Embed Size (px)
Citation preview
www.greaterbeloitworks.com
ANNUAL REPORT 2012
The Greater Beloit Economic Development Corporation500 Public AvenueBeloit, WI 53511ph: (608) 364-6748fx: (608) 364-6756www.greaterbeloitworks.com
THE GREATER BELOIT ECONOMIC DEVELOPMENT CORPORATION
www.greaterbeloitworks.com
2012 was another great year in the Greater Beloit Area! Investment is visible in all areas of our community. Success can be measured in many different places — from new companies that have moved in, to existing companies that have expanded — and unemployment is dropping to fill the new positions created.
The Greater Beloit Economic Development Corporation contin-ues to keep our partnerships strong and active, supporting our initiatives through the volunteer efforts of our investors, marketing and recruitment, and supporting existing businesses in the region to grow their businesses right here.
2012 was a very active year for the GBEDC and its seven standing committees, as we continued efforts in positioning the organization for continued growth in the region in 2013. Accomplishments included:
Through the efforts of our membership recruitment committee lead by Jeff Klett, we saw growth in investors as we worked hard to increase the value of our membership.
We updated our strategic plan, working with our vision partners to ensure we are working together to maximize our efforts while keeping a clear line of responsibilities between the partners.
In collaboration with the School District of Beloit, we are in the schools sup-porting the growth of our students and faculty with volunteer efforts, funds and business-to-education initiatives that will prepare our students for a bright future.
We commissioned an update to the retail leakage study to discover new opportunities in our community for retail growth and development. Look for the results of this study in early 2013.
I would like to personally thank each of you and your companies for the countless staff and volunteer hours our membership has invested in the region. These efforts are definitely obvious all around Beloit and are most certainly being noticed through out the State of Wisconsin and Northern Illinois.
BUSINESS INDUSTRY Tom Finley, President Finley Dencker Buick GMC
Kent Eymann, Publisher Beloit Daily News
John Patch, President McBain Enterprises, Inc.
Joe Stadelman, Vice President Angus-Young Associates, Inc.
Pete Underwood, V.P./General Counsel/Secretary Regal Beloit
Jim Zisser, Project Manager Frito-Lay
Rob Gerbitz, Managing Director Hendricks Development Group
Curt Lansbery, President North American Tool Corporation
Keith Kruse, V.P., Director of Operations Tricor Inc.
REAL ESTATE/DEVELOPERS/ CONTRACTORS Tom Ptacin, President Klobucar Construction Co., Inc.
Joel Patch, Partner Commercial Property Group, LLC
Frank McKearn, Associate R. H. Batterman & Co., Inc.
FINANCIAL INSTITUTIONS Arlyn Erdmann, V.P. of Commercial Loans First National Bank
Diane Gustafson, Vice President M & I Bank
Rick Bastian, President and CEO Blackhawk Bank
Ed Hansen, V.P. of Business Banking Gateway Community Bank
EDUCATION Steve McNeal, Superintendent School District of Beloit
Brian Morello, Director of CELEB Beloit College
AT-LARGE Mike Bua, Finance Director Beloit Health System
Dr. Thomas Eckert, President Blackhawk Technical College
Fred Buggs, Chief Professional Officer Stateline Boys & Girls Club
Jeff Klett, Vice President Tricor Inc.
LOCAL GOVERNMENT Larry Arft, City Manager City of Beloit
Roger Anclam, Chairperson Town of Turtle
Mike Duffy, Mayor City of South Beloit
Brian Wilson, Administrator Town of Beloit
EX-OFFICIO Randall Upton, President Greater Beloit Chamber of Commerce
Deb Frederiksen, Executive Director Visit Beloit
Shauna El-Amin, Executive Director Downtown Beloit Association
Jim Van De Bogart, Representative Community Development Authority
Bruce Kepner, Economic Development Specialist Alliant Energy
Dan Boutelle, Plan Commission Chair City of Beloit
Tara Tinder, Executive Director Stateline Community Foundation
‘12 OFFICERS & EXECUTIVE COMMITTEEChair Joe Stadelman
Vice Chair Keith Kruse
Secretary/Treasurer Ed Hansen
Immediate Past Chair John Nicholas
Largest Financially Contributing Local Government Jurisdiction Larry Arft
Designated Loan & Finance Committee Chair Diane Gustafson
Investment/Recruitment Committee Chair Jeff Klett
Strategic Planning Committee Chair Joel Patch
Business Development Committee Chair Rick Bastian
Business/Education Partnership Committee Co-Chair Rick Barder
At Large Representative Mike Duffy
FELLOW INVESTORS LEADERSHIP TEAM‘12 Board & Committee Members
Joe Stadelman, ‘12 Board Chair
‘12 Executive Committee Members, pictured from left to right: Joe Stadelman (Chair), Larry Arft (Local Government Jurisdiction Representative), Diane Gustafson (Designated Loan & Finance Committee Chair), Rick Bastian (Business Development Committee Chair), Ed Hansen (Secretary/Treasurer), and Rick Barder (Business/Education Partnership Committee Chair). Not pictured: John Nicholas (Immediate Past Chair), Keith Kruse (Vice Chair), Jeff Klett (Investment/Recruitment Committee Chair), Joel Patch (Strategic Plan-ning Committee Chair), and Mike Duffy (At Large Representative).
Andrew Janke Economic Development Director City of Beloit
Stephanie Bailey Administrative Secretary City of Beloit
STAFF MEMBERS
ORGANIZATIONAL MISSION & VISION STATEMENTSMISSION STATEMENT The mission of the Greater Beloit Economic Development Corporation (GBEDC) is to act as the primary organization coordinating, facilitating and implementing economic development activities in the Greater Beloit area.
VISION STATEMENT We will be a broad-based, public/private partnership that creates a common focus for economic development activities in Great Beloit.
GUIDING PRINCIPLES GBEDC seeks to fulfill its mission by:
Promoting a positive image of the area including our industries, workforce, educational institutions and quality of life.
Developing regional cooperative and collabora-tive partnerships with public and private bodies to support the local workforce and existing businesses.
Developing a diverse group of leaders to actively build on our community’s successes and continue to enhance our local economy.
Promoting the growth of existing and new business to build an economic environment that will enhance our local economy.
Working together to develop and recruit a skilled workforce to fill the knowledge-based needs of today’s businesses and create tomorrow’s jobs.
www.greaterbeloitworks.com
‘12 INVESTORSABC Supply
Alliant Energy
Allied Games
Amcraft Building Products
American Aluminum Extrusion Company
American Construction Metals
Angus Young Associates
Avid Pallet
Axium Foods/McCleary, Inc.
Beloit Box Board
Beloit College
Beloit Daily News
Beloit Health System
Beloit Snappers
Beloit Special Machining Co.
Blackhawk Bank
Blackhawk Logistics
Blackhawk Technical College
Blackhawk Transport
Brabazon Title
Bud Weiser Chevrolet Cadillac
Business Outreach Services — UW Whitewater
City of Beloit
City of South Beloit
Coldwell Banker Commercial/McGuire Mears
Commercial Property Group
Corporate Contractors Inc.
Cotta Transmission
Culvers, The Rock, Papa Murphy’s
Electrol Specialties Company
Fairbanks Morse Engine
Fehr-Graham & Associates
Finley/Dencker
First American Credit Union — a part of First Community Federal Credit Union
First National Bank & Trust
Frito-Lay
G. G. Grabowski CPA, SC
Gateway Community Bank
Genencor International
Gilbank Construction
Greater Beloit Chamber of Commerce
Harris Ace Hardware
Hendricks Holding Company LLC
Henry Technologies
Hormel Foods Corporation
J.P. Cullen & Sons
JBF Group
Kerry Americas
Kettle Foods
Klobucar Construction, Inc.
M & I Bank
McBain Enterprises, Inc.
Mid States Concrete
MLG Development
Morse Group
Mule-Hide Products
Neighborhood Housing Services
North American Tool
Paperchine
PRIDE Associates
R. H. Batterman & Co., Inc.
Regal-Beloit, Durst
River’s Edge Foundry LLC
Rock County Electric Cooperative Assoc.
Siepert & Co. LLP
Sikich LLP
Stainless Tank & Equipment LLC
Stateline Boys & Girls Club, Inc.
Stateline Community Foundation
Summit Machine Works, Inc.
Town of Beloit
Town of Turtle
Tricor Insurance
Visit Beloit
Welders Supply Company
Dale Hjerpe
Rick Barder
Brian Mark
Shorewest Realtors
THE YEAR IN REVIEWGreater Beloit’s Economy is Still Moving Forward
As the U.S. and the Region slowly emerge from a long and challenging recession, Greater Beloit saw several major expansion projects being completed and announced this year. A few notable expansion projects include:
KETTLE FOODS finished construction of a 45,000-square-foot addition to meet the growing demand for its potato chip prod-ucts. The company has invested $40 million into its Beloit facility and will add 100 new jobs. The GBEDC was instrumental in supporting this project by providing a $200,000 Industrial Development Grant.
To support the logistical needs of the Kettle Foods expansion, ALLIANCE DEVELOPMENT constructed an 110,000-square-foot warehouse facility. Total private investment is $4,900,000 and will create up to 10 jobs.
FATWALLET expanded its footprint in the building it is leasing in downtown Beloit and extended its lease through 2014.
KERRY INGREDIENTS AND FLAVORS finished construction on a 29,000-square-foot addition to its corporate headquarters facility. The new addition houses internal support op-erations, and the vacated space was remodeled to support activities relating to new flavor and pharmaceutical operations. Total investment in the project was $8,000,000 and will result in the creation of 47 new jobs.
H.B. SPECIALTY FOODS completed construction on a new 40,000-square-foot building in the I-90 Business Park, creating 7 jobs and investing $5,000,000.
THE METSO PAPER USA began construction on an 8,000-square-foot addition to its existing building that will allow the company to increase production capacity and create 9 new jobs. The total project cost is $750,000.
2012 also saw the announcement of two new development projects:
COMPLY 365 moved its headquarters from Northern Illinois into the Ironworks campus. The company is leasing 4,000 square feet and employs 17 with significant growth potential. The company’s niche is cloud-based compliance software for mobile devices in aviation. Future plans are to expand into software for such industries as food and medicine.
In November, Madison-based APARA CARE announced that its was going to develop an Assisted Living Complex between Shuster Drive and Cranston Road. The project will have 48 residential care units and an additional 24 units in a community-based residential facility that will include a memory care center. Apara hopes to break ground in the spring of 2013.
The year’s most significant commercial project announcement was that PIGGLY WIGGLY MIDWEST had purchased the former Kmart building on Prairie Avenue. Piggly Wiggly intends to utilize 50,000 square feet of the 84,000-square-foot building for a new grocery store. The remaining space will be renovated to tenant space. The store will employ 100 people, and the entire project cost will be $4,000,000.
GBEDC staff and volunteers spent a great deal of time and effort in 2012 working on a number of strategic collaborations including:
Turtle Creek Corridor Redevelopment Plan Phase IIUpper Floor Housing Grant ProgramDowntown Façade Grant ProgramEducational InitiativesHaving 2 sites in Gateway being designated by WEDC as Certified SitesPublishing and promoting a Comprehensive Business Retention and Expansion Findings reportInitiated a Retail Leakage Analysis Study
The GBEDC continued to collaborate with Rock County 5.0 as that organization has risen over $1 million to help the economic development organizations implement a variety of strategies to better position Rock County moving forward. A number of initiatives were completed in 2012, including the development of a virtual, web-based cost calculator for helping prospective businesses to calculate their labor and tax costs if they do business in Rock County. The “Rock Ready” marketing campaign was launched this summer that in-cluded the development the quarterly Rock Ready Index and a comprehensive marketing campaign targeting the Chicagoland market. The Rock County Salary and Benefit Survey were updated this year. Rock and Walworth County partnered to conduct a Fastpitch program that involved 17 participants and will award up to $5,000 in prize money. A video promoting the Rock County airport was also completed in early 2012.
Infrastructure development projects of note that were completed, begun or announced in 2012 included:
Construction and dedication of the KEN HENDRICKS MEMORIAL BRIDGE
Construction of the RIVERSIDE PARK NORTH ENTRANCE FEATURE
Approval of the INMAN PARKWAY EXTENSION
The School District of began work on several school renovation projects as part of their $70 MILLION FACILITIES REFERENDUM
Reconstruction of the MILL, WEST GRAND, AND CHESTER SQUARE PARKING LOTS
Reconstruction of COLBY STREET
‘12 RECAPProjects .................................. 18New Jobs ............................. 653Total Investment ...... $197,096,000Square Footage ...............557,658
H.B. Specialty Foods
Kerry Ingredients and Flavors
Alliance Development
Gateway Business Park
www.greaterbeloitworks.com
Major development projects that were completed in 2012 represent-ed the creation of 341 new jobs, a total private investment of over $59,959,000 million, and added 254,264 square feet. These include:
ALLIANT ENERGYKETTLE FOODSALLIANCE DEVELOPMENTKERRY INGREDIENTS AND FLAVORSH.B. SPECIALTY FOODSTHE MORSE GROUPUNIVERSAL AETTILLEY’S PIZZA HOUSECOUNTY MATERIALSCOMPLY 365STATE COLLECTION SERVICES
Other development projects that are under construction, or have been announced in 2012 will add an addi-tional 150 new jobs, result in the private investment of $16,387,000 and add an additional 84,894 square feet. These projects include:
THE PHOENIX PROJECTSBOB EVANSPIGGLY WIGGLYCHERRY TREE ASSISTED LIVINGMETSO PAPER USA
There are two carryover projects from 2011 that when complete will create 153 new jobs, result in private investment of $120,000,000 and add an additional 210,500 square feet. These projects include:
NORTHSTAR MEDICAL RADIO ISOTOPESDUPONT
Between completed, announced, and carryover projects, the region can anticipate the creation of 653 new jobs, the addition of 557,658 square feet, and private investment contributions totaling
$197,096,000.
PARTNERSHIPS IN EDUCATIONGBEDC prides itself on being committed to the community and the youth in it. We feel that getting involved in education is important. Some initiatives we have organized include:
BUSINESS/ EDUCATION SUMMIT In August over 150 people from The School District of Beloit & the local Community attended a Summit where the topic of “De-veloping our Future Workforce through Volunteering & Commu-nity Service” was presented via a Panel Discussion.
MOCK INTERVIEW PROGRAM This program is part of the Beloit Memorial High School Curricu-lum for every Junior who must prepare a resume, a cover letter and then participate in a live 20 minute “mock interview” with a member of the Community; this activity is part of a grade given in English Class.
LUNCH & LEARN More than 20 adults, mentor students at Aldrich and McNeel Middle Schools one day a week during the school year; over 10 adults, mentor students one day a week at Beloit Memorial High School; Mentors review student grades and offer advice on improving their academic performance and helping with time management skills.
REALITY STORE This one-day exercise involved over 450 students who are given a hypothetical job and need to manage their finances in a real life situation i.e. type of hous-ing, transportation, pay bills and manage a household.
LOCAL PARTNERSHIPS2012 School District Referendum
(THE YEAR IN REVIEW CONT.)GBEDC’S FOCUS & INVESTORSOUR FOCUS The GBEDC organizes economic activities in the Greater Beloit area focusing on: Industrial and Commercial Development, Package Incentives, Marketing, and Job Training. The GBEDC acts as a liaison to resources that provide for business retention and expansion as well as new businesses, creating and retain-ing jobs while increasing the tax base. Acting as a voice for the business community, we facilitate professional partnerships with local government agencies, utility companies, realtors, and public and private entities. We also provide value-added services tailored to meet the needs of members and the community, including financial assistance.
OUR INVESTORS Our investors are community- focused organizations and individuals that support the organization’s mission to foster economic growth in the Greater Beloit area. As a public/private partnership, the GBEDC strives to be comprised of small and large employers, professional service and retail businesses, community organizations, and private individuals in the Greater Beloit area.
INVESTOR BENEFITS Recognition as a strong corporate citizen who supports professional economic develop-ment and a higher standard of living and quality of life for the Greater Beloit area. Networking opportunities with other busi-nesses to create, retain, and expand business opportunities and markets within the Greater Beloit area. Involvement in implementing new strategies that will strengthen and grow our community. Opportunity to serve on the Board of Directors. Investors may actively volunteer on one or more of the standing committees including: Loan and Finance, Recruitment/Investment, Strategic Planning, Business Development, and Business/ Education Partnership.
Project Phoenix
Memorial High School
Converse Elementary School
Robinson Elementary School
Merrill Elementary School
In the Spring of 2012, City of Beloit voters approved a $70 million referen-dum to improve 8 existing School Dis-trict of Beloit schools, build a new facility in one of the main entrances into the city, and change the instructional model from middle school learning(grades 6-8) to intermediate schools (grades 4-8). The increase over current taxes for the average homeowner was only $55.50, due to taking advan-tage of very low interest rates.
Also key to economic development in the area was the commitment to keeping work local. For the first phase projects, contracts were awarded to:
KLOBUCAR CONSTRUCTION (Converse)GILBANK CONSTRUCTION (Merrill)CORPORATE CONTRACTORS, INC. (CCI) (Robinson & BMHS Pool)
These projects will be done before school opens in the Fall of 2013. The remainder of the projects (Hackett, Cunningham, Gaston, Todd, Beloit Memorial tennis courts, fitness center relocation, and the new school) will begin construction in early spring of 2013, with the goal of having every project completed and schools ready by the Fall of 2014.
A group of community members have been meeting to offer input into the process, and updates have been posted on the district’s website, www.beloitschools.net.
County Materials
DuPont
Tilley’s Pizza House
Genencor
www.greaterbeloitworks.com
‘12 COMMITTEES
EXECUTIVE COMMITTEE The Executive Committee shall be comprised of not more than eleven (11) members.
Joe Stadelman – Chair Keith Kruse – Vice Chair Ed Hansen – Secretary/Treasurer John Nicholas – Immediate Past Chair Larry Arft Diane Gustafson Jeff Klett Joel Patch Rick Bastian Rick Barder Mike Duffy
BUSINESS DEVELOPMENT COMMITTEE The Business Development Committee shall be comprised of not more than nine (9). Three (3) of whom shall be members of the Board of Directors.
Rick Bastian – Chair Kent Eymann John Franks Jeff Hazekamp Bill Lock Frank McKearn Mark Membrino Tom Ptacin Alice Schoonover
STRATEGIC PLANNING COMMITTEE The Strategic Planning Committee shall be comprised of the Chair of the Board, Vice Chair of the Board and six (6) additional members who shall be investors of the Corporation.
Joel Patch – Chair Joel Patch Keith Kruse Joe Stadelman Randall Upton Brian Wilson Gary Meier Shauna El-Amin
BUSINESS/EDUCATION PARTNERSHIP COMMITTEE The Business/Education Partnership Committee shall be comprised of a co-chairperson representing GBEDC and a co-chairperson representing the GBCC and no set maximum number of members.
Jim Agate – Co-Chair Rick Barder – Co-Chair
LOAN AND FINANCE COMMITTEE The Loan and Finance Committee shall be comprised of seven (7) members, at least three (3) of whom shall be Board members. No more than four (4) of these members shall be members of the financial services business sector.
Ed Hansen — Chair Rick Bastian Arlyn Erdmann Rob Gerbitz Diane Gustafson Bob Manzer Tom Finley
INVESTMENT/RECRUITMENT COMMITTEE The Investment/Recruitment Committee shall be comprised of not more than seven (7) mem-bers. One (1) being designated the Chair of the Committee.
Jeff Klett – Chair Fred Buggs Keith Kruse Bill Lock Brian Mark Bill Mears Gene Ziemba
NOMINATING COMMITTEE The Nominating Committee shall be comprised of the immediate past chair (Committee Chair) of the Board of Directors, and at least two (2) additional members.
John Nicholas – Chair Tom Barnes Rob Gerbitz
COMMITTEE REPORTS
INVESTMENT/RECRUITMENT COMMITTEE: Membership is the strength of any organization. During these difficult economic times, The Greater Beloit Economic Development Corporation (GBEDC) membership retention in 2012 was 100% and we added several new business partners. This speaks volumes to the successes of our organization and continued long-term growth for our community. In 2012 we enhanced our membership benefits for our investors by listing them in our Preferred Vendor List. This list is provided to any business looking to relocate to the Greater Beloit Area. When a business relocates to the Greater Beloit Area, this list is provided to the businesses employees. When a company relocates, many employees move with them to the new community and are in need of our member’s local services. Additional advertising opportunities are available for our members to have a link from the GBEDC website to their business website. As the world continues to evolve into video messaging and advertising, our site allows for video clips of member information and services. Our organization is committed to growing our local economy and providing opportunities for our citizens to work in a world-class community. We look forward to continued growth in our membership as we strive to bring new business opportunities for the place we call home.
—Jeff Klett, Committee Chair
LOAN AND FINANCE COMMITTEE: There are currently seven (7) traditional loans outstanding, which total more than $452,000, as part of the City of Beloit’s Revolving Loan Fund (RLF) program. The original balances of these loans were $576,000, and all but one has been handled as agreed. One new traditional loan was approved in January and then closed and funded in June in the amount of $200,000 to Beloit Hotel Group (The Hampton Inn & Suites Hotel). There is no current or pending application, and there remains $63,300, as of October 1, 2012, available to be distributed to qualified City of Beloit businesses. Our loan application, as well as other program details, is outlined on our web page at www.greaterbeloitworks.com, making this information available to all potential loan applicants.
—Ed Hansen, Committee Chair
BUSINESS/EDUCATION PARTNERSHIP COMMITTEE: Our committee remains very active in supporting the local School Districts in their quest to give our future workers the tools needed to compete in the workforce. The 6th annual Business/Education Summit was held in August with the theme being “Developing our Future Workforce through Volunteering and Community Service.” The Lunch & Learn programs at Beloit Memorial High School as well as Aldrich and McNeel Middle Schools are continuing with good participation at all levels. There will be more than 350 students at Beloit Memorial who will participate in this year’s Mock Interview Program. Plans for the 4th annual Reality Store are underway where students are given real-life scenarios and have to manage a household budget. Our committee will also be partnering with the Beloit Chamber on ways to work with community-based organizations which will help students perform better and improve the graduation rate at all local high schools.
—Rick Barder & Jim Agate, Committee Co-Chairs
STRATEGIC PLANNING COMMITTEE: The Strategic Planning Committee met earlier in the year to consider several options for moving forward with the Plan as it was due to expire at the end of 2013. Options considered included:
1. Request a budget allocation in 2013 to engage a professional consultant to assist us in creating a new plan from scratch.
2. Hire the same consulting that helped us develop our initial plan to tweak it as appropriate.
3. Do an internal review and update of the Plan and extend it to 2013.
The Committee decided on option No. 3 and updated the Strategic Plan Dashboard. The revised Plan was presented at the September Board Meeting. The Executive Commit-tee will be doing its own internal review of the Strategic Plan, and any proposed changes will be presented at the March Board Meeting. The Vision Beloit Partners Executive Directors continue to meet on a monthly basis to review the plan to ensure that the agencies are coordinating their efforts and not providing redundant services.
BUSINESS DEVELOPMENT COMMITTEE:The frail economy appears to have stabilized. Although economic and political uncertainty for much of 2012 has caused a broad-based caution on plant ex-pansion and equipment acquisition, the Greater Beloit Area has benefitted from expansion plans involving hundreds of new jobs and hundreds of million dollars in new investment.
Alliance Development spent $4.9 million for a 110,000-square-foot addition to its warehouse. Organic growth at Morse Electric prompted a 25,000-square-foot addition to its facility. Kerry Ingredients invested $8 million for a 29,000- square-foot expansion to accommodate a customer service center. FatWallet expanded its space and extended its lease with the City of Beloit. Comply 365 moved its headquarters into the Ironworks bringing 17 high tech jobs to downtown Beloit. We can also celebrate the completion of the Hampton Inn. 2013 looks like it will be another decent year with the continuation toward completion of a number of projects and groundbreaking on others. The 128,000-square-foot expansion at DuPont/Genencor is wrapping up. An 8,000-square-foot expansion at Metso should be completed in the spring. The new Piggly Wiggly store in the old Kmart building will represent an investment of $4 million when it is complete. NorthStar Radioisotopes is scheduled to break ground on its 82,000-square-foot production facility some time in the spring. Bob Evans will begin construction on its first Wisconsin restaurant in 2013. The economic development agencies in Rock County continue to cooperate to develop recruitment and expansion strategies for the region. The GBEDC has partnered with Beloit 2020 and the Beloit and South Beloit communities to develop plans for enhancing the gateway between the two cities. Lastly, we continue to make progress in enhancing the GBEDC’s web presence.
—Rick Bastian, Committee Chair
www.greaterbeloitworks.com
INCOME Billboard Lease (Lamar) 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 Business Education Summit 5,000.00 5,500.00 5,000.00 2,137.88 2,500.00 Crop Lease 37,281.00 35,000.00 60,702.00 60,702.00 60,702.00 Interest Income 900.00 900.00 600.00 600.00 600.00 Investor Dues 66,000.00 66,000.00 63,000.00 66,693.20 66,000.00 Other Income 0.00 0.00 0.00 9,487.10 0.00 Rental Income — 520 E. Grand 7,200.00 0.00 3,200.00 2,790.00 3,200.00 Total Income 120,881.00 111,900.00 137,002.00 146,910.18 137,502.00
EXPENSE Accounting/Audit 3,800.00 4,000.00 4,500.00 4,625.00 4,700.00 Advertising & Marketing 10,000.00 5,000.00 5,000.00 5,000.00 7,500.00 Food Cluster Marketing 0.00 0.00 0.00 0.00 0.00 Business/Education Initiatives 0.00 0.00 0.00 0.00 0.00 Financial Literacy 1,500.00 0.00 1,000.00 370.00 1,000.00 Connections 1,220.00 1,200.00 1,000.00 0.00 1,000.00 Summit 5,200.00 6,000.00 5,000.00 2,807.04 5,000.00 ACT Funding 500.00 500.00 500.00 500.00 500.00 BTC Funding 200.00 0.00 200.00 200.00 200.00 Challenge Day 2,000.00 2,000.00 1,500.00 1,500.00 1,500.00 Discretionary Fund 0.00 1,000.00 1,000.00 1,000.00 1,000.00 Contingency 0.00 0.00 0.00 0.00 0.00 EDA Grant Match 3,000.00 3,000.00 0.00 0.00 0.00 Insurance — D&O 800.00 800.00 800.00 800.00 800.00 Insurance — Liability 2,500.00 2,600.00 2,600.00 2,671.00 2,600.00 Legal Fees, Filing Fee, Etc. 250.00 250.00 250.00 100.00 250.00 Loan Payment — FNB 12,026.00 11,980.00 11,980.00 8,722.00 8,722.00 Loan Payment #2 — CDBG 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 Meals & Entertainment 1,000.00 500.00 500.00 450.00 500.00 Meeting Expense 1,500.00 500.00 500.00 300.00 500.00 Office Supplies/Printing/Mailing 4,700.00 5,500.00 5,500.00 2,000.00 5,500.00 Professional Services 4,400.00 12,620.00 12,620.00 12,945.00 12,000.00 Sub Area Plan 20,600.00 0.00 0.00 0.00 0.00 Project Signs 3,000.00 1,000.00 1,000.00 300.00 1,000.00 Rent/Utilities 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 Repairs — 520 E. Grand 7,000.00 2,000.00 2,000.00 1,600.00 2,000.00 Special Projects 0.00 0.00 15,000.00 2,000.00 20,000.00 Staff 20,000.00 22,000.00 24,000.00 24,000.00 24,000.00 Strategic Planning 0.00 0.00 0.00 0.00 1,000.00 Subscriptions & Reports 500.00 500.00 500.00 700.00 500.00 Training/Conference 2,500.00 4,000.00 4,000.00 3,000.00 4,000.00 Travel 5,000.00 3,000.00 3,000.00 1,500.00 3,000.00 Utilities — Signs 450.00 450.00 620.00 400.00 620.00 UW Engineering Program 2,000.00 0.00 0.00 0.00 0.00 Total Expense 137,146.00 111,900.00 126,070.00 98,990.04 130,892.00
Net Income/(Loss) (16,265.00) 0.00 10,932.00 47,920.14 6,610.00
Balance Carried Forward 233,208.56 268,931.70
Total Available 244,140.56 275,541.70
INCOME Billboard Lease (Lamar) 0.00 4,500.00 4,500.00 Business Education Summit 65.00 5,000.00 2,137.88 Crop Lease 0.00 60,702.00 30,349.65 Interest Income 29.13 600.00 465.25 Investor Dues 0.00 63,000.00 66,693.20 Other Income 0.00 0.00 9,487.10 Rental Income—520 E. Grand 140.00 3,200.00 2,190.00 Total Income 234.13 137,002.00 115,823.08
EXPENSE Accounting/Audit 0.00 4,500.00 4,625.00 Advertising & Marketing 0.00 5,000.00 3,103.30 Food Cluster Marketing 0.00 0.00 0.00 Business/Education Initiatives 0.00 0.00 0.00 Financial Literacy 0.00 1,000.00 370.00 Connections 0.00 1,000.00 0.00 Summit 0.00 5,000.00 2,807.04 ACT Funding 0.00 500.00 0.00 BTC Funding 0.00 200.00 0.00 Challenge Day 0.00 1,500.00 1,000.00 Discretionary Fund 0.00 1,000.00 0.00 Contingency 0.00 0.00 0.00 EDA Grant Match 0.00 0.00 0.00 Insurance—D&O 0.00 800.00 0.00 Insurance—Liability 0.00 2,600.00 2,671.00 Legal Fees, Filing Fee, Etc. 0.00 250.00 89.00 Loan Interest—FNB 1,462.56 11,980.00 7,258.09 Loan Payment #2—CDBG 0.00 1,500.00 0.00 Meals & Entertainment 241.85 500.00 394.82 Meeting Expense 0.00 500.00 0.00 Office Supplies 58.00 5,500.00 427.64 Professional Services 280.00 12,620.00 12,335.00 Sub Area Plan 0.00 0.00 0.00 Project Signs 0.00 1,000.00 0.00 Rent/Utilities 3,147.73 20,000.00 18,615.66 Repairs—520 E. Grand 213.35 2,000.00 1,088.38 Furnace 0.00 0.00 0.00 Special Projects 0.00 15,000.00 0.00 Staff 5,500.00 24,000.00 16,500.00 Strategic Plan 0.00 0.00 0.00 Subscriptions & Reports 0.00 500.00 1,200.00 Training/Conference 0.00 4,000.00 2,575.71 Travel 12.27 3,000.00 1250.15 Utilities—Signs 8.36 620.00 315.04 UW Engineering Program 0.00 0.00 0.00 Total Expense 10,866.12 126,070.00 76,625.83
Net Income (Loss) (10,631.99) 10,932.00 39,197.25
Net Cash Provided by Financing Activities 0.00 (2,205.64)
Adjusted Net Income (10,631.99) 36,991.61
BALANCE SHEET (As of October 31, 2012)
ASSETSCurrent Assets Checking/Savings CD #1 50,125.93 CD #2 50,375.69 CD #3 50,000.00 Checking #2—M&I 23,530.39 Money Market—M&I 94,899.69 Total Checking & Savings 268,931.70
Other Current Assets Prepaid Insurance 960.37 Total Other Current Assets 960.37
Total Current Assets 269,892.07
Fixed Assets 520 E. Grand— Equipment 6,612.74 Accumulated Depreciation (87,677.94) Building Improvements— 520 E. Grand (at cost) 190,873.00 Building— 520 E. Grand (at cost) 140,000.00 Computers & Related Items 5,175.00 Land— 520 E. Grand (at cost) 25,000.00 Software 3,200.00 Vision Beloit—Furniture 7,240.48 Total Fixed Assets 290,423.28
TOTAL ASSETS 560,315.35
LIABILITIES & EQUITYCurrent Liabilities Accounts Payable 3,286.65 Total Accounts Payable 3,286.65 Total Current Liabilities 3,286.65
Long-Term Liabilities Contra Current Mat— City of Beloit (1,500.00) Contra Current Mat—FNB (3,299.00) Current Mat—City of Beloit 1,500.00 Current Mat—FNB 3,299.00 N/P—City of Beloit 13,575.00 N/P—FNB 124,210.27 Total Long-Term Liabilities 137,785.27
TOTAL LIABILITIES 141,071.92
Equity Retained Earnings 380,046.18 Net Income 39,197.25 Total Equity 419,243.43
TOTAL LIABILITIES & EQUITY 560,315.35
Approved 2011
Annual Budget
Approved 2012
Annual Budget
Proposed 2013
Annual Budget
Projected Through Year-End
2012
2012 YTD
Actual
2012 Annual Budget
October 2012 Actual
Approved 2010
Annual Budget
FINANCIAL REPORT‘12 Budget vs. Actual
FUTURE PROJECTIONS‘13 Proposed Budget
WISCONSIN ECONOMIC DEVELOPMENT AND GROWTHWithin 500 miles of Beloit:
31 percent of the nation’s population
30 percent of all U.S. business operations
30 percent of the nation’s manufacturing companies
38 percent of all U.S. manufacturing volume
50 percent of the nation’s top 20 metro manufacturing centers
Businesses benefit from Greater Beloit’s strategic location. Our geographical location on the Illinois-Wisconsin border — midway between Lake Michigan and the Mississippi River — puts us in the center of the U.S.A.’s biggest market — the Midwest. Speedy access to these markets is provided by the area’s diversified transportation systems. Interstate Highways 39, 90, and 43 link the area with other Wisconsin and Illinois communities, as well as the rest of the nation.
We are in close proximity to two major cities; Chicago and Milwaukee both are within a two-hour drive. Greater Beloit offers ease of access to markets and suppliers. This is a highly significant factor in terms of freight costs and the increased emphasis on "Just-In-Time" production.
With its strategic location and access to markets, Greater Beloit continually plays a big role in Wisconsin public economic development. In short, Greater Beloit offers firms the right location to expand or establish a business.
