CRA 04/17/2014 Minutes - Laserfiche WebLink

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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, unassigned 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. General Fund Budgetary Highlights Primary variances between the final budget and actual operating expenditure categories were as follows: $50,915 in professional fees in the general government line item remained of budgeted spending due to decreased activity and $21,649 was not spent on budgeted Economic Opportunity incentives, which was planned to provide assistance to commercial property owners in order to improve their properties. Capital Asset Administration The CRA's investment in capital assets as of September 30, 2013 amounts to $2,210,723, a decrease of $55,083. Land Signs Improvements Capital Assets (net of depreciation) 2013 2012 $ 1,041,305 $ 1,041,305 22,040 23,757 1,147,378 1,200,744 Total $ 2,210,723 $ 2,265,806 Economic Factors and Conditions A continued decrease in area property values resulted in a decrease in City and County contributions to the Trust Fund for fiscal year 2013. Taxable values in the CRA district continued to fall in fiscal year 2013, resulting in the 6.97% decrease in revenue. This is the fourth consecutive year to experience a significant reduction in property values. A 2.0% property value increase is anticipated in fiscal year 2014, and a leveling of property values is projected for fiscal year 2015 by the Seminole County Property Appraiser. These significant revenue losses will severely limit the scope of future redevelopment activity by the CRA. Requests for Information This financial report is designed to provide a general overview of the CRA's finances for all those with an interest in the government's finances. Questions concerning any of the information should be addressed to the Finance Director, 95 Triplet Lake Dr., Casselberry, FL 32707. -5-