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 (Major Fund)
Year ended June 30, 2009
113
Less
2007-2008 Plus Actual, Variance –
Original Final encumbered 2008-2009 budgetary positive
budget budget Actual expenditures* encumbrances basis (negative)
Revenues:
Incremental property taxes $ 47,050,000 52,827,200 53,000,885 — — 53,000,885 173,685
Investment income 1,605,000 1,605,000 2,085,633 — — 2,085,633 480,633
Other 100,000 100,000 529,915 — — 529,915 429,915
Total project revenues 48,755,000 54,532,200 55,616,433 — — 55,616,433 1,084,233
Expenditures:
Housing and community development:
Payment of property tax increment 14,526,000 17,184,000 17,038,515 — — 17,038,515 145,485
Supplies 1,348,807 5,296,156 1,483,829 — — 1,483,829 3,812,327
Capital improvements 38,105,000 67,727,772 22,214,485 — 5,744,578 27,959,063 39,768,709
Total project expenditures 53,979,807 90,207,928 40,736,829 — 5,744,578 46,481,407 43,726,521
Excess (deficiency) of revenues
over (under) expenditures (5,224,807) (35,675,728) 14,879,604 — (5,744,578) 9,135,026 44,810,754
Other financing (uses):
Transfers out (9,560,369) (9,560,369) (9,517,708) — — (9,517,708) 42,661
Net change in fund balance (14,785,176) (45,236,097) 5,361,896 — (5,744,578) (382,682) 44,853,415
Fund balance at beginning of year 48,110,666 48,110,666 48,110,666 — — 48,110,666 —
Fund balance at end of year $ 33,325,490 2,874,569 53,472,562 — (5,744,578) 47,727,984 44,853,415
* No encumbrances were outstanding at June 30, 2008.