City of Port St . Lucie Community Redevelopment Agency Management ' s Discussion and Analysis For the Year Ended September 30 , 2021
Because the focus of governmental funds is narrower than that of the government-wide financial statements , it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements . By doing so , readers may better understand the long-term impact of the government ' s near-term financing decisions . Both the governmental fund balance sheet and the governmental fund statement of revenues , expenditures and changes in fund balances provide a reconciliation to facilitate the comparison between governmental funds and governmental activities .
Fund balance is segregated between non-spendable and spendable components . The segregation of the equity section is designed to indicate the extent to which the CRA is bound to honor constraints on the specific purpose for which amounts in the fund can be spent . The five components of fund balance are as follows :
Non-spendable : Amounts not in spendable form such as inventory and pre-paid items .
Spendable Fund balances :
Restricted : Spendable resources which are restricted by external legal restrictions such as bond covenants and state and federal grants .
Committed : Spendable resources which are committed by ordinances of the CRA Board and contracts approved by the City Council .
Assigned : Spendable resources which are assigned by the CRA Board to specific uses such as capital projects and amounts to cover anticipated revenue shortfalls in the ensuing fiscal year .
Unassigned : Spendable resources which can be used for any CRA purpose .
As of the end of the current fiscal year , the CRA reported an ending fund balance of $ 0.1 million , a decrease from the prior year . The primary reason for the decrease was an increase in debt and economic expenditures .
3 ) Basic Financial Statements - Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the Government- Wide and Fund Financial Statements . The notes to the Basic Financial Statements can be found beginning on page 15 of this report .
Economic Factors and Budget Outlook
CRA revenues and transfers in for 2022 are projected at $ 5.5 million , approximately $ 0.5 million lower than 2021 . Expenditures are budgeted at $ 5.5 million , resulting in a balanced budget .
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