CRA 04/08/2011 Minutes - Laserfiche WebLink

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City of Casselberry, Florida Community Redevelopment Agency Management's Discussion and Analysis September 30, 2010 Governmental Activities. Governmental activities increased the C1tA's net assets by $433,120 in fiscal year 2010. A reduction in revenue resulted from decreases in the City of Casselberry's (the "City") and Seminole County's contributions to the Trust Fund. This followed a 21.79% reduction in tax increment value on which City and County contributions are based. General government expenses decreased due to decreased program expenditures from effective budget strategies. Changes in Net Assets Governmental Activities 2010 2009 General revenues: Intergovernmental $ 881,099 $ 1,053,502 Investment income 629 21,304 Total general revenues 881,728 1,074,806 Expenses: General government 192,956 208,908 On behalf interest payments 255,652 324,431 Total expenses 448,608 533,339 Change in net assets 433,120 541,467 Net assets -beginning 2,735,519 2,194,052 Net assets -ending $ 3,168,639 $ 2,735,519 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 CRA'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 $960,370 in fiscal 2009 to $179,697 in fisca12010. -5-