Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual (Non-GAAP Basis)
Earthquake Recovery Redevelopment Project Capital Projects Fund
Year ended June 30, 2008
109
Less
2006-2007 Plus Actual, Variance –
Original Final encumbered 2007-2008 budgetary positive
budget budget Actual expenditures* encumbrances basis (negative)
Revenues:
Incremental property taxes $ 41,852,000 44,139,200 48,810,455 — — 48,810,455 4,671,255
Investment income 1,505,000 1,505,000 2,043,715 — — 2,043,715 538,715
Other 100,000 100,000 133,039 — — 133,039 33,039
Total project revenues 43,457,000 45,744,200 50,987,209 — — 50,987,209 5,243,009
Expenditures:
Housing and community development:
Payment of property tax increment 11,724,000 14,244,852 14,244,852 — — 14,244,852 —
Supplies 1,244,919 1,244,919 1,237,050 — — 1,237,050 7869 7,869
Capital improvements 19,789,300 75,845,144 46,222,371 — 11,395,426 57,617,797 18,227,347
Total project expenditures 32,758,219 91,334,915 61,704,273 — 11,395,426 73,099,699 18,235,216
Excess (deficiency) of revenues
over (under) expenditures 10,698,781 (45,590,715) (10,717,064) — (11,395,426) (22,112,490) 23,478,225
Other financing (uses):
Transfers out (9,303,823) (9,553,823) (9,381,849) — — (9,381,849) 171,974
Net change in fund balance 1,394,958 (55,144,538) (20,098,913) — (11,395,426) (31,494,339) 23,650,199
Fund balance at beginning of year, as restated (note 4) 68,209,579 68,209,579 68,209,579 — — 68,209,579 —
Fund balance at end of year $ 69,604,537 13,065,041 48,110,666 — (11,395,426) 36,715,240 23,650,199
* No encumbrances were outstanding at June 30, 2007.