1998-05-27 Packet - Laserfiche WebLink

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City of Centerville April 16, 1998 Page Six The fund balances (deficits) of each at year end for 1997 and 1996 are as follows: Fund Balance (Deficit) Increase Fund 1997 1996 Decrease Cable TV S 16,888 $ 14,743 $ 2,145 Recycling (17,295) (20,673) 3,378 City Celebration (1,366) (1,366) - The City Celebration has a deficit fund balance and had no activity in 1997. We recommend this fund be closed with a transfer from the general fund and any future activity be budgeted and recorded in the general fund. The deficit in recycling will be eliminated with future excess revenue. Debt Service Funds A comparison of the assets of each fund and the remaining bonds outstanding at year end are as follows: Cash and Investment Total Bonds Fund Balance Assets Outstanding Flood Plains Reduction $(121,245) $ (17,133) S 163,350 1979 Improvements (5,785) 1,140 45,000 1987 Improvements (72,433) (43,530) 285,000 Municipal Water Improvements (195,696) (195,446) 55,500 Centerhill Improvements 99,474 99,945 Centerhill Second Addition (4,335) (4,335) - 1992Improvements 74,386 75,383 104,500 1993 Acorn Creek Improvements 152,078 183,004 255,000 Municipal Building 51,929 52,268 318,324 Clearwater Meadows 277,154 481,773 441,650 Elementary School Water Extension 196.387 330.104 410,000 Total $ 451,914 S 963.173 $ 2,078.324 The Centerhill Improvement and Centerhili Second Addition funds have no remaining debt and should be closed to whatever the council deems appropriate. Funding a permanent capital improvements fund would be a good idea. The 1987 Improvements bond issue is to be paid with special assessments according to the bond resolution. Through research, the original assessment amount did not appear to be sufficient to pay all principal and interest. The City began levying in 1997 for this bond. The Municipal Water Improvement fund is the #1 TIF District. TIF District #2 is the TIF Projects Capital Projects fund and this district is supposed to pay the principal and interest of the Municipal Water Improvements fund. We recommend a transfer to be made to eliminate the cash deficit of $195,696 in the Municipal Water Improvements from the TIF Projects fund. An annual transfer will need to be made to pay future principal and interest installments if the increments in the Municipal Water Improvements are not sufficient. The 1992 Improvements and the 1993 Acorn Creek Improvements were completed factoring in a City cost to complete the bond payments. The City will need to transfer their portion of debt service from the applicable source which may be the General Fund or Water and Sewer funds.