2003-03-26 CC Packet - Laserfiche WebLink

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city of Centerville February 6, 2003 Page Eight Special Revenue Funds These funds are used to account for revenues derived from specific revenue sources that are restricted to expenditures for specific purposes. The fund balances of each at year end for 2002 and 2001 are as follows: Fund Balance (Deficit) Increase . Fund 2002 2001 (pecrease) Cable TV $ 11,139 $ 26,286 $ (15,147) Recycling (10,628) 10,628 City Celebration (34,962 ) 34,962 Gambling Donation 25.230 (25.230) Total $ 11.139 $ 5.926 $ 5.213 The City made the entries necessary to close the deficit balances in the Recycling and City Celebration funds during 2002. 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 . Outstandin2 Maturitv 1987 Improvements $ 29,811 $ 31,827 $ 50,000 2003 1993 Acorn Creek Improvements Municipal Building 57,238 2003 Elementary School Water Extension 223,411 264,221 270,000 2008 Parkview Development 432,694 445,969 455,000 2009 G.O.lmprovement Bonds of2000 502,483 522,271 475,000 2011 G.O.lmprovement Bonds of2oo1 675,605 677,416 990,000 2013 G.O.lmprovement Bonds of2oo2 36.104 36.104 635.000 2014 Total S 1.900.108 $ 1.977.808 S 2.932.238 The City currently has substantial cash balance for bond repayments, but because of low interest rates, future debt payments may be in excess of projected cash. Most of the remaining bond issues were scheduled to be repaid with special assessments that accrued interest at 8 percent annually. The majority of assessments have been prepaid which means the City will not earn the 8 percent as scheduled, but will earn the current rate of interest between 1 and 4 percent The City could prepay some of the bond issues if the call date has been reached, but since these issues are recent, it is unlikely. The City should consider all the financing options to avoid levying to provide for projected shortfalls.