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,) c City of Centerville March 29, 2002 Page Seven 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 (deficits) of each at year end for 2001 and 2000 are as follows: Cable TV Recycling City Celebration Gambling Donation $ Increase 200l 2000 iDecrease ) 26,286 $ 20,496 $ 5,790 (10,628 ) (16,459) 5,831 (34,962 ) (19,850) (15,112) 25 .230 2.678 22.552 5926 $ (J3 135) $ 1906] Fund Total $ We recommended that the Recycling and City Celebration fund deficits be eliminated with transfers. The proposed entries were provided to the City in January 2002 but the Council delayed action due to further research needed by City staff. 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 Maturity Flood Plains Reduction $ 25,082 $ 31,303 $ 35,100 2002 1979 Improvements 1,192 1,341 1987 Improvements 30,685 37,106 100,000 2003 1993 Acorn Creek Improvements (38,296 ) (25,892 ) Municipal Building (90,361) (31,326) 112,732 2003 Clearwater Meadows 143,349 148,848 94,900 2002 Elementary School Water Extension 261,557 312,875 310,000 2008 Parkview Development 463,165 480,589 510,000 2009 G.O. Improvement Bonds of 2000 432,606 698,456 650,000 2011 G.O. Improvement Bonds of 2001 41.268 41.387 990.000 2013 Total $ 1.270247 $ I 694 687 $ 2.802 732 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 and for the Municipal Building capital lease. The City will continue to transfer the amount levied from the General to the 1987 Improvements and the Municipal Building funds. The City made a final payment of project costs in the 1993 Acorn Creek Improvements fund. We recommended that this fund along with the 1979 Improvements be closed with transfers in our prior management letter. These entries were also provided to the City in January 2002 and delayed pending further research on some capital projects fund transfers. During the audit we noted several debt transactions that were miscoded and duplicate payments. The duplicate payment was a result of receiving two invoices for the same payment, but internal records should have caught the double billing. The City has to establish a master list of all bond issues outstanding, the amounts due and the payment dates. Use of this list would prevent prepayment and miscoding. L__ __ _