Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Schedule of Revenues, Expenditures and Changes in
Fund Balance (Deficit) – Budget and Actual (Non-GAAP Basis)
Low/Moderate Housing Capital Projects Fund
Year ended June 30, 2009
115
Less
2007-2008 Plus Actual, Variance –
encumbered 2008-2009 budgetary positive
Budget Actual expenditures* encumbrances basis (negative)
Revenues:
Incremental property taxes $ 14,224,000 14,257,870 — — 14,257,870 33,870
Investment income 333,000 469,513 — — 469,513 136,513
Other income — 125,582 — — 125,582 125,582
Total project revenues 14,557,000 14,852,965 — — 14,852,965 295,965
Expenditures:
Housing and community development:
Capital improvements 78,893,350
—
18,686,002 — 17,021,464 35,707,466 43,185,884
Debt service expenditures – interest — 175,861 — — 175,861 (175,861)
Total project expenditures 78,893,350 18,861,863 — 17,021,464 35,883,327 43,010,023
Excess (deficiency) of revenues
over (under) expenditures (64,336,350) (4,008,898) — (17,021,464) (21,030,362) 43,305,988
Other financing sources (uses):
Transfers out (2,853,624) (1,781,887) — — (1,781,887) 1,071,737
Line of credit proceeds — 15,485,324 — — 15,485,324 15,485,324
Total other financing (uses) (2,853,624) 13,703,437 — — 13,703,437 16,557,061
Net change in fund balance (67,189,974) 9,694,539 — (17,021,464) (7,326,925) 59,863,049
Fund balance at beginning of year 35,697,213 35,697,213 — — 35,697,213 —
Fund balance (deficit) at end of year $ (31,492,761) 45,391,752 — (17,021,464) 28,370,288 59,863,049
* No encumbrances were outstanding at June 30, 2008.