HomeMy WebLinkAbout08-00456 Financial SummarySOUTHEAST OVERTOWN PARKWEST AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
FINANCIAL REPORT
MARCH 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
March 31, 2008
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Assets
Cash - Unrestricted'
Cash Reserved For Projects and Operations 2
Total Assets
Liabilities and Fund Balance
Account Payables
Audited Fund Balance - FY 2007
Current Year Fiscal Year 2008
Total Liabilities and Fund Balance
Footnotes:
1 Cash - Unrestricted
This represents unspent income carried forward from year to year.
Available TIF funds
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SEOPW OMNI Total
$ 115,000 $ 634,148 $ 749,148
15,361,653 25,402,218 40,763,871
15,476 653 26,036,366 41 513,019
12,684,847 18,850,115 31,534,962
2,791,806 7,186,251 9,978,057
$ 15,476,653 $ 26,036,366 $ 41 513 019
SEOPW OMNI
115,000 634,148
115,000 634,148
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. To date $4,519,693, has been budgeted for this purpose. Of this amount $2,386,269, has
been encumbered and $1,047,565, has been expended, leaving an available balance of $2,133,424.
Total Allocated
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$ 4,519,693
- Encumbrances (Expended to Date - $1,047,565) (2,386,269)
Unrestricted Remaining Balance $ 2,133,424
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SEOPW CRA and OMNI CRA
Combined Statement of Revenues and Expenditures
for the period ended March 31, 2008
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SOUTHEAST OVERTOWN PARK WEST
OMNI
FY 2008
FY 2008
FY 2008
FY 2008
FY 2008
FY 2008
AMENDED
, AS END
% of
AMENDED
AS END
% of
BUDGET
OF Mar
Budget
Variance
BUDGET
OF Mar
Budget
Variance
SUMMARY
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.
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REVENUES
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TAX INCREMENT REVENUES
3,568,307
3,568,307
100.0%
-
7,444,383
7,444,383
100.0%
CONTRIBUTION GOVTS-COUNTY
2,228,137
2,443,950
109.7%
{215,813)
4,652,351
4,652,351
100.0%
OTHER REVENUES/CARRYOVER FB 2006
_ 12,346,049
660,476
5.3%
11,685,573
18,760,532
568,095
3.0%
18,192,437
TOTAL. REVENUES
18,142,493
6,672,733
36.8%
11,469,760
30,857,266
12,664,829
41.0%
18,192,437.
EXPENDITURES
COMMUNITY REDEV EXPENSES
17,327,493
3,880,927
22.4%
13,446,566
29,523,118
5,478,578
18.6%
24,044,540
GENERAL GOVERNMENT
700,000
0.0%
700,000
700,000
0.0%
700,000
BUDGET RESERVE
115,000
0.0%
115,000
634,148
_
634,148
TOTAL EXPENDITURES
18,142,493
3,880,927
21.4%
14,261,566
30,857,266
5,478,578
17.8%
25,378,688
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REVENUE LESS EXPENDITURES
_ 2,791,806
7,186,251
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File: Financial Report -april 2008 Agenda.xls 2 4/18/2008