2007-07-02 Development Authority Board of Directors MEMORANDUM
To: Development Authority Board of Directors
From: Claire Manthei, Director of Finance
Date: July 2, 2007
Subject: May 2007 Financial Report
Attached are the financial statements (balance sheet and income statement) for the
Development Authority of Pearland for the eight months ending May 31, 2007, along
with the May 2007 investment report.
• Cash and Investments total $966,195, with 100% in interest bearing money
market accounts.
• Revenues total $11,695,490, which includes $1,650,000 from the TIRZ for the
March debt service payment and $1,000,000 towards cash developer
reimbursements, and $9,970,000 in bond proceeds.
• Fiscal year to date expenses total $12,937,210, of which $11,318,000 or 87% is
for developer reimbursements. A March 15t bond payment of$691,795 was made
on February 28, 2007.Next payment of$2,281,327 is due September 1, 2007.
• Fund equity as of May 31, 2007 is $936,268.
• Highlights of the investment report are:
• Beginning Book Value $ 962,280
• Ending Book Value $ 966,195
• Increase in Portfolio $ 3,915
• Interest Earned for Period $ 3,915
• Weighted Average Maturity 1 Day
• Weighted Average Yield 4.99%
• Portfolio Composition:
a. Cash 0%
b. Money Market 100%
41111.
1 'j A 1
DEVELOPMENT AUTHORITY OF PEARLAND
BALANCE SHEET
FOR MONTH ENDED MAY 31, 2007
ASSETS:
Cash and Cash Equivalents $ 143,946
Money Market 822,249
Total Assets 966,195
a
LIABILITIES:
Interest $ 29,928
Total Liabilities 29,928
EQUITY:
Equity 936,268
Total Equity 936,268
Total Liabilities and Equity $ 966,195
7 /.
DEVELOPMENT AUTHORITY OF PEARLAND
SCHEDULE OF REVENUES AND EXPENDITURES
FOR MONTH ENDED MAY 31, 2007
REVENUES:
Contributions from TIRZ $ 1,650,000
Bond Proceeds 9,970,000
Interest 75,490
Total Revenue 11,695,490
EXPENDITURES:
Professional Services $ 36,446
Reimbursement to Developer 11,318,000
Issuance Costs 890,970
Bond Payments
Principal
Interest 691,795
Fiscal Fees
Total Expenditures 12,937,210
Net Change in Fund Balance (1,241,720)
BEGINNING FUND BALANCE 2,177,988
ENDING FUND BALANCE $ 936,268
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