011, a $298,000 refund to the state of Nebraska was claimed for a Nebraska Advantage qualified project. To-date, a $11,359.69 balance of the original $298,000 remains for repayment from the economic development fund. While the City of Ord still collects sales tax during this time, monthly collections for the economic development fund net $0.00. Included below are the tax collections for your perusal as all collections are withheld by the state until the remaining balance of the refund is repaid.

Past monthly tax collections are:

2011 NOVEMBER ORD: $49,158.16 (sales)/$6,006.41 (consumer)
2011 DECEMBER ORD: $54,527.99?$6,211.93
2012 JANUARY ORD: $45,617.85/$4,121.74
2012 FEBRUARY ORD: $43,583.78/$5,697.50.

Current fund status

TOTAL FUNDS AVAILABLE $735,971
Funds Committed
Sales Tax Reserve (in budget)             $0.00
NNI Construction Financing Fund $300,000
New Neighborhoods Infrastructure Fund $30,000
New Neighborhoods Engineering Fees $7,103
Mortensen Site Signage $10,000
Loan 2012-02 $150,000
Summer Internship $3,500
TOTAL FUNDS COMMITTED $500,603
FUNDS AVAILABLE FOR USE        $235,368

 

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