2012-04-11 CC Packet - Laserfiche WebLink

Home Browse Search

City of Centerville March 28, 2012 Page 10 Debt Service Funds Debt Service funds are a type of governmental fund to account for the accumulation of resources for the payment of interest and principal on debt (other than enterprise fund debt). Debt Service funds may have one or a combination of the following revenue sources pledged to retire debt as follows: • PropeLty taxes - Primarily for general City benefit projects such as parks and municipal buildings. Property taxes may also be used to fund special assessment bonds which are not fully assessed. • Tax increments - Pledged exclusively for tax increment/economic development districts. • Capitalized interest portion of bond proceeds - After the sale of bonds, the project may not produce revenue (tax increments or special assessments) for a period of one to two years. Bonds are issued with this timing difference considered in the form of capitalized interest. • Special assessments - Charges to benefited properties for various improvements. In addition to the above pledged assets, other funding sources may be received by Debt Service funds as follows: • Residual project proceeds from the related capital projects fund • Investment earnings • State or Federal grants • Transfers from other funds A comparison of the assets of each fund and the remaining bonds outstanding at year end are as follows: Fund Cash and Temporary Total Investments Assets Bonds Outstanding Maturity 309 Joint Police Station 2005A $ 54,155 $ 61,924 $ 560,585 2021 348 G.O. Crossover Bonds of 2009B 521,385 843,619 2,290,000 2018 349 G.O. Improvement Bonds of 2011A 365,181 983,740 2,760,000 2019 351 G.O. Improvement Bonds of 2009A 663,968 1,543,817 3,715,000 2025 Total $ 1,604,689 $ 3,433,100 $ 9,325,585 952.835.9090 • Fax 952.835.3261 w w w.aemcpas. corn