CAFR 2017

Schedule 24

Economic Development Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2017

Variance Positive (Negative)

Final

Budget

Actual

Revenues: Taxes:

Ad Valorem Taxes

$

1,292,000

$

1,300,819

$

8,819

Investment Income

76,000

54,444

(21,556)

Charges for Current Services: Principal - Notes and Mortgages

26,684 13,107 39,791

26,684 13,107 39,791

Other Revenue

Total Charges for Current Services

Appropriated Fund Balance

829,194

(829,194)

Total Revenues

2,197,194

1,395,054

(802,140)

Expenditures: Economic Opportunity:

Economic Development Administration

98,000 912,194 100,000 371,000 35,000 581,000

42,579 264,194 100,000 298,818 35,000 781,000

55,421 648,000

Capital Assistance Pool

Regional Economic Development Community Partners Funding

72,182

Aviation Initiatives

Downtown Development

(200,000)

Total Expenditures

2,097,194

1,521,591

575,603

Excess of Revenues Over (Under) Expenditures

100,000

(126,537)

(226,537)

Other Financing Uses: Transfers Out

(100,000) (100,000)

(100,000) (100,000)

Total Other Financing Sources (Uses )

Excess of Revenues Under Expenditures and Other Financing Uses

$

(226,537)

(226,537)

Fund Balance - July 1

1,167,539

1,167,539

Fund Balance - June 30

$

941,002

$

941,002

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

$

941,002

831,369 (26,684)

Current Year Activity Fund Balance - June 30

$

1,745,687

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