TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance and Operations Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: February 12, 2019
Title
CRA FINANCIAL REPORT - OCTOBER 2018
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Recommended Action:
Recommendation
Receive and File.
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Background:
Attached are the October 2018 Financial Statements [1] Statement of Net Assets and [2] Statement of Activities with Budget vs. Actual (YTD).
Below are highlights of significant activities that occurred during the month of October:
1. Reimbursement-Other (G/L #4750) - Reimbursements totaling $19,363 were received from the following:
• Property insurance payment for the Palm Manors Apartments from the Delray Beach Community Land Trust- $12,022
• Property tax refund from Palm Beach County - $7,341
2. West Atlantic Redevelopment-Land Acquisition (G/L #5115) - Payments totaling $137,108 were made for the following:
• Purchase of 246 NW 8th Avenue- $84,301
• Purchase of 21 SW 13th Avenue- $52,512
• Allied Appraisals Services, Inc.- $295
3. Redevelopment Projects- Property Insurance (G/L #6310) - A payment of $23,254 was made to FMIT for property insurance on CRA property.
4. Community Resource Enhancement-A-Guide Funding- (G/L #7376) - A first quarter A-GUIDE payment in the amount of $27,750 was made to EPOCH.
5. Debt Service-City National Line of Credit (G/L #8608)- A payment was made in the amount of $29,373.
Attachment(s): Exhibit A - October 2018 Financial Statements
CRA Attorney Review:
N/A
Finance Review:
Reviewed and prepared by Lori Hayward, CRA Finance & Operation Director.
Funding Source/Financial Impact:
N/A
Timing of Request:
N/A