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2016-04-27 CC Packet
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2016-04-27 CC Packet
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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 />Fund <br />Cash and <br />Temporary Total <br />Investments Assets <br />Bonds <br />Outstanding Maturity <br />309 <br />Joint Police Station 2012A <br />$ 68,084 <br />$ 73,886 <br />$ 330,000 <br />2021 <br />348 <br />G.O. Improvement Refunding 2015A <br />42,434 <br />76,840 <br />1,385,000 <br />2025 <br />349 <br />G.O. Improvement Bonds of 2011A <br />325,795 <br />662,271 <br />1,490,000 <br />2019 <br />351 <br />G.O. Improvement Bonds of 2009A <br />837,714 <br />1,395,110 <br />2,925,000 <br />2025 <br />352 <br />G.O. Improvement Bonds of 2013A <br />73,815 <br />277,160 <br />1,485,000 <br />2029 <br />Total <br />$ 1,347,842 $ 2,485,267 $ 7,615,000 <br />The following graph shows the next five years of principal and interest payments from the debt service funds: <br />$1,200,000 <br />$1,000,000 <br />$800,000 <br />$600,000 <br />$400,000 <br />$200,000 <br />2016 2017 2018 2019 <br />■ Principal ■ Interest <br />-10- <br />2020 <br />People <br />+ I YocesS, <br />WWI <br />13eN011 a", <br />\u l f1bet .s <br />
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