HomeMy WebLinkAbout07-00703 Financial SummarySOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: July 23. 2007 Files: 07-00702 / 07-00703
and Members of the CRA Board
Subject: SEOPW and Omni CRA Financial
Summaries for the months of May and
June 2007.
From: Miguel A. Valentin, CPA Me, References:
Financial Officer 11i3 �b
Enclosures:
Please be advised that SEOPW and Omni CRA financial summaries for the months of May and June 2007
present fairly, in all material respects, the respective financial position of each community redevelopment
agency and each major fund of the agencies as of May 31 and June 30, 2007.
There are no reportable conditions for the months of May or June 2007.
•
•
SOUTHEAST OVERTOWN PARKWEST AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
FINANCIAL REPORT
June 30, 2007
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
June 30, 2007
Assets
i 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
12,578,969 18,585,986 31,164,955
12,658,969 18,685,986 31,344,955
6,934,714
5,724,255
9,943,481 16,878,195
8,742,505 14,466,760
$12,658,969 $ 18,685,986 $31,344,955
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, $80,185.50 have been expended for this purpose out of the $746,744 budgeted for these specific
projects.
1
SEOPW CRA and OMNI CRA
Combined Statement of Revenues and Expenditures
for the period ended June 30, 2007
SOUTHEAST OVERTOWN PARK WEST
FY 2007
FY 2007
FY 2007
_
REVISED
AS END
% of
_
_
BUDGET
OF June
Budget
Variance
SUMMARY
I
REVENUES
TAX INCREMENT
REVENUES
2,995,835
2,995,835
100.0%
-
CONTRIBUTION GOVTS-COUNTY
2,410,430
2,4101541
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
EXPENDITURES
COMMUNITY REDEV
EXPENSES
13,311,351
1,172,934
8.8%
12,138,41?
GENERAL GOVERNMENT
700,000
500,000
71.4°A
200,000
BUDGET RESERVE
80,000
0.0%
80,00C
TOTAL EXPENDITURES
14,091,351
1,672,934
11.9%
12,418,411
REVENUE LESS EXPENDITURES
5,724,255
f
I
OMNI
FY 2007
REVISED
BUDGET
6,221,593
5,288,712
9,964,981
21,475,286
20,675,286
700,000
00,00a
21,475,286
FY 2007
AS END
OF June
6,221,593
5,288,712
452,548
11,962,853
2,720,348
500,000
3,220,348
8,742,505
FY 2007
% of
Budget
100.0%
100.0°A
4.5%
55.7%
13.2%
71.4%
15.0%
Variance
9.512,433
9,512,433
17,954,938
200,000
100,000
18,254,938
File: Financial Report - July 2007 Agenda.xls 2 7/19/2007