Full Text
DEBT SERVICE FUNDS DEBT SERVICE C i t y o f M i s s o u l a P a g e E - 1 Fund Description A separate fund has been set up for each general obligation bond issue. These funds include cash and taxes receivable. Bonds payable appear in the long-term debt accounts. Pursuant to Section 7-6-4232 the City Council may anticipate for delinquencies in establishing for debt service levies. This authority is not present for other tax levies. General Obligation Voted Debt 2004 Aquatics GO Bond Issued in 2004 to construct the new aquatics facilities that will be located at McCormick Park and Playfair Park as well as 4 splash decks around the city. The interest rate varies from 3.0% to 4.5%. TOTAL FUND EXPENDITURES = $606,445 2004 GO Refunding Bond Issued in 2004 to provide funds for refunding on July 1, 2004 the City's outstanding General Obligation Bonds, Series 1993 and Series 1994. The interest rate varies from 3.0% to 3.8%. TOTAL FUND EXPENDITURES = $416,700 2006 Fire Station GO Bond Issued in 2006 to provide funds for construction and equipping of new fire station #5 and remodel fire stations #2 and #3 TOTAL FUND EXPENDITURES = $432,263 2007 GO Refunding Bond Issued in 2007 to provide funds for refunding the City's outstanding General Obligation Bonds, Series 1996, Series 1997 and Series 1998. The interest rate varies from 3.6% to 4.0%. TOTAL FUND EXPENDITURES = $511,915 Special improvement District (SID) Debt Special Assessment Debt with Government Commitment Property owners are assessed for principal and interest to repay special assessment bonds. If sufficient funds are not received, loans are made from the SID Revolving fund. This fund is financed by fees paid by each new SID, by cash transferred from the general fund if needed and by any surplus remaining in completed SID's. The cash balance in the Revolving Fund must equal at least 5% of the principal amount of debt outstanding. If the cash balance is less than a levy is required to bring the cash balance to the required minimum. TOTAL FUND EXPENDITURES = $2,164,043 ---PAGE BREAK--- DEBT SERVICE FUNDS DEBT SERVICE C i t y o f M i s s o u l a P a g e E - 2 2004 Aquatics GO Bond Budget by Object of Actual Amended Actual Adopted Increase * Percent Expenditure Category FY 2007 FY 2008 FY 2008 FY 2009 (Decrease) Change Personal Services - $ - $ - $ - $ Supplies - - - - Purchased Services - - - - Miscellaneous - - - - Debt Service 615,795 611,295 611,195 606,445 (4,850) Capital Outlay - - - - Total 615,795 $ 611,295 $ 611,195 $ 606,445 $ (4,850) $ FINANCIAL SUMMARY 2004 GO Refunding Bond Budget by Object of Actual Amended Actual Adopted Increase * Percent Expenditure Category FY 2006 FY 2008 FY 2008 FY 2009 (Decrease) Change Personal Services - $ - $ - $ - $ Supplies - - - - Purchased Services - - - - Miscellaneous - - - - Debt Service 418,150 422,750 422,650 416,700 (6,050) Capital Outlay - - - - Total 418,150 $ 422,750 $ 422,650 $ 416,700 $ (6,050) $ FINANCIAL SUMMARY ---PAGE BREAK--- DEBT SERVICE FUNDS DEBT SERVICE C i t y o f M i s s o u l a P a g e E - 3 2006 Fire Station GO Bond Budget by Object of Actual Amended Actual Adopted Increase * Percent Expenditure Category FY 2007 FY 2008 FY 2008 FY 2009 (Decrease) Change Personal Services - $ - $ - $ - $ Supplies - - - - Purchased Services - - - - Miscellaneous - - - - Debt Service 433,163 435,313 435,263 432,263 (3,050) Capital Outlay - - - - Total 433,163 $ 435,313 $ 435,263 $ 432,263 $ (3,050) $ FINANCIAL SUMMARY 2007 GO Refunding Bond Budget by Object of Actual Amended Actual Adopted Increase * Percent Expenditure Category FY 2007 FY 2008 FY 2008 FY 2009 (Decrease) Change Personal Services - $ - $ - $ - $ Supplies - - - - Purchased Services - - - - Miscellaneous - - - - Debt Service 221,321 411,965 411,915 511,915 99,950 24% Capital Outlay - - - - Total 221,321 $ 411,965 $ 411,915 $ 511,915 $ 99,950 $ 24% FINANCIAL SUMMARY ---PAGE BREAK--- DEBT SERVICE FUNDS DEBT SERVICE C i t y o f M i s s o u l a P a g e E - 4 SID FUND SERIES 3100 – 3500 & Revolving Fund Budget by Object of Actual Amended Actual Adopted Increase * Percent Expenditure Category FY 2007 FY 2008 FY 2008 FY 2009 (Decrease) Change Personal Services - $ - $ - $ - $ Supplies - - - - Purchased Services - - - - - Miscellaneous 216,542 318,818 289,250 125,000 (193,818) -61% Debt Service 3,016,617 2,111,970 3,016,617 2,039,043 (72,927) Capital Outlay - - - - Total 3,233,159 $ 2,430,788 $ 3,305,867 $ 2,164,043 $ (266,745) $ -11% FINANCIAL SUMMARY