HomeMy WebLinkAbout07-00702 Financial Summary•
SOUTHEAST OVERTOWN PARKWEST AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
FINANCIAL REPORT
May 31, 2007
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
May 31, 2007
Assets
1 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
13,250,322 18,921,377 32,171,699
13,330,322 19,021,377 32,351,699
6,934,714
6,395,608
9,943,481 16,878,195
9,077,896 15,473,504
$13,330,322 $ 19,021,377 $32,351,699
1 Cash - Unrestricted
This represents unspent income carried forward from year to year.
Available TIF funds
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, $65,272 have been expended for this purpose out of the $746,744 budgeted for these specific projects.
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SEOPW CRA and OMNI CRA
Combined Statement of Revenues and Expenditures
for the period ended May 31, 2007
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SOUTHEAST OVERTOWN PARK WEST
FY 2007
FY 2007
FY 2007
REVISED
AS END
% of
-
BUDGET
OF MAY
Budget
Variance
SUMMARY
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REVENUES
TAX INCREMENT
REVENUES
2,995,835
2,995,835
100.3%
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CONTRIBUTION GOVTS-COUNTY
2,410,430
2,410,541
100.0%
(111
OTHER REVENUES/CARRYOVER FB 2006
8,685,086
1,990,814
22.9%
6,694,272
TOTAL REVENUES
14,091,351
7,397,190
52.5%
6,694,161
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EXPENDITURES
COMMUNITY REDEV
EXPENSES
13,311,351
1,001,581
7,5%
12.309.77C
GENERAL GOVERNMENT
700,000
0.0'/:
700.000
BUDGET RESERVE
80,000
0.05'S
80,OOC
TOTAL EXPENDITURES
14,091,351
1,001,581
7.1 %
13,089,77C
REVENUE LESS EXPENDITURES
6,395,608
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OMNI
FY 2007
REVISED
BUDGET
6,221,593
5,285,712
9,964,981
21,475,286
20,675,286
700,000
100,000
21,475,286
FY 2007
AS END
OF MAY
6,221,593
5,288,712
452,548
11,962, 853
2.884.956
2,884,956
9,077,897
FY 2007
"/ of
Budget
100.0%
100.00/
4.5%
55.7%
14.0%
0.0%
13.4%
Variance
9,512,433
9,512,433
17, 790, 330
700,000
100,000
18,590,330
File: Financial Report - June 2007 Agenda.xls 2 6/15/2007