2000-06-14 Packet - Laserfiche WebLink

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u r . City of Centerville , 1 April 14, 2000 Page Six The fund balances (deficits) of each at year end for 1999 and 1998 are as follows: Fund Balance (Deficit) Increase Fund 1999 I998 (Decrease) Cable TV $ 11,997 $ 17,519 $ (5,522) Recycling (16,523) (16,716) 193 City Celebration (11,307) (6.366) (4,941) Total $ 15 ) $ - 15.863) $ _(10.222) The City Celebration has a deficit fund balance and had minimal activity in 1999. 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 profit. 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 I Fund Balance Assets _ Outstanding Flood Plains Reduction $ 49,935 $ 95,508 $ 102,600 1979 Improvements 16,097 16,598 15,000 1987 Improvements 13,563 33,616 200,000 1993 Acorn Creek Improvements (12,372) 152 - Municipal Building (32,708) (32,701) 218,705 Clearwater Meadows 316,217 324,779 277,400 Elementary School Water Extension 324,564 392,479 380,000 Parkview Development 562,485 632,883 615.000 Total $1137.78 U.463.314 S 1.808.705 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.