Tampa Palms CDD Financial Information

Reported August 2008 CDD Meeting

Balance Sheet 

The District has funds of just over $ 3.1 million after eight months as follows:

          General Fund                   $ 1,816 K

          Streetlight Fund                      15

          Debt Service Fund                   --

          Capital Fund                        1,215       

                       Total                   $ 3,046 K

 These funds result mainly from collections in advance of expenditures as follows:

          Visioning TP 2012              $ 1,564

          Normal Operations                   475

          Storm Recovery                       146

          Renewal & Replacement           112

          Carryover Working Capital       734

 General Fund Budget

Collections:

We have collected 96.4 % or $ 2,544 K of our planned Non Ad-Valorem assessments for the fiscal year. Staff provided an extensive review of unpaid taxes and various payments-in-progress. Bottom line…we do not have significant funds at risk.

  

Outlook:

A FY 2007-08 operating surplus of approximately $ 39 K…..in addition to the possibility of a gain on storm recovery $ 150 K.  In addition, Visioning TP 2012 should produce favorable timing variances in the range of $ 300 - 350 K. The Visioning monies are not true savings since they will be spent next year.

Streetlight Budget

The District budget report reflects fiscal year billings/revenue of $ 54 K to the City of Tampa for the streetlight contract. These monies have been billed to the city, but are unpaid and “due from other governments” on our 6/30/08 balance sheet. The City recently paid $ 45 K in past due billings that will be reflected in July statements.

 

Capital Fund

 

Florida SBA Fund B…The State SBA “froze” Capital Fund monies of $ 203 K in December, 2007. We have received principal and interest monies as these investments matured, reducing our 6/30/08 exposure is about $ 69 K.

 

We appear to have a good chance of full recovery…by March 2010.