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, 2009
116
Less
2007-2008 Plus Actual, Variance –
encumbered 2008-2009 budgetary positive
Budget Actual expenditures* encumbrances basis (negative)
Revenues:
Incremental property taxes $ 3,082,650 3,233,444 — — 3,233,444 150,794
Investment income 155,000 165,012 — — 165,012 10,012
Other — 9,652 — — 9,652 9,652
Total project revenues 3,237,650 3,408,108 — — 3,408,108 170,458
Expenditures:
Housing and community development:
Supplies 450,129 129,270 — — 129,270 320,859
Capital improvements 4,971,931 2,306,676 — 1,142,111 3,448,787 1,523,144
Total housing and community development 5,422,060 2,435,946 — 1,142,111 3,578,057 1,844,003
Debt service expenditures – interest — 213,431 — — 213,431 (213,431)
Total project expenditures 5,422,060 2,649,377 — 1,142,111 3,791,488 1,630,572
Excess (deficiency) of revenues
over (under) expenditures (2,184,410) 758,731 — (1,142,111) (383,380) 1,801,030
Other financing (uses):
Transfers out (1,604,598) (1,478,307) — — (1,478,307) 126,291
Net change in fund balance (3,789,008) (719,576) — (1,142,111) (1,861,687) 1,927,321
Fund balance at beginning of year 1,458,753 1,458,753 — — 1,458,753 —
Fund balance (deficit) at end of year $ (2,330,255) 739,177 — (1,142,111) (402,934) 1,927,321
* No encumbrances were outstanding at June 30, 2008.