Grand Rapids

GR Agenda Item

FY2019 Final Financial Statements as of June 30, 2019


Department:SmartZone Local Development Finance AuthoritySponsors:


  1. Item Description
  2. StmtsSZ06302019Final

Content A

Attached are the SmartZone Local Development Finance Authority’s financial statements for the fiscal year ended June 30, 2019.  The attached statements include the following:


              Statement A:  Balance Sheet - Final

              Statement B:  Statement of FY2019 Budget vs Actual Results - Final

              Statement C:  FY2019 Total Expenditures List


The statements are marked, “Final,” since the FY2019 audit has been completed.  However, the format of these attached statements is for management purposes only.  The Authority’s audit will be submitted at the January, 2020 meeting.  In the audit, financial data are presented in compliance with accounting principles generally accepted in the United States of America (GAAP), as applicable to governmental units, as well as in compliance with accounting and financial reporting pronouncements promulgated by the Governmental Accounting Standards Board.  These standards summarize financial data so it is comparable with other governmental units. 


FY2019 actual tax increment revenues were $62,156 higher than budgeted despite the $100,826 loss due to property assessment appeals.  FY2019 actual expenditures were significantly lower than budgeted; however, much of what had previously been budgeted in FY2019 is now budgeted for FY2020 based on the various Initiatives approved by the Authority in FY2018.


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