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Schedule 19
Economic Development Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended June 30, 2016
Variance
Final
Positive
Budget
Actual
(Negative)
Revenues:
Taxes:
Ad Valorem Taxes
1,271,000
$
1,280,857
$
9,857
$
Investment Income
76,000
66,965
(9,035)
Charges for Current Services:
Principal - Notes and Mortgages
23,056
23,056
Appropriated Fund Balance
304,455
(304,455)
Total Revenues
1,651,455
1,370,878
(280,577)
Expenditures:
Economic Opportunity:
Economic Development Administration
102,440
41,927
60,513
Capital Assistance Pool
847,015
357,059
489,956
Aviation Initiatives
35,000
35,000
Downtown Development
892,000
592,000
300,000
Total Expenditures
1,876,455
1,025,986
850,469
Excess of Revenues Over (Under) Expenditures
(225,000)
344,892
569,892
Other Financing Uses:
Transfers In
300,000
300,000
Transfers Out
(75,000)
(75,000)
Total Other Financing Sources (Uses )
225,000
225,000
Excess of Revenues Under Expenditures
and Other Financing Uses
$
569,892
569,892
Fund Balance - July 1
597,647
597,647
Fund Balance - June 30
1,167,539
$
1,167,539
$
Reconciliation of Budgetary Basis to GAAP Basis:
Excess of Revenues and Other Financing Sources Over
Expenditures and Other Financing (Uses)
1,167,539
$
Difference in Loan Treatment Required by Governmental
Accounting Standards
Beginning Balance - July 1
837,181
Current Year Activity
(5,812)
Fund Balance - June 30
1,998,908
$
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