CRA Minutes 05/09/2008 - Laserfiche WebLink

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Governmental activities. Governmental activities increased the CRA's net assets by $343,175 in fiscal year 2007, which represents an improvement of $51,441 in operating results from that of fiscal year 2006. The improvement in revenue resulted primarily from increased City and County contributions to the Trust Fund and related interest. General government expenses increased due to additional professional services and interest paid on behalf of the City in connection with the City's acquisition of land. Changes in Net Assets 2007 2006 General revenues: Contributions to the Trust Fund $ 806,341 $ 428,682 Investment income 94,081 39,972 Interest on delinquent contributions to the Trust Fund 33,230 Rent 600 18,709 Total general revenues 901,022 520,593 Expenses: General government 431,681 127,926 On behalf interest payments 126,166 100,933 Total expenses 557,847 228,859 Change in net assets 343,175 291,734 Net assets - beginning 1,854,452 1,562,718 Net assets - ending $ 2,197,627 $ 1,854,452 Financial Analysis of the General Fund As noted earlier, the CRA uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. The purpose of the eRA's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the CRA's financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. The only difference between General Fund operations and governmental activities is the accounting presentation for capital outlay. Capital outlay is accounted for as an expenditure in the General Fund and, to the extent it relates to capital asset additions, is replaced by depreciation expense on the statement of activities. Capital outlay decreased from $73,590 in fiscal 2006 to $0 in fiscal 2007. 5