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ANNUAL REPORT 2011
THE GREATER BELOIT ECONOMIC DEVELOPMENT CORPORATION
Greater Beloit WorksThe Greater Beloit Economic Development Corporation500 Public AvenueBeloit, WI 53511ph: (608) 364-6748fx: (608) 364-6756www.greaterbeloitworks.com
www.greaterbeloitworks.com
Unlike many communities, Greater Beloit enjoyed a year of continued stability and growth. Through the continued cooperation of the private and public partnership that Beloit enjoys, we have had several noteworthy successes in attract-ing, expanding, and retaining important businesses in the Stateline area.
The Greater Beloit Economic Development Corporation (GBEDC) has remained busy with many projects and I am pleased to report that our investors continue to be supportive of our efforts.
The combined efforts of the GBEDC, Visit Beloit, Chamber of Commerce, and Downtown Beloit Association towards mutual and shared strategic goals will con-tinue to enhance our community’s visibility and display progress that is more readily achieved through collaboration and cooperation.
The GBEDC currently has seven standing committees, which are composed of many active members and volunteers. The committees are Investment and Recruitment, Loan and Finance, Business Development, Business/Education Partnership, Strate-gic Planning, Executive, and Nominating.
It is through these committees that the mission of the Corporation is realized. Quarterly Board of Director’s meetings allow the members to stay abreast of the workings of the Corporation with the Executive Committee meeting monthly. Other committee meetings are scheduled as necessary.
There is a great deal of momentum and progress going on and I appreciate all of the support and encouragement I have received during my tenure as President of the Corporation. It has been an honor to serve and I hope and expect the incoming President will be afforded the same support as I have received.
FELLOW INVESTORSA Message from the ‘11 Board President
John Nicholas, ‘11 Board Chair
‘11 Executive Committee Members, pictured from left to right: Jim Fisher (Vice Chair), John Nicholas (Chair), Rick Barder (Business/Education Partnership Com-mittee Chair), Diane Gustafson (Designated Loan & Finance Committee Chair), Larry Arft (Local Government Jurisdiction Representative), Tom Ptacin (Immedi-ate Past Chair), and Rick Bastian (Business Development Committee Chair). Not pictured: Ed Hansen (Secretary/Treasurer), Keith Kruse (Investment/Recruitment Committee Chair), and Joel Patch (Strategic Planning Committee Chair).
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 coop-erative and collaborative 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.
BuSINESS INDuSTRY Bill Sullivan, Chief Executive Officer Beloit Health System – Clinic Division
Kent Eymann, Publisher Beloit Daily News
John Todd, Vice President Kerry Americas
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
Tom Barnes, Real Estate Asset Manager ABC Supply
Keith Kruse, V.P., Director of Operations Tricor Insurance
REAL ESTATE/DEVELOPERS/ CONTRACTORS Tom Ptacin, President Klobucar Construction Co., Inc.
Joel Patch, Partner Commercial Property Group, LLC
Jason Houle, Principal 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
Rick Barder, Retired
Ed Hansen, V.P. of Business Banking Gateway Community Bank
EDuCATION John Nicholas, V.P. of Administration & Treasurer Beloit College
Steve McNeal, Superintendent School District of Beloit
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
Jim Fisher, President JBF Group
LOCAL GOVERNMENT Larry Arft, City Manager City of Beloit
Roger Anclam, Chairperson Town of Turtle
Mike Duffy, Mayor City of South Beloit
Bob Museus, Administrator Town of Beloit
EX-OFFICIO Randall Upton, President Greater Beloit Chamber of Commerce
Deb Frederiksen, Executive Director Visit Beloit
Kathleen Braatz, Executive Director Downtown Beloit Association
Nailah Adama, 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
‘11 OFFICERS & EXECuTIVE COMMITTEEChair John Nicholas
Vice Chair Jim Fisher
Secretary/Treasurer Ed Hansen
Immediate Past Chair Tom Ptacin
Business/Education Partnership Committee Co-Chair Rick Barder
Business Development Committee Chair Rick Bastian
Designated Loan & Finance Committee Chair Diane Gustafson
Investment/Recruitment Committee Chair Keith Kruse
Strategic Planning Committee Chair Joel Patch
LEADERSHIP TEAM‘11 Board & Committee Members
Andrew Janke Economic Development Director City of Beloit
Shauna El-Amin Administrative Assistant City of Beloit
STAFF MEMBERS
www.greaterbeloitworks.com
Despite the continuing challenging economic times Greater Beloit had a good year with several major expansion projects being and announced and some being com-pleted by the end of the year. A few notable expansion projects include:
KETTLE FOODS is constructing a 45,000 square foot addition to meet the growing demand for their potato chip products. The company is investing $40 million into their Beloit facil-ity 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 is con-structing a 110,000 square foot warehouse facility. Total private investment is $4,900,000 and will create up to 10 jobs.
WILD ASEPTICS completed a $6,000,000 expansion project that allowed the company to add to its production capacity. The project led to the creation of 7 new jobs.
WOODMAN’S FOOD MARKET completed the construction to its 32,136 square foot expansion of their west side warehouse distribu-tion facility. The project lever-aged over $1,422,483 in private investment.
KERRY INGREDIENTS AND FLAVORS is construction a 29,000 square foot addition to their corporate headquarters facility. The new addition will house internal support operations and the vacated space will be remodeled to support activities relating to new flavor and pharmaceutical operations. Total investment in the project is $8,000,000 and will result in the creation of 47 new jobs.
2011 also saw the announcement of two new companies that chose to locate in Greater Beloit:
‘11 INVESTORSABC Supply
Alliant Energy
Allied Games
Amcraft Building Projects
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 Health System— Clinic Division
Beloit Snappers
Beloit Special Machining Co.
Blackhawk Bank
Blackhawk Logistics
Blackhawk Technical College
Blackhawk Transport
Budweiser Motors
Business Outreach Services—UW Whitewater
City of Beloit
City of South Beloit
Coldwell Banker Commercial/McGuire Mears
Commercial Property Group
Corporate Contractors Inc.
Culvers
Durst
Electrol Specialties Company
Fairbanks Morse Engine
Finley/Dencker
First American Credit Union
First National Bank & Trust
Frito Lay
G. G. Grabowski CPA, SC
Gateway Community Bank
THE YEAR IN REVIEWA Great Year for Expansion Projects
Wild Aseptics
Woodman’s Food Market
Kerry Ingredients and Flavors
Kettle Foods
FATWALLET.COM moved from their Rockton, IL location in April to the former Kerry office building located at 100 East Grand Avenue. The company moved specifically to avoid the need to pay a new on-line sales tax imposed by the State of Illinois. The initial move created 54 new jobs. Later in the year the company was sold to California based Ebates.com which plans to stay in their downtown Beloit location and continue to grow and create jobs.
NORTHSTAR MEDICAL RADIOISOTOPES, LLC announced that they were planning on developing a production facility in Beloit that utilizes linear ac-celerators to produce isotopes that are used in diagnostic medical imaging. The project will involve the construction of an 82,000 square foot facility, le-veraging $194 million in investment, and creating 150 new jobs by 2016. The company will also be moving their corporate headquarters to Beloit.
The year’s most significant commercial project announcement was the beginning of construction of the $1.2 million TILLEY’S PIZZA HOuSE.
Unemployment numbers for the area continue to decline from a high in 2009 of 18.6% down to a still unacceptable 12.4%. As the economy continues its slow recov-ery, hopefully, this trend of decline will accelerate. Pipeline activity in 2011 was much more robust com-pared to the 2 years prior to it.
GBEDC staff and volunteers spent a great deal of effort and time in 2011 working on a number of Strategic Collaborations including:
Turtle Creek Corridor Redevelopment Plan Phase IUpper Floor Housing Grant ProgramDowntown Façade Grant ProgramEducational InitiativesPromoting the “Shovel Ready” certification of the Gateway Business ParkCompleting the 100th BRE interviewLaunching of virtual buildings project
The GBEDC continued to collaborate with Rock County 5.0 as that organi-zation has risen over $1 million
H.B. Specialty Foods
Alliance Development
Genencor International
(INVESTORS CONT.)
Genencor International
Greater Beloit Chamber of Commerce
Harris Ace Hardware
Hendricks Holding Company, LLC
Henry Technologies
Hormel Foods Corporation
JBF Group
Kerry Americas
Kettle Foods
Klobucar Construction, Inc.
M & I Bank
McBain Enterprises, Inc.
MLG Development
Morse Group
Mule-Hide Products
Neighborhood Housing Services
North American Tool
Papa Murphy’s Take N Bake
Paperchine
PRIDE Associates
R. H. Batterman & Co., Inc.
Regal-Beloit
River’s Edge Foundry, LLC
Rock Bar & Grill
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
Tilley’s Pizza House
‘11 RECAPProjects ........................................14
New Jobs ..................................491
Total Investment ..... $334,322,483
Square Footage ................ 691,900
www.greaterbeloitworks.com
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 2011 including the development of a series of videos focusing on Rock County’s Logistics cluster and our Real Estate and Development Opportu-nities. A video promoting the Rock County airport will be completed in early 2012.
Several significant infrastructure development projects were also completed including:
Reconstruction of the 300 block of STATE STREET Construction of the downtown GANTRY AND GANTRY PARK Reconstruction of CRANSTON ROAD The start of construction of the HENRY AVENuE BRIDGE
Major development projects that were completed in 2011 represented the creation of 61 new jobs, a total private investment of over $7,422,483 million, and added 32,136 square feet. These include:
FATWALLET.COM WILD ASEPTICS WOODMAN’S
Other development projects that are under construction, or have been announced in 2011 will add an additional 430 new jobs, result in the private investment of $326,900,000 and add an additional 659,764 square feet. These projects include:
KETTLE FOODSALLIANCE DEVELOPMENTGENENCORBIRDS EYE FOODSNORTHSTAR MEDICAL RADIOISOTOPESKERRY INGREDIENTS & FLAVOuRSTHE MORSE GROuPH.B. SPECIALTY FOODSTILLEY’S PIZZA HOuSEFAIRBANKS MORSEALLIANT ENERGY
Between completed and an-nounced projects, the region can anticipate the creation of 491 new jobs, the addition of 691,900 square feet, and private investment contri-butions totaling $334,322,483.
300 Block of State Street
Gantry Park
(THE YEAR IN REVIEW CONT.)GBEDC’S FOCuS & INVESTORSOuR FOCuS The GBEDC organizes econom-ic 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 reten-tion and expansion as well as new businesses, creating and retaining jobs while increasing the tax base. Acting as a voice for the business community, we facilitate professional partner-ships 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 the region’s largest stakeholders and strongest community-minded businesses 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 cor-porate 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/Invest-ment, Strategic Planning, Busi-ness Development, and Busi-ness/Education Partnership.
Henry Bridge Cranston Road
Alliant Energy Gateway Substation
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 Our fifth annual summit was held on August 24 with featured speakers Alan Borsuk, Senior Fellow in Law at Marquette Uni-versity Law School, and Janice Brown, Executive Director at the Kalamazoo Promise. This event was held in partnership with the School District of Beloit and the Greater Beloit Chamber.
SPEAKERS BUREAU PooL We maintain an up-to-date list of professionals in the area who are willing to speak about their professions to School District of Beloit students.
CoNNECTIoNS INITIATIVE We connect BMHS freshmen with area businesses that welcome these students into their facilities to discuss careers available. Although this program will not be continued, plans are underway to partner with the Chamber for its Career Fair held each November.
LUNCH & LEARN This mentoring program matches area professionals with BMHS freshmen. Currently, 25 mentors work with students every Friday over lunch, pro-vided by a Stateline Community Foundation grant. This year we also introduced programs at both Beloit middle schools.
REALITy SToRE Area businesses set up shop for the morning to teach students real life lessons, including bud-geting, setting up a checking account, buying a home, buying a car, and paying bills, all factored on a career-based in-come of the student’s choosing.
The 4th Kids Against Hunger packaging event at Beloit Memorial High School was held this year.
The first year started with students and mentors in our Lunch & Learn Program pack-aging 8,000 meals that were given to local organizations, Cari-tas and ECHO. The second event was introduced school-wide with over 290,000 meals packaged and shipped to Cameroon, Africa. The third event was held with another group of Lunch & Learn students and mentors who packaged another 8,000 meals for local organizations.
This year the school-wide event was continued, and 150,000 meals were packaged, all of them were sent to Haiti. Students volunteered their morning off of school and community members took off work to participate. Students were asked to get donations by presenting to area businesses, which not only brings students together but
also brings community members into the school to show the students how much their efforts really matter.
We would like to extend a special thank you to AVID PALLET for donating pallets for this project.
LOCAL PARTNERSHIPSGBEDC Helps KIDS AGAINST HUNGER
www.greaterbeloitworks.com
‘11 COMMITTEES
EXECuTIVE COMMITTEE The Executive Committee shall be comprised of not more than eleven (11) members.
John Nicholas – Chair Jim Fisher – Vice Chair Ed Hansen – Secretary/Treasurer Tom Ptacin – Immediate Past Chair Larry Arft Rick Barder Rick Bastian Diane Gustafson Keith Kruse Joel Patch 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 Bill Lock Frank McKearn Tom Ptacin Jeff Hazekamp Mark Membrino
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.
Rick Barder – Co-Chair Jim Agate – Co-Chair
NOMINATING COMMITTEE The Nominating Committee shall be comprised of the im-mediate past chair (Committee Chair) of the Board of Directors, and at least two (2) additional members.
Tom Ptacin – Chair Tom Barnes Jim Fisher Rob Gerbitz
COMMITTEE REPORTSFrom Our Committee Chairs
INVESTMENT/RECRuITMENT COMMITTEE: As we continue to face economic challenges in the area, we continue to work at growing investor/membership revenue. We did maintain most of our current base of supporters, which we feel is acceptable in light of the national and local econo-my. We were fortunate to receive additional investment revenue from Beloit Health Systems, and would like to thank them for recognizing how important GBEDC is to the Greater Beloit community. For 2012, we plan to add additional members to our committee for help in reaching out to the community, and look at different ways to allow current partners to increase what they do with us as well as a major focus on recruitment of new partners. Our revenue budget goal will be $63,000, and our committee’s focus will be to achieve this goal at a minimum with great hopes that we will exceed that number. We firmly believe that our organization remains a critical piece in the local economy’s growth machine and that local businesses can see that our organization’s growth is good for all. Our history has shown that, and our future will as well. —Keith Kruse, Committee Chair
STRATEGIC PLANNING COMMITTEE: Staff has continued to coordinate the economic development activities in the area in the context of the adopted Strategic Plan. The Strategic Plan now incorporates the associated priorities of the GBEDC, the Greater Beloit Chamber of Commerce, Visit Beloit, and the Downtown Beloit Association in to one document. On a monthly basis, the Executive Director’s meet to update the Strategic Plan, discuss progress on our agreed-upon initiatives, develop new ideas, and coordinate activities. The Plan has been modified eleven times since starting the process in 2010 and reflects changing priorities within the economic development landscape. Staff has made several presentations on the Strategic Plan to a variety of stakeholders. In 2010, the Greater Beloit Chamber of Commerce and Visit Beloit engaged the same consultant used by the GBEDC to guide them through the development and approval of their own strategic plans. The DBA plans to also use the same consultant to update their strategic plan in 2012. Once all four plans are complete, the GBEDC will coordinate a joint meeting with the consultant to reaffirm that the partners missions are distinct and there is no redundancy in the organizations goal and objectives. —Joel Patch, Committee Chair
LOAN AND FINANCE COMMITTEE: There are six (6) traditional loans currently outstanding which total over $274,000, as part of the City of Beloit‘s Revolving Loan Fund (RLF) program. The original balanc-es of these loans were $376,000 and all but one (1) have been handled as agreed. One new traditional loan was approved in the amount of $55,000 for Midwest Adventures Group, dba Paddle & Trail. Two forgivable loans were approved in 2011, one to Kettle Foods for $200,000 and one to Genencor International for $100,000. With no current applications being submitted, there is $237,500, as of October 31, 2011, to be distributed for qualified City of Beloit businesses. An updated brochure that outlines these programs will be produced in early 2012, and a current edition is detailed on our webpage www.greaterbeloitworks.com making this information available to all potential loan applicants. —Ed Hansen, Committee Chair
(COMMITTEES CONT.)
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 Diane Gustafson Rick Bastian Arlyn Erdmann Bob Manzer Rob Gerbitz Brian Kobischka
INVESTMENT/RECRuITMENT COMMITTEE The Investment/Recruitment Committee shall be comprised of not more than seven (7) members. One (1) being designated the Chair of the Committee.
Keith Kruse — Chair Fred Buggs Bill Lock Brian Mark Bill Mears Scott Weiser Gene Ziemba
STRATEGIC PLANNING COMMITTEE The Strategic Planning Committee shall be comprised of the Chair of the Board, Vice Chair of the Board and five (5) additional members who shall be investors of the Corporation
Joel Patch — Chair John Nicholas Jim Fisher Tom Barnes Deb Fredrikson Fran Patch Randall Upton
BuSINESS/EDuCATION PARTNERSHIP COMMITTEE: Our committee remains very active in supporting the local School District’s in their quest to give our future workers the tools needed to compete in the workforce. The 5th annual Business/Education Summit was held in August where we received an update on the current conditions affecting Wisconsin School District’s as well as listening to a very innovative program started several years ago in Kalamazoo, MI called The Kalamazoo Promise. The 4th annual Connections Initiative was held in May with over 400 Freshmen students from Beloit Memorial visiting over 20 local businesses for a 2hr overview of the activity of that business. The Lunch & Learn programs at Beloit Memorial High School as well as Aldrich & McNeel Middle Schools are continuing with good participation at all levels. There will be over 350 students at Beloit Memorial who will participate in this year’s Mock Interview Program. A pilot program linking students to adult mentors via the internet is continuing with over 30 volunteers participating. A program matching teachers with business leaders is continuing where visitations at businesses and at schools will take place to learn about skill sets needed in the work world. Plans for the 3rd Reality Store are underway where students are given real life scenarios and have to manage a household budget. Our committee will be partnering with the Greater Beloit Chamber of Commerce on ways to work with community-based non-profit organizations which will help students perform better and improve the graduation rate at all local high schools. —Rick Barder & Jim Agate, Committee Co-Chairs
BuSINESS DEVELOPMENT COMMITTEE: Although the economic environment has remained challenging for the attrac-tion efforts of most economic development organizations, your GBEDC had a pretty good and productive year. One new plant announcement along with a handful of expansion plans promise to bring hundreds of jobs and tens of millions of dollars in investment to the Greater Beloit area.NorthStar Medical Radioisotopes, a company involved in nuclear medicine, announced plans to build an 82,000 square foot facility north of Gateway that
could involve as much as $194 million in investment. Alliance Development has committed to a 110,000 square foot addition to its existing distribution facility. In late 2010, Kettle Foods announced a $38 million addition to its existing award winning facility. Kerry Ingredients and Flavours also committed to an $8 million, 29,000 square foot addition to its headquarters campus. We take all of these actions as votes of confidence in the unique talent, resources and infrastructure offered in Greater Beloit.In a very competitive economic development environment, we recognize that low cost land is not the only differentiator. We achieved “shovel ready” certi-fication for sites at the Gateway Business Park and have modified signage to advertise that fact. A partnership with the Rock County Business Alliance and Angus Young give potential GBEDC clients access to a variety of virtual build-ing designs that play to the “speed to market” needs of clients considering the area for facilities. The Food Processing and Technology brochure and video was the initial effort at broadcasting a core competency of our region. This year, a similar commitment to a brochure and video on Logistics will be followed by ones on Advanced Manufacturing, Healthcare, the Rock County Airport, and other industries.
All of the economic development organizations in Rock County are on the same page. Wisconsin is transforming itself into a pro-business state. All of this bodes well for business development when the economy turns around.—Rick Bastian, Committee Chair
www.greaterbeloitworks.com
INCOME Billboard Lease (Lamar) 0.00 4,500.00 4,500.00 Business Education Summit 20.00 5,500.00 3,865.00 Crop Lease 0.00 35,000.00 0.00 Interest Income 8.27 900.00 426.56 Investor Dues 500.00 66,000.00 61,980.70 Other Income 16,667.00 0.00 22,536.18 Rental Income—520 E. Grand 200.00 0.00 800.00 Total Income 17,395.27 111,900.00 94,108.44
EXPENSES Accounting/Audit 0.00 4,000.00 4,790.00 Advertising & Marketing 650.00 5,000.00 5,869.18 Food Cluster Marketing* 0.00 0.00 0.00 Business/Education Initiatives 0.00 0.00 0.00 Financial Literacy 0.00 0.00 183.00 Connections 0.00 1,200.00 673.11 Summit 1,635.00 6,000.00 5,477.58 ACT Funding 0.00 500.00 33.00 BTC Funding 0.00 0.00 0.00 Challenge Day 0.00 2,000.00 0.00 Discretionary Fund 0.00 1,000.00 130.24 Contingency 0.00 0.00 0.00 EDA Grant Match 0.00 3,000.00 0.00 Insurance—D&O 0.00 800.00 0.00 Insurance—Liability 0.00 2,600.00 2,554.00 Legal Fees, Filing Fee, Etc. 0.00 250.00 160.00 Loan Interest—FNB 742.43 11,980.00 7,347.82 Loan Payment #2—CDBG 0.00 1,500.00 0.00 Meals & Entertainment 36.00 500.00 176.75 Meeting Expense 0.00 500.00 0.00 Office Supplies 58.00 5,500.00 1,623.39 Professional Services 0.00 12,620.00 7,555.00 Sub Area Plan* 10,300.00 0.00 10,300.00 Project Signs 0.00 1,000.00 6,085.84 Rent/Utilities 1,535.53 20,000.00 16,524.37 Repairs—520 E. Grand 0.00 2,000.00 1,222.07 Furnace* 0.00 0.00 0.00 Staff 5,500.00 22,000.00 32,586.62 Strategic Plan 0.00 0.00 0.00 Subscriptions & Reports 0.00 500.00 0.00 Training/Conference 279.53 4,000.00 1,677.49 Travel 0.00 3,000.00 128.21 Utilities—Signs 50.28 450.00 481.19 UW Engineering Program 0.00 0.00 0.00 Total Expenses 20,786.77 111,900.00 105,578.86
Net Income/(Loss) (3,391.50) 0.00 (11,470.42)
Net Cash Provided by Financing Activities (255.79) (4,134.38) 0.00Accounts Payable to Rock County 5.0 0.00 (3,647.29) (15,604.80)
BALANCE SHEET (As of October 31, 2011)
ASSETSCurrent Assets Checking/Savings CD #1 50,125.93 CD #2 50,000.00 CD #3 50,000.00 Checking #2—M&I 24,001.87 Money Market—M&I 76,426.44 Total Checking/Savings 250,554.24
Other Current Assets Prepaid Insurance 960.37 Total Other Current Assets 960.37
Total Current Assets 251,514.61
Fixed Assets 520 E. Grand—Equipment 6,612.74 Accum. Depreciation (74,648.32) Bldg 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 303,452.90
TOTAL ASSETS 554,967.51
LIABILITIES & EQuITYCurrent Liabilities Accounts Payable 1,658.67 Total Accounts Payable 1,658.67
Total Current Liabilities 1,658.67
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 15,075.00 N/P—FNB 127,474.47 Total Long-Term Liabilities 142,549.47
Total Liabilities 144,208.14
Equity Retained Earnings 422,229.79 Net Income (11,470.42) Total Equity 410,759.37
TOTAL LIABILITIES & EQUITY 554,967.51
2011 YTD
Actual
2011 Annual Budget
October 2011
Actual
FINANCIAL REPORT‘11 Budget vs. Actual
INCOME Billboard Lease (Lamar) 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 Business Education Summit 5,300.00 5,000.00 5,500.00 3,925.00 5,000.00 Crop Lease 38,408.00 37,281.00 35,000.00 13,327.04 60,702.00 Interest Income 1,000.00 900.00 900.00 455.00 600.00 Investor Dues 65,971.00 66,000.00 66,000.00 62,818.00 63,000.00 Other Income 0.00 0.00 0.00 5,869.18 0.00 Rental Income - 520 E. Grand 14,400.00 7,200.00 0.00 1,000.00 3,200.00 Total Income 129,579.00 120,881.00 111,900.00 91,894.22 137,002.00
EXPENSES Accounting/Audit 3,500.00 3,800.00 4,000.00 4,790.00 4,500.00 Advertising & Marketing 14,000.00 10,000.00 5,000.00 5,219.18 5,000.00 Food Cluster Marketing 6,000.00 0.00 0.00 0.00 0.00 Business/Education Initiatives 0.00 0.00 0.00 250.00 0.00 Financial Literacy 0.00 1,500.00 0.00 183.00 1,000.00 Connections 2,000.00 1,220.00 1,200.00 673.11 1,000.00 Summit 5,000.00 5,200.00 6,000.00 3,842.58 5,000.00 ACT Funding 0.00 500.00 500.00 450.00 500.00 BTC Funding 0.00 200.00 0.00 0.00 200.00 Challenge Day 0.00 2,000.00 2,000.00 1,100.00 1,500.00 Discretionary Fund 0.00 0.00 1,000.00 400.00 1,000.00 Contingency 0.00 0.00 0.00 0.00 0.00 EDA Grant Match 5,400.00 3,000.00 3,000.00 0.00 0.00 Insurance—D&O 800.00 800.00 800.00 800.00 800.00 Insurance—Liability 2,500.00 2,500.00 2,600.00 2,554.00 2,600.00 Legal Fees, Filing Fee, Etc. 500.00 250.00 250.00 160.00 250.00 Loan Payment—FNB 11,979.00 12,026.00 11,980.00 11,980.00 11,980.00 Loan Payment #2—CDBG 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 Meals & Entertainment 1,000.00 1,000.00 500.00 350.00 500.00 Meeting Expense 3,500.00 1,500.00 500.00 150.00 500.00 Office Supplies/Printing/Mailing 4,700.00 4,700.00 5,500.00 2,100.00 5,500.00 Professional Services 5,000.00 4,400.00 12,620.00 7,555.00 12,620.00 Turtle Creek Corridor Redevelopment Plan 0.00 20,600.00 0.00 10,300.00 0.00 Project Signs 5,000.00 3,000.00 1,000.00 6,085.84 1,000.00 Rent/Utilities 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 Repairs—520 E. Grand 6,000.00 7,000.00 2,000.00 1,222.07 2,000.00 Furnace 4,000.00 0.00 0.00 0.00 0.00 Special Projects 0.00 0.00 0.00 0.00 15,000.00 Staff 2,256.00 20,000.00 22,000.00 38,089.00 24,000.00 Strategic Planning 0.00 0.00 0.00 0.00 0.00 Subscriptions & Reports 500.00 500.00 500.00 100.00 500.00 Training/Conference 2,000.00 2,500.00 4,000.00 1,500.00 4,000.00 Travel 500.00 5,000.00 3,000.00 200.00 3,000.00 Utilities—Signs 400.00 450.00 450.00 620.00 620.00 UW Engineering Program 2,000.00 2,000.00 0.00 0.00 0.00 Total Expenses 110,035.00 137,146.00 111,900.00 122,173.78 126,070.00
Net Income/(Loss) 19,544.00 (16,265.00) 0.00 (30,279.56) 10,932.00
Approved 2010
Annual Budget
Approved 2011
Annual Budget
Proposed 2012
Annual Budget
Projected Through Year-End
2011
Amended 2009
Annual Budget
FUTURE PROJECTIONS‘12 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 diversi-fied transportation systems. Interstate Highways 39, 90, and 43 link the area with other Wis-consin 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 Be-loit continually plays a big role in Wisconsin public economic development. In short, Greater Beloit offers firms the right loca-tion to expand or establish a business.