Laserfiche WebLink
Debt Service Funds <br /> Debt Service funds are a type of governmental fund to account for the accumulation of resources for the payment of interest and <br /> principal on debt(other than enterprise fund debt). <br /> Debt Service funds may have one or a combination of the following revenue sources pledged to retire debt as follows: <br /> • Property taxes-Primarily for general City benefit projects such as parks and municipal buildings.Property taxes may <br /> also be used to fund special assessment bonds which are not fully assessed. <br /> • Tax increments-Pledged exclusively for tax increment/economic development districts. <br /> • Capitalized interest portion of bond proceeds-After the sale of bonds,the project may not produce revenue(tax <br /> increments or special assessments)for a period of one to two years.Bonds are issued with this timing difference <br /> considered in the form of capitalized interest. <br /> • Special assessments-Charges to benefited properties for various improvements. <br /> In addition to the above pledged assets,other funding sources may be received by Debt Service funds as follows: <br /> • Residual project proceeds from the related capital projects fund <br /> • Investment earnings <br /> • State or federal grants <br /> • Transfers from other funds <br /> A comparison of the assets of each fund and the remaining bonds outstanding at year end are as follows: <br /> Cash and <br /> Temporary Total Bonds <br /> Fund Investments Assets Outstanding Maturity <br /> 309 Joint Police Station 2005A $ 60,731 $ 66,315 $ 395,000 2021 <br /> 348 G.O. Crossover Bonds of 2009B 474,829 512,682 1,770,000 2018 <br /> 349 G.O. Improvement Bonds of 2011A 364,547 767,044 1,855,000 2019 <br /> 351 G.O. Improvement Bonds of 2009A 843,290 1,484,880 3,190,000 2025 <br /> 352 G.O.Improvement Bonds of 2013A 57,381 286,534 1,485,000 2029 <br /> Total S 1,800,778 $ 3,117,455 $ 8,695,000 <br /> The following graph shows the next five years of principal and interest payments from the debt service funds: <br /> $2,500,000 - - - - <br /> $2,000,000 --- ---- ------- - — -------— ------ <br /> I <br /> $1,500,000 <br /> $1,000,000 <br /> i <br /> $500,000 <br /> $- <br /> 2015 2016 2017 2018 2019 <br /> `— ■Principal ■Interest --1 People <br /> ----- ---- ------ +Process. <br /> Going <br /> -10- N�utfibers� <br />