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SOUTHEAST OVERTOWN PARK"WEST AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
FINANCIAL REPORT
FEBRUARY 28, 2008
ATTACHMENT S
I. 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
February 28, 2008
Assets
1 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
SEOPW OMNI Total
$ 115,000 $ 92,414 $ 207,414
17,827,013 31,309,341 49,136,354
17,942,013 31,401,755 49,343,768
12,684,847 18,850,115 31,534,962
5,257,166 12,551,640 17,808,806
$ 17,942,013 $ 31,401,755 $ 49,343,768
Footnotes:
1 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 comm+tied 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 Redeve}opment Area, From the TIF received in January 2008, $3,100,000 has been budgeted for this purpose.
As of this date, $245,186 has been encumbered and $80,186 has been expended, leaving a remaining balance of
$4,113,031 budgeted for this purpose,
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SEOPW CRA and OMNI CRA
Combined Statement of Revenues and Expenditures
for the period ended February 28, 2008
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 Feb
Budget
Variance
BUDGET
OF Feb
Budget
Variance
SUMMARY
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REVENUES
TAX INCREMENT REVENUES
3,407,794
3,568,307
104.7°%
(160,513)
7,049,571
7,444,383
105.6%
(394,812)
CONTRIBUTION GOUTS -COUNTY
2,228,086
2,443,950
109.7%
(215,864)
4,652,245
4,652,351
100.0%
(106)
OTHER REVENUES/CARRYOVER FB 2006
10,553,047
660,476
6.39/o
9,892,571
15,396,283
568 095
3.7%
14,828,188
TOTAL REVENUES
16,188,927
6,672,733
41.2%
9,516,194
27,098,099
12,664,829
46.7%
14,433,270
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EXPENDITURES
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COMMUNITY REDEV EXPENSES
15,373,927
1,415,567
9.2%
13,958,360
26,305,685
113,189
0.4%
26,192,496
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
26,984,910r
TOTAL EXPENDITURES
16,188,927
1,415,567
8.7%
14,773,360
27,098,099
113,189
0.4%
1 I
REVENUE LESS EXPENDITURES
5,257,166
12,551,640
I I
File: Financial Report - MARCH 2008 Agenda.xls 2 3/25/2008