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<br />General Fund Budgetary Highlights <br /> <br />Primary variances between the final budget and actual operating categories were as follows: <br /> <br />. $77,023 favorable variance in general government expenditures, due primarily to projects that <br />were planned, but not completed, and economic incentives that were offered to, but not <br />accepted by, businesses that would build in the eRA. <br />. $1,857,735 favorable variance in capital outlay, $435,000 of which relates to projects that <br />were planned, but not completed, and $1,422,735 which relates to machinery and equipment <br />that was budgeted for but not purchased. <br />. $191,000 favorable variance in on-behalf interest payments, for a note to fund the Civic <br />Center project which was not undertaken in 2007. <br /> <br />Capital Asset Administration <br /> <br />The CRA's investment in capital assets as of September 30, 2007 amounts to $460,520, a decrease <br />of $109,824. The decrease was due to abandoned construction in progress of $109,824 and an <br />increase in accumulated depreciation of $3,434. <br /> <br />Capital Assets (net of depreciation) <br />2007 2006 <br /> <br />Land $ 428,174 $ 428,174 <br />Construction in progress 106,390 <br />Signs 32,346 35,780 <br />Total $ 460,520 $ 570,344 <br />Economic Factors and Conditions <br /> <br />Significant increases in area property values provided a sharp increase in City and .County <br />contributions to the Trust Fund for fiscal 2007. The Central Florida economy continues to provide <br />significant development and growth for the CRA and surrounding areas. <br /> <br />Requests for Information <br /> <br />This financial report is designed to provide a general overview of the CRA's finances for all those with <br />an interest in the government's finances. Questions concerning any of the information should be <br />addressed to the Finance Director, 95 Triplet Lake Dr., Casselberry, FL 32707. <br /> <br />6 <br />