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HomeMy WebLinkAbout06-02289 Financial SummarySOUTHEAST OVERTOWN PARKWEST AND OMNI COMMUNITY REDEVELOPMENT AGENCIES FINANCIAL REPORT December 31, 2006 ATTACHMENTS 1. COMBINED STATEMENT OF FINANCIAL POSITION — ALL FUNDS 2. COMBINED STATEMENT OF REVENUES AND EXPENDITURES SEOPW CRA and OMNI CRA Combined Statement of Financial Position December 31, 2006 Assets Cash - Unrestricted 2 Cash Reserved For Projects and Operations Total Assets Liabilities and Fund Balance Account Payables Audited Fund Balance - FY 2006 Current Year Fiscal Year 2007 Total Liabilities and Fund Balance Footnotes: SEOPW OMNI Total $ 80,000 $ 100,000 $ 180,000 9,146,102 13,435,977 22,582,079 9,226,102 13,535,977 22,762,079 6,934,714 2,291,388 8,307,783 15,242,497 5,228,194 7,519,582 1 Cash - unrestricted This represents unspent income carried forward from year to year. Available TIF funds $ 9,226,102 $ 13,535,977 $22,762,079 SEOPW OMNI 80,000 100,000 80,000 100,000 2 Cash Reserved For Projects and Operations This portion of cash includes reserves authorized by the Board for specific uses. These include specific projects and general administrative expenses to ensure continuity of operations. Additionally, pursuant to Resolution Number CRA-R-06-0045, passed and adopted on October 30, 2006, the SEOPW CRA has committed to budget $30 million in TIF revenue over the next five years for the rehabilitation and construction of low income, affordable, and workforce housing in the Overtown Community Redevelopment Area. As of this date, this line item includes $546,744 budgeted for this purpose. 1 SEOPW CRA and OMNI CRA Combined Statement of Revenues and Expenditures for the period ended December 31, 2006 SUMMARY REVENUES TAX INCREMENT REVENUES CONTRIBUTION GOVTS-COUNTY OTHER REVENUES/CARRYOVER FB 2006 TOTAL REVENUES EXPENDITURES COMMUNITY REDEV EXPENSES GENERAL GOVERNMENT BUDGET RESERVE TOTAL EXPENDITURES I I REVENUE LESS EXPENDITURES SOUTHEAST OVERTOWN PARK WEST FY 2007 FY 2007 FY 2007 REVISED AS END % of BUDGET OF DEC Budget Variance 2,995,835 0.0% 2,995,835 2,485,388 2,410,541 97.0% 74,847 8,911,500 0.0% 8,911,500 14,392,723 2,410,541 16.7% 11,982,182 10,490,003 119,153 1.1% 10,370,850 700,000 0.0% 700,000 3,202.720 0.0% 3,202,720 14,392,723 119,153 0.8% 14,273,570 2,291,388 F R B 2 2 2 OMNI Y 2007 FY 2007 FY 2007 iVISED AS END % of 1DGET OF DEC Budget Variance 3,221,593 0.0% 6,221,593 3,443,893 5,288,712 97.1% 155,181 3,370,980 0.0% 13,370,980 5,036,466 _ 5,288,712 21.1% 19,747,754 }.266.145 60,518 0.3% . 20,205,627 700,000 0.0% 700,000 4,070,321 4,070,321 i,036,466 60,518 0.2% 24,975,948 5, 228,194 File: Financial Report - January 29 2007 Agenda.xls.xls 2 1/20/2007