2019 Comprehensive Annual Financial Report (CAFR)

Schedule 18

Economic Development Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2019

Variance Positive (Negative)

Final Budget

Actual

Revenues: Taxes:

Ad Valorem Taxes

$

1,386,000

$

1,392,790

$

6,790

Investment Income (Loss)

207,279

90,740

(116,539)

Charges for Current Services: Principal - Notes and Mortgages Other Revenue

27,889 11,787 39,676

27,889 1,787 29,676

10,000 10,000

Total Charges for Current Services

Appropriated Fund Balance

550,624

(550,624)

Total Revenues

2,153,903

1,523,206

(630,697)

Expenditures: Economic Opportunity:

Economic Development Administration Capital Assistance Loan Pool Regional Economic Development Community Partners Funding Downtown Development

224,083 429,000 100,000 699,843 373,177

76,338 429,000 100,000 699,843 373,177

147,745

Total Expenditures

1,826,103

1,678,358

147,745

Excess of Revenues Over (Under) Expenditures

327,800

(155,152)

(482,952)

Other Financing Uses: Transfers Out

(327,800) (327,800)

(327,800) (327,800)

Total Other Financing Uses

Excess of Revenues Under Expenditures and Other Financing Uses

$

(482,952)

(482,952)

Fund Balance - July 1

1,142,574

1,142,574

Fund Balance - June 30

$

659,622

$

659,622

Reconciliation of Budgetary Basis to GAAP Basis: Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing (Uses) Difference in Loan Treatment Required by Governmental Accounting Standards Beginning Balance - July 1 Current Year Activity Fund Balance - June 30

$

659,622

780,629 (27,889) 1,412,362

$

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