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City of Centerville April 1, 1999 . . • Page Six The fund balances (deficits) of each at year end for 1998 and 1997 are as follows: Fund Balance (Deficit) Increase Fund 1998 1997 (Decrease) Cable TV $ 17,519 $ 16,888 $ 631 Recycling (16,716) (17,295) 579 City Celebration (6366) (1,366) (5,000) Total $ (5,563) $ (1,773) $ (3,790) The City Celebration has a deficit fund balance and had minimal activity in 1998. We recommend this fund be closed with a transfer from the general fund and any future activity be budgeted and recorded in the general fund. The deficit in recycling will be eliminated with future excess revenue. 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 Flood Plains Reduction $(119,994) $ (40,851) $ 133,650 1979 Improvements (20,173) (16,081) 30,000 1987 Improvements (124,065) (104,007) 245,000 Municipal Water Improvements (252,328) (252,328) - Centerhill Improvements 103,259 103,388 - Centerhill Second Addition (4,335) (4,335) - 1992 Improvements (32,000) (31,973) - 1993 Acom Creek Improvements 36,754 47,327 130,000 Municipal Building (14,869) (14,845) 269,284 Clearwater Meadows 370,981 409,023 361,350 Elementary School Water Extension 257,656 328,937 410,000 Parkview Development 106.754 571.346 615.000 Total $ 307,640 $ 995,601 $ 2,194,284 The Flood Plains Reduction fund deficit will be eliminated with remaining funds in the Flood Plains Capital Project Fund. The Centerhill Improvement and Centerhill Second Addition funds have no remaining debt and should be closed to whatever the council deems appropriate. Funding a permanent capital improvements fund or reducing the deficit in another debt service funds would be two options. 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. This levy has been recognized in the general fund over the past two years. The City needs to transfer the amount levied from the general to the 1987 Improvements and the Municipal Building. The Municipal Water Improvement fund is the #1 TIF District. TIF District #2 is the TIF Projects Capital Projects fund and this district is supposed to pay the principal and interest of the Municipal Water Improvements fund. We recommend a transfer to be made to eliminate the cash deficit of $252,328 in the Municipal Water Improvements front the TIF Projects fund. An annual transfer will need to be made to pay future principal and interest installments if the increments in the Municipal Water Improvements are not sufficient.