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City of Casselberry, Florida <br />Community Redevelopment Agency <br />Management's Discussion and Analysis <br />September 30, 2010 <br />General Fund Budgetary Highlights <br />The General Fund final budgeted expenditures exceeded the original appropriations by $142,815, <br />or 14.2%. Appropriations for capital outlay increased by $135,015. The General Fund actual <br />expenditures were $546,577 less than the final appropriation for expenditures. General <br />government expenditures for operations of the C1tA were $231,259 less than the final budget, <br />resulting from streamlined operations, reduction in professional service fees, and postponement <br />of certain economic opportunity incentive programs. <br />Capital Asset Administration <br />The CRA's investment in capital assets as of September 30, 2010 amounted to $1,762,843, an <br />increase of $151,577. The increase was due to construction in progress of $179,697, net of <br />depreciation expense of $28,120. Additional information on the CRA's capital assets can be <br />found in Note 4 of the notes to the financial statements. <br />Land <br />Construction in progress <br />Signs (net) <br />Improvements (net) <br />Total <br />Capital Assets <br />(Net of Depreciation) <br />2010 2009 <br />$ 428,174 $ 428,174 <br />27,192 <br />1,307,477 <br />1, /bL,2S43 <br />1,140,432 <br />28,910 <br />13.750 <br />$ 1,611,"166 <br />Economic Factors and Conditions <br />Decrease in area property values provided a decrease in City and County contributions to the <br />Trust Fund for fiscal 2010. Taxable values in the CRA district fell 12.26% for fiscal year 2010. <br />This is the beginning of a downward trend. A 19.63% value loss will be experienced in fiscal <br />year 2011 and more losses are projected by the Seminole County Property Appraiser for fiscal <br />year 2012. Deep revenue losses will severely limit the scope of future redevelopment activity by <br />the CItA. <br />Requests for Information <br />This financial report is designed to provide a general overview of the CIZA's finances for all <br />those with an interest in the government's finances. Questions concerning any of this <br />information should be addressed to the Finance Director, 95 Triplet lake Dr., Casselberry, FL <br />32707. <br />-6- <br />