RDAP-2009-05 - 2009-05-18RESOLUTION NO. RDAP-2009-05
A RESOLUTION OF THE DEVELOPMENT AUTHORITY OF PEARLAND
(DAP), TEXAS, ACCEPTING THE FINANCIAL REPORT FOR THE PERIOD
ENDING MARCH 31, 2009.
BE IT RESOLVED BY DAP BOARD OF DIRECTORS:
Section 1. That the Development Authority of Pearland, TX hereby accepts the
Financial Report for the period ending March 31, 2009.
PASSED, APPROVED, AND ADOPTED this 18t" day of May, A.D. 2009.
Tom eid
DAP Chairman
ATTEST:
Ed Baker
DAP Secretary
AGENDA REQUEST
BUSINESS OF THE CITY COUNCIL
CITY OF PEARLAND, TEXAS
AGENDA OF: 5/18/2009
ITEM NO.: Resolution No. RDAP-2009-05
DATE SUBMITTED: 5/11/2009
DEPARTMENT OF ORIGIN: Finance
PREPARED BY: June Ellis
PRESENTOR: Claire Bogard
SUBJECT: March 2009 Financials
EXHIBITS: Resolution No. RDAP-2009-05
1 - Balance Sheet
2 - Income Statement
EXPENDITURE REQUIRED: None
AMOUNT BUDGETED:
AMOUNT AVAILABLE:
PROJECT NO.:
ACCOUNT NO.:
ADDITIONAL APPROPRIATION REQUIRED: None
ACCOUNT NO.:
PROJECT NO.:
To be completed by Department:
® Finance ❑ Legal
❑ Ordinance ❑ Resolution
EXECUTIVE SUMMARY
Attached are the financial statements (Balance Sheet and Statement of Revenues and
Expenditures) for the Development Authority of Pearland for the six month period
ending March 31, 2009.
• Cash and Investments $3,923,127, with 100% in interest bearing money market
accounts, of this amount $806,996 is debt service reserve and not available.
• Revenues total $4,244,721 which includes $4,224,485 from the TIRZ for debt
service payments and developer reimbursement.
• Fiscal year to date expenditures total $1,686,128, of which $640,000 is for a cash
developer reimbursement made in November 2008. Interest payment on bonds
to -date total $1,028,529. The September 1st bond payment of $2,518,529 will be
made at the end of August. The TIRZ will be transferring funds for this
obligation.
• The receipt of bond proceeds from the sale of bonds in the amount of $7.9 million
will occur in June. Of this amount, $6.5 million will be used to reimburse the
developer.
Revised 2007-01-09
• Fund balance as of March 31, 2009 is $3,923,127. Of this amount, $3.86 million
is being set aside to satisfy the Authority's debt service reserve requirement.
• After the receipts of Brazoria County TIRZ increment in August, and pursuant to
the agreement, all remaining non -operating funds from the TIRZ will be
transferred to the Development Authority.
RECOMMENDED ACTION
Presentation of March 2009 Financial Statements.
Revised 2007-01-09
DEVELOPMENT AUTHORITY OF PEARLAND
BALANCE SHEET
FOR MONTH ENDED MARCH 31, 2009
ASSETS:
Cash and Cash Equivalents
Money Market
Total Assets
LIABILITIES:
Accounts Payable
Total Liabilities
EQUITY:
Equity
Total Equity
Total Liabilities and Equity
3,116,131
806,996
3,923,127
3,923,127
3,923,127
3,923,127
DEVELOPMENT AUTHORITY OF PEARLAND
SCHEDULE OF REVENUES AND EXPENDITURES
FOR MONTH ENDED MARCH 31, 2009
FY2009
ACTUAL
REVENUES
TO - DATE
Contributions from TIRZ
4,224,485
Bond Proceeds
-
Interest
20,236
TOTAL
4,244,721
EXPENDITURES
Professional Services
6,599
Reimbursement to Developer
640,000
Issuance Costs
-
Bond Payments
Principal
Interest
1,028,529
Fiscal Fees
11,000
TOTAL
1,686,128
Net Change in Fund Balance 2,558,592
BEGINNING FUND BALANCE 1,364,535
ENDING FUND BALANCE 3,923,127