RDAP-2009-11 - 2009-11-23RESOLUTION NO. RDAP-2009-11
A RESOLUTION OF THE DEVELOPMENT AUTHORITY OF
PEARLAND (DAP), ACCEPTING THE FINANCIAL REPORT FOR
THE PERIOD ENDING SEPTEMBER 30, 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 September 30, 2009.
PASSED, APPROVED, AND ADOPTED this 23`d day of November, A.D.,
2009.
TOM REID
DAP CHAIRMAN
ATTEST:
fib /344c /
ED BAKER
DAP SECRETARY
AGENDA REQUEST
DEVELOPMENT AUTHORITY OF PEARLAND
CITY OF PEARLAND, TEXAS
AGENDA OF: 11/23/2009
DATE SUBMITTED: 11/12/2009
PREPARED BY: June Ellis
ITEM NO.: Resolution No. RDAP-2009-11
DEPARTMENT OF ORIGIN: Finance
PRESENTOR: Claire Bogard
SUBJECT: September 2009 Financials
EXHIBITS: Resolution No. RDAP-2009-11
1 - Balance Sheet & Income Statement
EXPENDITURE REQUIRED: None
AMOUNT AVAILABLE:
AMOUNT BUDGETED:
PROJECT NO.:
EXECUTIVE SUMMARY
Attached are the financial statements (Balance Sheet and Statement of Revenues and
Expenditures) for the Development Authority of Pearland for the fiscal year ending
September 30, 2009. These numbers may change slightly with the audit of fiscal year
2009 currently underway by the City's auditors, Null Lairson.
• Cash and Investments $4,672,646, with 100% in interest bearing money market
accounts. Of this amount, $4,201,673 is needed for the Authority's debt service
reserve requirements, which are 1.25 times the average annual debt service
requirement or the maximum annual debt service, whichever is less.
• Revenues total $15,676,504 which includes $6,825,679 from the TIRZ for debt
service payments and developer reimbursement and $8,815,000 in bond
proceeds from Series 2009.
• Fiscal year to date expenditures total $12,353,536, of which $8,105,000 or 66%,
is for developer reimbursements. Principal payment on bonds was made in
August for the September 1S' payment and total $1,490,000, with interest
payment totaling $2,140,312. Funds were transferred from the TIRZ for this
obligation.
• Fund balance as of September 30, 2009 is $4,687,503. All of this is being set
aside to satisfy the Authority's debt service reserve requirement.
Revised 2007-01-09
RECOMMENDED ACTION
Presentation of September 2009 Financial Statements.
Revised 2007-01-09
DEVELOPMENT AUTHORITY OF PEARLAND
BALANCE SHEET
FOR MONTH ENDED SEPTEMBER 30, 2009
ASSETS:
Cash and Cash Equivalents
3,150,004
Money Market
1,522,642
Interest Receivable
14,857
Total Assets
4,687,503
LIABILITIES:
Accounts Payable
Total Liabilities
EQUITY:
Equity 4,687,503
Total Equity 4,687,503
Total Liabilities and Equity 4,687,503
DEVELOPMENT AUTHORITY OF PEARLAND
SCHEDULE OF REVENUES AND EXPENDITURES
FOR MONTH ENDED SEPTEMBER 30, 2009
FY2009
ACTUAL
REVENUES
TO - DATE
Contributions from TIRZ
6,825,679
Bond Proceeds
8,815,000
Interest
35,825
TOTAL
15,676,504
EXPENDITURES
Professional Services
11,117
Reimbursement to Developer
8,105,000
Issuance Costs
596,107
Bond Payments
Principal
1,490,000
Interest
2,140,312
Fiscal Fees
11,000
TOTAL
12,353,536
Net Change in Fund Balance
3,322,968
BEGINNING FUND BALANCE
1,364,535
ENDING FUND BALANCE
4,687,503