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)
Low/Moderate Housing Capital Projects Fund
Year ended June 30, 2008
111
Less
2006-2007 Plus Actual, Variance –
encumbered 2007-2008 budgetary positive
Budget Actual expenditures* encumbrances basis (negative)
Revenues:
Incremental property taxes $ 12,034,466 13,110,428 — — 13,110,428 1,075,962
Investment income 315,000 471,381 — — 471,381 156,381
Other income — 109,869 — — 109,869 109,869
Total project revenues 12,349,466 13,691,678 — — 13,691,678 1,342,212
Expenditures:
Housing and community development:
Capital improvements 69,875,282 2999524 2,999,524 — 7,109,456 10,108,980108 59,766,302
Total project expenditures 69,875,282 2,999,524 — 7,109,456 10,108,980 59,766,302
Excess (deficiency) of revenues
over (under) expenditures (57,525,816) 10,692,154 — (7,109,456) 3,582,698 61,108,514
Other financing sources (uses):
Transfers out (2,725,529) (1,607,531) — — (1,607,531) 1,117,998
Net change in fund balance (60,251,345) 9,084,623 — (7,109,456) 1,975,167 62,226,512
Fund balance at beginning of year 26,612,590 26,612,590 — — 26,612,590 —
Fund balance (deficit) at end of year $ (33,638,755) 35,697,213 — (7,109,456) 28,587,757 62,226,512
* No encumbrances were outstanding at June 30, 2007.