2018-2019 Adopted Budget

DEBT SERVICE FUND

PROGRAMS

2016-17

2017-18

2018-19

2019-20

Actual

Budget

Adopted

Projected

The Debt Service Fund is an accounting entity established to record the retirement of the City’s general obligation bonded indebtedness. Expenditures in this fund include principal and interest payments on the City’s debt as well as administrative costs associated with selling bonds.

Appropriation

17,253,656

27,482,750

34,724,032

29,426,405

Full Time Equivalent Positions

1.55

1.55

2.05

2.05

BUDGET SUMMARY

2016-17

2017-18 Budget

2018-19 Adopted

2019-20 Projected

Actual

Expenditures: General Obligation Bond Retirement Hotel/Motel Debt Retirement Installment Financing Agreements

17,253,656

27,482,750

29,426,405

34,724,032

0 0

0 0

0 0

0 0

Total

17,253,656

27,482,750

29,426,405

34,724,032

Total FTE Positions

1.550

1.550

2.050

2.050

Revenues: Transfer

21,238,110

25,920,000 1,562,750

26,005,610 3,375,750

26,361,000 3,665,106 4,697,926

All Other

993,752 734,714

Fund Balance

0

45,045

Total

22,966,576

27,482,750

29,426,405

34,724,032

BUDGET HIGHLIGHTS  The FY 18-19 Budget is increasing by $1.9 million, or 7.1%.  The FY 18-19 Budget is increasing by 0.5 FTE due to the addition of a new Principal Analyst position, partially charged to the Debt Service Fund.

Annual General Obligation Debt as a Percentage of General Fund Budget

11.63%

12.00%

10.09%

9.58%

10.00%

8.00%

6.41%

6.00%

4.00%

2.00%

0.00%

FY 16-17 Actual

FY 17-18 Budget

FY 18-19 Budget

FY 19-20 Budget

Adopted FY 2018-19 Budget

124