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Home My WebLink AboutSEOPW-CRA-2000-12-18-Discussion Item 1• CRA FINANCIAL REPORT November 30, 2000 • • • • SEOPW TRUST AGENCY . FINANCIAL REPORT - NARRATIVE TWO MONTHS ENDED 11/30/00 BALANCESHEET The balance sheet represents the financial position of the SEOPW Trust Agency as of November 30, 2000. This report reflects the current value of assets owned by the trust , liabilities owed by the trust and the equity position of the trust (fund balance). The following explanations are offered as additional disclosure for significant or unusual items included in the balance sheet: Due from Community Development — This amount represents reimbursements due from for expenses incurred and paid for project related cost for the 3rd avenue corridor project. Due to SEOPW — During the FYE 9/00, the OMNI Trust transferred $765,350 to • the "Projects" account of the SEOPW Trust Agency. This was done to pay for certain project related expenses for the Margaret Pace Park. The balance remaining at the end of the fiscal year of $663,895 is currently being held by the SEOPW Trust Agency and is due to be transferred back to the OMNI Trust Agency. STATEMENT OF REVENUE & EXPENDITURES The statement of revenue and expenditures represents the summary of revenue and expenses for the two month period ending 11/30/00 for the SEOPW Trust Agency. The statement is presented on an accrual basis. There are no unusual or significant items requiring further explanation or disclosure. 0 0 0 COMMUNITY REDEVELOPMENT AGENCY BALANCE SHEET NOVEMBER 30, 2000 SEOPW Assets Equity in pooled cash Cash with fiscal agents Due from Community Development Accounts receivable Total Assets Liabilities and Fund Balance • Liabilities Accounts Payable Due to OMNI Notes Payable Total Liabilities Fund Balances Unrestricted Total Liabilities & Fund Balance 2,608,444 692,526 21,000 3,321,970 368,884 663,895 356,600 1,389,379 1,932,591 3,321,970 Note: Financial information contained in this report was obtained from the City of Miami SCI report # 35 as of November 30, 2000. 0 COMMUNITY REDELOPMENT AGENCY STATEMENT OF REVENUE AND EXPENDITURES - PRELIMINARY FISCAL YEAR ENDED 9/30/01 SEOPW FYE 01' DESCRIPTION ACTUAL REVENUE Tax Increment Appropriations - City of Miami Support 46,582 Community Development Support 379,000 CDBG Grants 546,026 Parking Revenue 4,594 Interest Income 4,580 SEC 108 Loans - 1995 Revenue Bonds 2,000,000 Other - 21,000 NAP 375,000 Fund Balance Carryover 2,023,174 Total Revenues 5,399,956 EXPENDITURES Projects and Programs 2,542,720 Operating Expenses 277,788 Salaries and Fringes 150,411 Debt Service - Reserves - Total Expenditures 2,970,919 Total Revenues over Expenditures 2,429,037 Note: Financial information contained in this report was obtained from the City of Miami SCI report # 9 for the period ending November 30, 2000. 0 COMMUNITY REDELOPMENT AGENCY - SEOPW ANALYSIS OF BUDGET VS ACTUAL - PRELIMINARY FISCAL YEAR ENDED 9130/00 ANNUAL BUDGET ACTUAL DESCRIPTION BUDGET THRU 11/30/00 THRU 11/30/00 DIFFERENCE REVENUE Tax Increment Appropriations 944,862 - - - City of Miami Support 279,488 46,582 46,582 (0) Community Development Support 379,000 - 379,000 379,000 CDBG Grants 6,324,644 546,026 546,026 - Parking Revenue 150,000 25,000 4,594 (20,406) Interest Income 90,000 15,000 4,580 (10,420) 1995 Revenue Bonds 2,000,000 2,000,000 2,000,000 - Section 108 Loans 1,800,000 - - - Other 540,155 15,026 211,000 5,974 - - 375,000 375,000 •NAP Fund Balance Carryover 1,460,948 1,460,948 2,023,174 562,226 Total Revenues 13,969,097 4,108,582 5,399,956 1,291,374 EXPENDITURES Projects and Programs 9,624,644 542,720 542,720 - Operating Expenses 741,084 123,514 277,788 154,274 Salaries and Fringes 963,186 160,531 150,411 (10,120) Debt Service 356,600 - - - Reserves - General 283,583 - - - Projects - Restricted 2,000,000 2,000,000 2,000,000 - Total Expenditures 13,969,097 2,826,765 2,970,919 144,154 Total Revenues over Expenditures - 1,281,817 .2,429,037 1,1,47,220 Note: Financial information contained in this report was obtained from the City of Miami SCI report # 9 for the period ending November 30, 2000. 0 SEOPW TRUST AGENCY EXPLANATION OF BUDGET VARIANCES TWO MONTHS ENDED 11/30/00 Listed below are budget variances considered to be significant and requiring further explanation. 1) Community development support reflects a positive $379,000 variance. This variance was caused by a reimbursement from community development for prior years budgeted overhead support never properly transferred. 2) The NAP funding committed by the City of Miami in the amount of $375,000 was not budgeted by the trust. This has caused a positive variance. 3) Fund balance reflects a positive variance resulting from positive results of operation from the fiscal year ended 9/30/00. 4) Expenditures reflect positive variances as a result of the implementation of our projects and programs being in an infancy stage. It is anticipated that such expenditures will significantly increase in the near future. 0 • • OMNI TRUST AGENCY FINANCIAL REPORT - NARRATIVE TWO MONTHS ENDED 11/30/00 BALANCESHEET The balance sheet represents the financial position of the OMNI Trust Agency as of November 30, 2000. This report reflects the current value of assets owned by the trust, liabilities owed by the trust and the equity position of the trust (fund balance). The following explanations are offered as additional disclosure for significant or unusual items included in the balance sheet: Due from SEOPW — During the FYE 9/00, the OMNI Trust transferred $765,350 to the "Projects" account of the SEOPW Trust Agency. This was done to pay for certain project related expenses for the Margaret Pace Park. The balance remaining at the end of the fiscal year of $663,895 is currently being held by the SEOPW Trust Agency and is due to be transferred back to the OMNI Trust Agency. STATEMENT OF REVENUE & EXPENDITURES The statement of revenue and expenditures represents the summary of revenue and expenses for the two month period ending 11/30/00 for the OMNI Trust Agency. The statement is presented on an accrual basis. There are no unusual or significant items requiring further explanation or disclosure. 0 0 • • El COMMUNITY REDEVELOPMENT AGENCY BALANCE SHEET NOVEMBER 30, 2000 OMNI Assets Equity in pooled cash Due from SEOPW Total Assets Liabilities and Fund Balance Fund Balances Unrestricted Total Liabilities & Fund Balance 534,767 663,895 1,198,662 1,198,662 1,198,662 Note: Financial information contained in this report was obtained from the City of Miami SCI report # 35 as of November 30, 2000. • 0 COMMUNITY REDELOPMENT AGENCY - OMNI STATEMENT OF REVENUE AND EXPENDITURES - PRELIMINARY FISCAL YEAR ENDED 9130101 FYE 01' DESCRIPTION ACTUAL REVENUE Tax Increment Appropriations - Interest Income 2,567 Gain / Loss On Investments - Other - Fund Balance Carryover 1,204,782 Total Revenues 1,207,349 • EXPENDITURES Projects and Programs - County interlocal Agreement - .Salaries and Fringes 11,618 Reserves - Total Expenditures 11,618 Total Revenues over Expenditures 1,195,731 Note: Financial information contained in this report was obtained from the City of Miami SCI report # 9 for the period ending November 30, 2000. 11 COMMUNITY REDELOPMENT AGENCY - OMNI ANALYSIS OF BUDGET VS ACTUAL - PRELIMINARY FISCAL YEAR ENDED 9/30101 DESCRIPTION REVENUE Tax Increment Appropriations Interest Income Gain / Loss On Investments Other Fund Balance Carryover Total Revenues EXPENDITURES •Projects and Programs County Interlocal Agreement Salaries and Fringes Reserves Total Expenditures Total Revenues over Expenditures ANNUAL BUDGET ACTUAL BUDGET THRU 11/30/00 THRU 11/30100, DIFFERENCE 1,027,467 - - 25,000 4,167 2,567 (1,600) 150,000 150,000 1,204,782 1,054,782 1,202,467 154,167 1,207,349 1,053,182 1,027,467 - - - 68,353 11,392 11,618 226 106,647 106,647 - (106,647) 1,202,467 118,039 11,618 (106,421) - 36,128 1,195,731 1,159,604 Note: Financial information contained in this report was obtained from the City of Miami SCI report # 9 for the period ending November 30, 2000. OMNI TRUST AGENCY EXPLANATION OF BUDGET VARIANCES TWO MONTHS ENDED 11/30/00 Listed below are budget variances considered to be significant and requiring further explanation. 1) Fund balance reflects a positive variance resulting from prior year planned cost not being expended. These available dollars will be expended in this fiscal year on the Margaret Pace Park project. •