- Associated Press - Saturday, March 11, 2017

MINOT, N.D. (AP) - Minot’s economic development fund awarded nearly $57,000 in assistance last year as its reserves grew despite declining income.

The Magic Fund had a year-end cash balance of $7.14 million, while sales tax collections that support the fund decreased by $349,530, a nearly 17.9 percent from 2015, the Minot Daily News (https://bit.ly/2lOntTX ) reported.

Collections totaled $1.6 million last year, which more than offset spending.

Awards from the fund included $10,000 to Crosby Kids Day Care and $20,172 as an annual grant to Souris Basin Planning Council along with its required local match for federal funds. The fund also supported Minot Area Development Corp. by providing a direct payment of $365,000.

A performance audit resulted in Kalix, a nonprofit, paying back $1,179 to the fund in August. Kali bought a new recycling baler in 2014 in part with $252,000 in assistance it received from the Magic Fund. As a condition of the grant, it must pay 42 cents for each hour less than 30,000 worked by employees at its recycling center. Employees worked 27,192 hours over the audit period.

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Information from: Minot Daily News, https://www.minotdailynews.com

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