HomeMy WebLinkAbout08-01048 Financial Summary•
SOUTHEAST OVERTOWN PARKWEST AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
FINANCIAL REPORT
September 30, 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
September 30, 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
12,559,594 26,013,802 38,573,396
12,624, 594 26,113,802 38,738, 396
12,684,847 18,850,115 31,534,962
(60,253) 7,263,687 7,203,434
$ 12,624,594 $ 26,113,802 $ 38,738,396
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 Gash includes reserves authorized by the Board for specific uses. These include specific projects and genera!
administrative expenses to ensure continuity of operations. Additionaily, 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 $5,843,142, has been budgeted for this purpose. Of this amount $4,860,142, has
been encumbered and $1,652,194, has been expended, leaving an available balance of $983,000.
Total Allocated
$ 5,843,142
- Encumbrances (Expended to Date - $1,652,194) (4,860,142)
Unrestricted Remaining Balance $ 983,000
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SEOPW CRA and OMNI CRA
Combined Statement of Revenues and Expenditures
for the period ended
• September 30, 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 Sept
Budget
Variance
BUDGET
OF Sept
Budget
Variance
SUMMARY
REVENUES
TAX INCREMENT REVENUES
3,588,307
3,568,307
100.0%
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7,444,383
7,444,383
100.0?'0
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CONTRIBUTION GOVTS-COUNTY
2,229,137
2,443,950
109.7%
(215,813)
4,652,351
5,098,682
109,6%
(446,3311
OTHER REVENUES/CARRYOVER FB 2008
12,346,049
1,696,640
13.7%
10,649,409
18,760,532
791,748
4.2°/
17,968,784
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TOTAL REVENUES
18,142,493
7,708,897
42.5%
10,433,596
30,857,266
13,334,813
43.2%
17,522,453
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EXPENDITURES
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COMMUNITY REUEV EXPENSES
17,377,493
7439,150
42.8%
9,938,343
29,664,206
5,741,126
19.4%
23.923,080
GENERAL GOVERNMENT
700,000
330.000
47.1%
370,000
700,000
330,000
47.1%
370,000
BUDGET RESERVE
65,000
0.0%
65,000
100,000
100,090
TRANSFER INTO FY 2009
TOTAL EXPENDITURES
18,142,493
7,769,150
42.8%
10,373,343
30,464,206
6,071,126
19.9%
24,393,080
ENUE LESS EXPENDITURES
(60,2531
7,263,687
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File: Financial Report -October 2008 Agenda.xis 2 10/20/2008