Adopted Budget Projected Budget 2016-2017

DEBT SERVICE FUND

PROGRAMS

2014-15

2015-16

2016-17 Adopted

2017-18

Actual

Budget

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

16,816,491

19,399,408

23,402,874

23,369,781

Full Time Equivalent Positions

1.58

1.55

1.55

1.55

BUDGET SUMMARY

2014-15

2015-16 Budget

2016-17 Adopted

2017-18 Projected

Actual

Expenditures: General Obligation Bond Retirement

16,816,491

19,399,408

23,402,874

23,369,781

Hotel/Motel Debt Retirement

0 0

0 0

0 0

0 0

Installment Financing Agreements

Total

16,816,491

19,399,408

23,402,874

23,369,781

Total FTE Positions

1.580

1.550

1.550

1.550

Revenues: Transfer

18,043,080 1,429,895

18,272,570 1,126,838

21,238,110 2,164,764

21,454,370 1,507,732

All Other

Fund Balance

424,000

0

0

407,679

Total

19,896,975

19,399,408

23,402,874

23,369,781

BUDGET HIGHLIGHTS  The FY 16-17 Adopted Budget is increasing by $4,003,466, or 20.6%.  Property tax revenue allocation for debt service will increase from 7.25 cents to 8.25 cents. This increase is being absorbed within the General Fund with no actual property tax rate adjustment.

Annual General Obligation Debt as a Percentage of General Fund Budget

10.00%

9.00%

8.49%

8.30%

8.00%

7.33%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%

FY 15-16 Budget

FY 16-17 Budget

FY 17-18 Budget

Adopted FY 2016-17 Budget

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