HomeMy WebLinkAbout08-01024 Financial Summary•
SOUTHEAST OVERTOWN PARKWEST AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
FINANCIAL REPORT
August 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
August 31, 2008
Assets
Cash - Unrestricted'
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
$ 65,000 $ 100,000 $ 165,000
14,851,826 26,252,431 41,104,257
14,916,826 26,352,431 41,269,257
12,684,847 18,850,115 31,534,962
2,231,979 7,502,316 9,734,295
$ 14,916,826 $ 26,352,431 $ 41,269,257
Footnotes:
1 Cash - Unrestricted
This represents unspent income carried forward from year to year.
Available TIF funds
SEOPW OMNI
65,000 100,000
65,000 100,000
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 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 $5,858,228, has been budgeted for this purpose. Of this amount $4,725,228, has
been encumbered and $1,464,601, has been expended, leaving an available balance of $1,133,000.
Total Allocated
- Encumbrances (Expended to Date - $1,464,601)
$ 5,858,228
(4,725,228)
Unrestricted Remaining Balance $ 1,133,000
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SEOPW CRA and OMNI CRA
Combined Statement of Revenues and Expenditures
for the period ended
August 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 August
Budget
Variance
BUDGET
OF August
Budget
Variance
SUMMARY
REVENUES
TAX INCREMENT REVENUES
3,568,307
3,568,307
100.0%
-
7,444,383
7,444,383
100.0%
-
CONTRIBUTION GOVTS-COUNTY
2,228,137
2,443,950
109.7%
(215,813)
4,652,351
5,098,682
109.6%
(446,331)
OTHER REVENUES/CARRYOVER FB 2006
12,346,049
1,509,931
12.2%
10,836,118
18,760,532
743.313
4.0%
18,017,219
TOTAL REVENUES
18,142,493
7,522,188
41.5%
10,620,305
30,857,266
13,286,378
43.1%
17,570,888
EXPENDITURES
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COMMUNITY REDEV EXPENSES
17,377,493
5,140,209
29.6%'
12,237.284
29.684.206
5,634,062
19,0%
24,030,144
GENERAL GOVERNMENT
700,000
150,000
21.4%
550,000
700,000
150,000
21.4%
550,000
BUDGET RESERVE
65,000
0.0%
65,000
100,000
100,000
TOTAL EXPENDITURES
18,142,493
5,290,209
29.2%
12,852,284
30,464,206
5,784,062
19.0%
24,690,144
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REVENUE LESS EXPENDITURES
2,231,979
7,502,316
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Flo: Financial Report -august 2008 Agenda.xls 2 8/25/2008