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o City of Centerville
<br /> April 1, 1999
<br /> Page Seven
<br /> The 1992 Improvements and the 1993 Acorn Creek Improvements were completed factoring in a City cost to
<br /> complete the bond payments. The City will need to transfer their portion of debt service from the applicable
<br /> source which may be the General Fund or Water and Sewer funds.
<br /> The 1979 Improvements and the Municipal Building fund are currently in deficit. The City needs to consider
<br /> how these deficits will be eliminated.
<br /> We believe it would be a good idea to have a cash flow analysis completed on all debt service funds. This
<br /> would give a good idea of all resources required to eliminate deficits. Our fum can complete this analysis
<br /> within the next month.
<br /> Capital Projects Funds
<br /> The following funds were established to account for the resources used for the acquisition or construction of
<br /> major capital facilities. As projects are completed, any remaining funds should be transferred to their funding
<br /> source. The following funds along with their fund balance are included in this group:
<br /> Fund Balance (Deficit) Increase
<br /> Fund 1998 1997 (Decrease)
<br /> Flood Plains Reduction $ 187,115 $ 180,887 $ 6,228
<br /> Park (3,717) 108,829 (112,546)
<br /> Fire 5,547 5,622 (75)
<br /> TIF Projects 372,011 361,346 10,665
<br /> Centerhill Third Addition 127,340 123,189 4,151
<br /> Municipal Building Project 2,944 2,849 95
<br /> 1993 -2 Acorn Creek 49,537 22,964 26,573
<br /> Pedestrian Trailways (352) (936) 584
<br /> Storm Water 96,175 25,151 71,024
<br /> Clearwater Meadows Project 6,512 60,077 (53,565)
<br /> Eagle Pass Addition (6,687) 5,828 (12,515)
<br /> Lakeland Hills (43,722) (38,911) (4,811)
<br /> Elementary Water Extension 59,277 57,617 1,660
<br /> TIF District 1-4 35,889 10,753 25,136
<br /> TIF District 1-5 (2,590) (2,063) (527)
<br /> Senior Housing (55,181) (46,875) (8,306)
<br /> Parkview Development 147,563 4,751 142,812
<br /> Willow Glen Development 22,714 22,249 465
<br /> Woods of Clearwater Creek 12,557 - 12,557
<br /> 21' Avenue Improvements (4,735) - (4,735)
<br /> Center Villa (3,769) - (3,769)
<br /> Buechler Estates 4.871 - 4,871
<br /> Total $1,009,299 $ 903,327 $ 105,972
<br /> Several funds have completed their project and should be closed. The remaining funds in the Flood
<br /> Plains Reduction should be closed to the Debt Service Fund. The Centerhill Third Addition could be
<br /> used for any public purpose. The Municipal Building should be closed to the Debt Service Fund. The
<br /> 93 -2 Acom Creek should be closed to the Debt Service Fund. The Pedestrian Trailways should be closed
<br /> with resources from another fund. The Elementary Water Extension should be closed to the Debt Service
<br /> Fund. Any other deficit should be reviewed and eliminated with other revenue sources.
<br /> A transfer from the general fund should be completed to close out the deficit in the 21" Avenue
<br /> Improvements. A transfer from the sewer fund should be made to eliminate the Senior Housing deficit.
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