HomeMy WebLinkAbout09-00031 Financial Summary•
SOUTHEAST OVERTOWN PARKWEST AND OMNI
CONLMUNITY REDEVELOPMENT AGENCIES
FINANCIAL REPORT
December 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
December 31, 2008
Assets
Cash - Unrestricted'
Cash Reserved For Projects and Operations 2
Total Assets
Liabilities and Fund Balance
Account Payables
Audited Fund Balance FY 2008
Current Year Fiscal Year 2009
Total Liabilities and Fund Balance
SEOPW OMNI Total
$ 100,000 $ 100,000 $ 200,000
13,693,920 30,870,589 44,564,509
13,793,920 30,970,589 44,764,509
11,994,438 26,227,149 38,221, 587
1,799,482 4,743,440 6,542,922
$ 13,793,920 $ 30,970,589 $ 44,764,509
Footnotes:
1 Cash - Unrestricted
This represents unspent income carried forward from year to year.
Available TIF funds
SEOPW OMNI
100,000 100,000
100,000 100,000
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 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 $8,242,682, has been budgeted for this purpose. Of this amount $6,992,682.00,
has been encumbered and $2,531,876.00, has been expended, leaving an available balance of $1,250,000.
Total Allocated
$ 8,242,682
- Encumbrances (Expended to Date - $2,531,876.00) (6,992,682)
Unrestricted Remaining Balance $ 1,250,000
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SEOPW CRA and OMNI CRA
Combined Statement of Revenues and Expenditures
for the period ended
December 31, 2008
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SOUTHEAST OVERTOWN PARK WEST
OMNI
FY 2009
FY 2009
FY 2009
FY 2009
FY 2009
FY 2009
APPROVED
AS END
% of
APPROVED
AS END
% of
BUDGET
OF Dec
Budget
Variance
BUDGET
OF Dec
Budget
Variance
SUMMARY
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REVENUES
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TAX INCREMENT REVENUES
4,309,075
0-0%
4,309,075
8,925,576
0.0%
8,925,576
CONTRIBUTION GOVTS-COUNTY
2,726,936
2.705.822
99,2%
21,114
5,641,910
5,597,328
99.2%
44,582
OTHER REVENUES/CARRYOVER FB 2008
15,691,517
35,428
0,2%
15,656,089
25.933,046
70,672
0.3°4
25.862,374
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TOTAL REVENUES
22,727,528
2,741,250
12.1%
19,986,278
40,500,532
5,668,000
14.0%
34,832,532
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EXPENDITURES
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COMMUNITY REDEV EXPENSES
21,870,123
941,768
4.3%
20,928,355
39,643,127
924,560
2.3%
38,718,567
GENERAL GOVERNMENT
757,405
0.0%
757,405
757,405
0.0%
757,405
BUDGET RESERVE
100,000
0.0%
100,000
100,000
100,000
TRANSFER INTO FY 2009
TOTAL EXPENDITURES
22,727,528
941,768
4.1 ✓
21,785,760
40,500,532
924,560
2.3%
39,575,972
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REVENUE LESS EXPENDITURES
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1,799,482
4,743,440
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File: Fnancial Report - January 2009 Agenda.xlsx.xts 2 1/16/2009