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)
Downtown Redevelopment Project Capital Projects Fund (Major Fund)
Year ended June 30, 2008
108
Less
2006-2007 Plus Actual, Variance –
Original Final encumbered 2007-2008 budgetary positive
budget budget Actual expenditures* encumbrances basis (negative)
Revenues:
Incremental property taxes $ 1,034,663 1,034,663 1,168,638 — — 1,168,638 133,975
Investment income 58,000 58,000 63,584 — — 63,584 5,584
Rental income 1,340,320 1,340,320 1,220,200 — — 1,220,200 (120,120)
Other income — — 1,450,143 — — 1,450,143 1,450,143
Total project revenues 2,432,983 2,432,983 3,902,565 — — 3,902,565 1,469,582
Expenditures:
Housing and community development:
Supplies 632,477 632,477 618,553 — — 618,553 13,924
Capital improvements 1,400,000 1,950,994 137,548 — 249,771 387,319 1,563,675
Total housing and community development 2,032,477 2,583,471 756,101 — 249,771 1,005,872 1,577,599
Debt service expenditures – interest 354,867 354,867 861,972 — — 861,972 (507,105)
Total project expenditures 2,387,344 2,938,338 1,618,073 — 249,771 1,867,844 1,070,494
Excess (deficiency) of revenues
over (under) expenditures 45,639 (505,355) 2,284,492 — (249,771) 2,034,721 2,540,076
Other financing (uses):
Transfers out (1,465,353) (1,465,353) (1,465,353) — — (1,465,353) —
Net change in fund balance (1,419,714) (1,970,708) 819,139 — (249,771) 569,368 2,540,076
Fund deficit at beginning of year (15,870,048) (15,870,048) (15,870,048) — — (15,870,048) —
Fund deficit at end of year $ (17,289,762) (17,840,756) (15,050,909) — (249,771) (15,300,680) 2,540,076
* No encumbrances were outstanding at June 30, 2007.