Adopted Budget 2015-2016

DEBT SERVICE FUND

PROGRAMS

2013-14

2014-15

2015-16

2016-17

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

26,170,468

19,532,224

19,399,408

19,399,408

Full Time Equivalent Positions

1.40

1.58

1.58

1.58

BUDGET SUMMARY

2013-14

2014-15 Budget

2015-16 Adopted

2016-17 Projected

Actual

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

26,170,468

19,532,224

19,399,408

23,003,322

0 0

0 0

0 0

0 0

Total

26,170,468

19,532,224

19,399,408

23,003,322

Total FTE Positions

1.400

1.580

1.580

1.580

Revenues: Transfer

17,515,250 9,236,111 3,166,444

18,043,080 1,065,144

18,272,570 1,126,838

21,145,616 1,363,000

All Other

Fund Balance

424,000

0

494,706

Total

29,917,805

19,532,224

19,399,408

23,003,322

BUDGET HIGHLIGHTS  The FY 15-16 Debt Service Fund is decreasing $132,816, or 0.68%.  The FY 13-14 General Obligation Bond Retirement of $26,170,468 included $6,831,619 of one-time refinanc- ing costs.  A 1 cent increase to the property tax rate in FY 16-17 is included to pay for the increasing debt service costs associated with the planned debt issuance and project timeline.

Annual General Obligation Debt as a Percentage of General Fund

10.00%

9.00%

8.43%

7.71%

8.00%

7.50%

7.33%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%

FY 13-14 Actual

FY 14-15 Budget

FY 15-16 Budget

FY 16-17 Budget

Note: FY 13-14 debt service figure does not include one-time refinancing costs included in budget summary above.

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