HomeMy WebLinkAbout08-00755 Financial Summary•
SOUTHEAST OVERTOWN PARKWEST AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
FINANCIAL REPORT
May 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
May 31, 2008
Assets
Cash - Unrestricted 1
Cash Reserved For Projects and Operations 2
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 $ 493,060 $ 608,060
15,540,093 25,882,048 41,422,141
15,655,093 26,375,108 42,030,201
12,684,847 18,850,115 31,534,962
2,970,246 7,524,993 10,495,239
$ 15,655,093 $ 26,375,108 $ 42,030,201
Footnotes:
1 Cash - Unrestricted
This represents unspent income carried forward from year to year.
Available TIF funds
SEOPW OMNI
115,000 493,060
115,000 493,060
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 $5,458,228, has been budgeted for this purpose. Of this amount $3,072,683, has
been encumbered and $1,331,705, has been expended, leaving an available balance of $2,385,545.
Total Allocated
- Encumbrances (Expended to Date - $1,331,705)
$ 5,458,228
(3,072,683)
Unrestricted Remaining Balance $ 2,385,545
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SEOPW CRA and OMNI CRA
Combined Statement of Revenues and Expenditures
for the period ended
May 31, 2008
SOUTHEAST OVERTOWN PARK WEST
OMNI
FY 2008
FY 2008
FY 2008
FY 2008
FY 2008
FY 2008
AMENDED
AS END
% of
AMENDED
AS END
% of
BUDGET
OF May
Budget
Variance
BUDGET
OF May
Budget
Variance
SUMMARY
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REVENUES
TAX INCREMENT REVENUES
3.568.307
3,568,307
100.0°%'
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7,444,383
7,444,383
100.0%
CONTRIBUTION GOVTS-COUNTY
2,228,137
2,443.950
109.7%
(215,813)
4,652,351
4,652,351
100.0%
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OTHER REVENUES/CARRYOVER F8 2006
12,346,049
1,235,297
10.0%
11,110,752
18,760.532
568,095
3.0%
18,192,437
TOTAL REVENUES
18,142,493
7,247,554
39.9%
10,894,939
30,857,266
12,664,829
41.0%
18,192,437
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EXPENDITURES
COMMUNITY REDEV EXPENSES
17,327,493
4,277,308
24.7%
13,050.185
29.664,206
5,139,838
17.3%
24,524,370
GENERAL GOVERNMENT
700,000
0.0%
700.000
700,000
0.0%
700.000
BUDGET RESERVE
115.000
0.0%
115,000
493,060
493,060
TOTAL EXPENDITURES
18,142,493
4,277,308
23.651°
13,865,185
30,857,266
5,139,836
16.7%
25,717,430
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REVENUE LESS EXPENDITURES
2,970,246
7,524,993
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File: Financial Report -June 2008 Agenda.xls 2 6/23/2008