HomeMy WebLinkAbout08-00195 Financial SummarySOUTHEAST OVERTOWN PARKWEST AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
FINANCIAL REPORT
JANUARY 31, 2008
ATTACHMENTS
1. COMBINED STATEMENT OF FINANCIAL POSITION - ALL FUNDS
2. COMBINED STATEMENT OF REVENUES AND EXPENDITURES
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SEOPW CRA and OMNI CRA
Combined Statement of Financial Position
January 31, 2008
Assets
Cash - Unrestricted
2 Cash Reserved For Projects and Operations
Total Assets
Liabilities and Fund Balance
Account Payables
Audited Fund Balance - FY 2007
Current Year Fiscal Year 2008
Total Liabilities and Fund Balance
Footnotes:
SEOPW OMNI Total
$ 115,000 $ 92,414 $ 207,414
18,285,392 31,290,791 49,576,183
18,400,392 31,383,205 49,783,597
12,684,847 18,850,115 31,534,962
5,715,545 12, 533, 090 18, 248, 635
$18,400,392 $ 31,383,205 $49,783,597
1 Cash - Unrestricted
This represents unspent income carried forward from year to year.
Available TIF funds
SEOPW OMNI
115,000 92,414
115,000 92,414
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 a period of five years for the rehabilitation and
construction of low income, affordable, and workforce housing in the SEOPW Community Redevelopment
Area. From the TIF received in January 2008, $3,100,000 has been budgeted for this purpose. As of this date,
$245,186 has been encumbered and $80,186 has been expended, leaving a remaining balance of $4,113,031
budgeted for this purpose.
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SEOPW CRA and OMNI CRA
Combined Statement of Revenues and Expenditures
for the period ended January 31, 2008
SOUTHEAST OVERTOWN PARK WEST
OMNI
FY 2008
FY 2008
FY 2008
FY 2008
FY 2008
FY 2008
APPROVED
AS END
%of
APPROVED
AS END
%° of
BUDGET
OF Jan
Budget
Variance
BUDGET
OF Jan
Budget
Variance
SUMMARY
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REVENUES
TAX INCREMENT REVENUES
3,407,794
3,568,307
104.7%
(160,513)
7,049,571
7,444,383
105,6%
(394,812)
CONTRIBUTION GOVTS-COUNTY
2,228,086
2,443,950
109.7%
(215,864)
4,652,245
4,652,351
100.0%
(106)
OTHER REVENUES/CARRYOVER FB 2006
10,553,047
236,368
2.2°4
10,316,679
15,396,283
500,467
3.3%
14,895,816
TOTAL REVENUES
16,188,927
6,248,625
38.6%
9,940,302
27,098,099
12,597,201
46.5%
14,500,898
EXPENDITURES
I
COMMUNITY REDEV EXPENSES
15,373,927
533,080
3.5%
14,940,847
26,305,685
64,111
0.2%
26,241,574
GENERAL GOVERNMENT
700,000
0.0%
700,000
700,000
0.0%
700,000
BUDGET RESERVE
1 15, 000
0.0%
115,000
92,414
92,414
TOTAL EXPENDITURES
16,188,927
533,080
3.3%
15,655,847
27,098,099
64,111
0.2%
27,033,988
REVENUE LESS EXPENDITURES
5,715,545
12,533,090
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File: Financial Report - February 2008 Agenda.xis 2 2/20/2008