HomeMy WebLinkAbout08-00063 Financial Summary•
SOUTHEAST OVERTOWN PARKWEST AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
FINANCIAL REPORT
DECEMBER 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
December 31, 2007
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
14,484,383 23,395,752 37,880,135
14,599,383 23,488,166 38,087,549
12,684,847 18,850,115 31,534,962
1,914,536 4,638,051 6,552,587
$14,599,383 $ 23,488,166 $38,087,549
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 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.
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SEOPW CRA and OMNI CRA
Combined Statement of Revenues and Expenditures
for the period ended December 31, 2007
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 DEC
Budget
Variance
BUDGET
OF DEC
Budget
Variance
SUMMARY
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REVENUES
TAX INCREMENT REVENUES
3,407,794
0.0%
3,407,794
7,049,571
0.0%
7,049,571
CONTRIBUTION GOVTS-COUNTY
2,228.086
2,228,137
100.0%
(51)
4,652,245
4,652,351
100.0%
(106)
OTHER REVENUES/CARRYOVER FB 2006
10,553,047
458,994
4.3%
10,094,054
15,396,283
13,833
0.1%
15,382,450
TOTAL REVENUES
16,188,927
2,687,131
16.6%
13,501,797
27,098,099
4,666,184
17.2%
22,431,915
EXPENDITURES
COMMUNITY REDEV EXPENSES
15,373,927
772,594
5.0%
14,601,333
26,305,685
28,133
0.1%
26,277,552
GENERAL GOVERNMENT
700,000
0.0%
700,000
700,000
0.0%
700,000
BUDGET RESERVE
115,000
0.0%
115,000
92,414
92,414
TOTAL EXPENDITURES
16,188,927
772,594
4.8%
15,416,333
27,098,099
28,133
0.1%
27,069,966
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REVENUE LESS EXPENDITURES
1,914,536
4,638,051
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File: Financial Report - January 2008 Agenda.xls 2 1 /18/2008