Page 154 - 2018 Comprehensive Annual Financial Report - City of Winston-Salem

City of Winston-Salem, North Carolina
Special Revenue Funds

Economic and Housing Development Fund – Schedule of Revenues, Expenditures,
and Changes in Fund Balance – Budget and Actual
From Inception and for the Fiscal Year Ended June 30, 2018 Exhibit 31

Total Program
Current Year Prior Years to Date Authorizations
Revenues
Intergovernmental $ - $ 5,659,262 $ 5,659,262 $ 6,538,437
Investment income (loss) 162,530 3,554,628 3,717,158 4,256,220
Capital lease charges - 1,004,929 1,004,929 1,000,000
Other 739,280 19,466,381 20,205,661 8,773,952
Total revenues 901,810 29,685,200 30,587,010 20,568,609
Expenditures
Neighborhood stabilization - 746,006 746,006 1,608,270
UDAG loan - 378,992 378,992 413,593
Housing financing assistance loan 1,486,946 7,065,678 8,552,624 13,458,246
Economic development loan 1,930,040 770,946 2,700,986 3,866,716
Economic development project 2,414,007 11,286,905 13,700,912 19,647,280
Foreclosed property 15,341 - 15,341 -
Section 108 - 3,862,805 3,862,805 4,450,000
Debt service
Interest and fiscal charges - 24,694 24,694 -
Total expenditures 5,846,334 24,136,026 29,982,360 43,444,105
Excess of revenues
over (under) expenditures (4,944,524) 5,549,174 604,650 (22,875,496)

Other Financing Sources (Uses)
Transfers in
General fund 1,634,320 11,662,258 13,296,578 14,373,846
Economic and housing development fund - 689,514 689,514 598,500
Capital projects fund 41,722 3,062,990 3,104,712 3,092,695
Transfers out
General fund (66,210) (151,923) (218,133) (218,140)
Grants fund - (201,947) (201,947) (275,000)
Economic and housing development fund - (638,100) (638,100) (638,100)
Capital projects fund - (1,718,500) (1,718,500) (1,718,500)
Public assembly facilities management fund - (250,000) (250,000) (250,000)
Total other financing sources, net 1,609,832 12,454,292 14,064,124 14,965,301
Excess of revenues and other
financing sources over (under)
expenditures and other uses (3,334,692) $ 18,003,466 $ 14,668,774 $ (7,910,195)
Fund balance - beginning 18,003,466

Fund balance - ending $ 14,668,774

Reconciling items for GAAP presentation

Fund balance at beginning of year (GAAP) 31,902,081
Loans issued and adjustments 1,872,289
Payments received on loan balances (498,022)
Change in estimate of loan portfolio allowance 617,692
Total reconciling items 33,894,040
Fund Balance at End of Year (GAAP Basis) $ 30,559,348

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