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)
Ocean Park Redevelopment Project Capital Projects Fund
Year ended June 30, 2008
112
Less
2006-2007 Plus Actual, Variance –
encumbered 2007-2008 budgetary positive
Budget Actual expenditures* encumbrances basis (negative)
Revenues:
Incremental property taxes $ 2,964,000 3,058,525 — — 3,058,525 94,525
Investment income 75,000 222,289 — — 222,289 147,289
Other — 12,629 — — 12,629 12,629
Total project revenues 3,039,000 3,293,443 — — 3,293,443 254,443
Expenditures:
Housing and community development:
Supplies 135,737 125,295295 — — 125,295295 10,442
Capital improvements 5,366,990 1,495,059 — 759,403 2,254,462 3,112,528
Total housing and community development 5,502,727 1,620,354 — 759,403 2,379,757 3,122,970
Debt service expenditures – interest 99,370 307,427 — — 307,427 (208,057)
Total project expenditures 5,602,097 1,927,781 — 759,403 2,687,184 2,914,913
Excess (deficiency) of revenues
over (under) expenditures (2,563,097) 1,365,662 — (759,403) 606,259 3,169,356
Other financing (uses):
Transfers out (1,499,608) (1,499,608) — — (1,499,608) —
Net change in fund balance (4,062,705) (133,946) — (759,403) (893,349) 3,169,356
Fund balance at beginning of year 1,592,699 1,592,699 — — 1,592,699 —
Fund balance (deficit) at end of year $ (2,470,006) 1,458,753 — (759,403) 699,350 3,169,356
* No encumbrances were outstanding at June 30, 2007.