2012-2013 Budget - City of Saginaw MI

GM TOWER PROJECTREVENUE BUDGET SUMMARYGM Tower Project Fund accounts for the grant processfrom the Urban Development Action Grant. Thesefunds appropriated since 2007 has been utilized to payportions of or all of Saginaw Future, Inc. contract withthe city. The major revenue source for this fund is the“Use of Fund Equity” from the proceeds of the grant.Because of the continual utilization of these reservesover the years, these monies will no longer be able tocover the entire cost of the contract. The 2012/2013Budget includes a subsidy from the General Fund in theamount of $69,625. The approved budget for GMTower Project Fund will be $102,500, in FY 2013.SUMMARY OF REVENUES2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected ApprovedInterest and Rents 6,950 648 58 0 0 9 0Other Revenues 0 0 0 102,500 102,500 102,491 32,875Transfers 0 0 0 0 0 0 69,625REVENUE TRENDSTotal Revenues 6,950 648 58 102,500 102,500 102,500 102,500200,000Total GM Tower Project Revenues Since 2002150,000100,000Total GM Tower Projects Revenues50,000-2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013(50,000)The above graph reflects numerical data from FY 2002 – FY 2011 Actual Revenues, FY 2012 Approved Budget, and FY2013 Approved Budget. The revenue trend above illustrates two significant drops in revenue, one in 2003 and another in2005. Both decreases were due to the completion of the Urban Development Action Grant. From 2006 through 2010, theGeneral Fund paid a portion of Saginaw Future’s contract; therefore, less fund balance was appropriated. From FY 2011and 2012, the Saginaw Future’s entire contract has been appropriated to this fund; therefore, over $100,000 will beappropriated in fund balance. From FY 2012 to FY 2013, the revenue projects remain the same.191