COG Comprehensive Annual Financial Report

Schedule 22

Economic Development Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2018

Variance Positive (Negative)

Final Budget

Actual

Revenues: Taxes:

Ad Valorem Taxes

$

1,365,000

$

1,370,132

$

5,132

Investment Income

76,000

88,394

12,394

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

26,175 12,627 38,802

26,175 2,627 28,802

10,000 10,000

Total Charges for Current Services

Appropriated Fund Balance

531,183

(531,183)

Total Revenues

1,982,183

1,497,328

(484,855)

Expenditures: Economic Opportunity:

18,900 524,508 100,000 39,843

281,592 221,000 411,340 35,000 346,824

300,492 745,508 100,000 451,183 35,000 350,000

Economic Development Administration Capital Assistance Pool Regional Economic Development Community Partners Funding Aviation Initiatives Downtown Development

3,176

Total Expenditures

1,982,183

1,295,756

686,427

Excess of Revenues Over Expenditures

$

201,572

201,572

Fund Balance - July 1

941,002

941,002

Fund Balance - June 30

$

1,142,574

$

1,142,574

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

$

1,142,574

804,685 (24,056) 1,923,203

$

-76-