2020 Comprehensive Annual Financial Report

Schedule 18

Economic Development Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020

Variance Positive (Negative)

Final Budget

Actual

Revenues: Taxes:

Ad Valorem Taxes

$

1,410,000

$

1,423,926

$

13,926

Investment Income (Loss)

207,000

69,452

(137,548)

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

32,278 10,049 42,327

32,278 49 32,327

10,000 10,000

Total Charges for Current Services

Appropriated Fund Balance

542,508

(542,508)

Total Revenues

2,169,508

1,535,705

(633,803)

Expenditures:

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

143,960 360,000 100,000 1,090,000 140,000

31,418 70,000 100,000 953,833 115,000

112,542 290,000 136,167 25,000

Total Expenditures

1,833,960

1,270,251

563,709

Excess of Revenues Over Expenditures

335,548

265,454

(70,094)

Other Financing Uses: Transfers Out

(335,548) (335,548)

(335,548) (335,548)

Total Other Financing Uses

Excess of Revenues Under Expenditures and Other Financing Uses

$

(70,094)

(70,094)

Fund Balance - July 1

659,622

659,622

Fund Balance - June 30

$

589,528

$

589,528

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

$

589,528

752,740 (32,278) 1,309,990

$

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