Laserfiche WebLink
COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA <br />Management's Discussion and Analysis (Continued) <br />Year Ended June 30, 2011 <br />(Unaudited) <br />Table 2 <br />Change in Net Assets <br />(in Millions) <br />Revenues: <br />Program revenues: <br />Operating grants and contributions <br />General revenues: <br />Taxes - property taxes <br />Investment income <br />Rental income <br />Other income <br />Total Revenues <br />Expenses: <br />Community redevelopment <br />Low and moderate income housing <br />Interest expense on long -term debt <br />Total Expenses <br />Increase (decrease) in Net Assets <br />Net assets at beginning year <br />Net assets <br />Governmental Activities <br />2011 2010 <br />$ 1.76 $ <br />5.34 <br />51.43 <br />54.32 <br />0.62 <br />0.86 <br />0.24 <br />0.15 <br />1.76 <br />2.09 <br />55.81 <br />62.76 <br />20.68 <br />41.79 <br />4.98 <br />8.92 <br />3.55 <br />7.78 <br />29.21 <br />58.49 <br />26.60 <br />4.27 <br />22.37 <br />18.10 <br />$ 48.97 $ <br />22.37 <br />The Agency's total revenues decreased by $6.95 million (11.07 %), while the total costs of all programs <br />and services decreased by $29.28 million (50.06 %). The decrease in revenue is due to decreased property <br />taxes as a result of the economic recession, and reduced revenues from the Low and Moderate Income <br />Housing Program. The decrease in expenses is mostly due to the lower payment of $3.68 million to the <br />State of California Supplemental Educational Revenue Augmentation Fund (SERAF) paid in 2011 <br />compared to $17.89 million paid in 2010. The decrease in revenues and expenses resulted in an increase <br />in net assets of $26.6 million. <br />