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URA Resolution No. 1078
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2012-2016 No. 1063-1081
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URA Resolution No. 1078
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Last modified
7/12/2016 1:50:49 PM
Creation date
1/13/2016 3:08:51 PM
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Template:
City Recorder
CMO_Document_Type
Resolutions
Document_Date
1/11/2016
Document_Number
URA Resolution 1078
CMO_Effective_Date
1/11/2016
Author
CRO
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Urban Renewal Agency Revenues by Source <br />Taxes - 92.8% <br />Rental income, loans repaid, and charges for <br />services - 4.0% <br />Investment earnings - 3.2% <br />Fund-based Financial Analysis <br />As previously discussed, the Agency uses fund accounting to ensure and demonstrate compliance with finance- <br />related legal requirements. <br />The focus of the Agency’s governmental funds is to provide information on near-term inflows, outflows, and <br />balances of spendable resources. Such information is useful in assessing the Agency’s financing requirements. <br />In particular, spendable fund balance may serve as a useful measure of a government’s net resources available <br />for spending at the end of the fiscal year. <br />As of the end of the current fiscal year, the Agency reported combined ending fund balances of $14,519,884. <br />Approximately 87% of this total amount ($12,669,724) is available for spending at the Agency’s discretion, subject <br />to fund limitations. The remainder of fund balance ($1,850,160) is not available for new spending because it <br />represents nonspendable assets held for resale. <br />The General Fund is the chief operating fund of the Agency and houses operations for the Downtown District. At <br />the end of the current fiscal year, the total fund balance was $1,620,277, all of which was available to spend. <br />General Fund Budgetary Highlights <br />The difference between the original budget and the final amended budget was an increase of $106,702. This <br />increase was funded by unspent resources from the prior year and current year resources. <br />Capital Assets and Debt Administration <br />Capital assets. The City maintains all of its assets, including those of the Agency. The Agency’s investment in <br />capital assets for its governmental activities as of June 30, 2015 amounted to $495,794. <br />Additional information on the Agency’s capital assets can be found in note (4)(C) of this report. <br />10 <br />
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