FY 14-15 Adopted Budget

DEBT SERVICE FUND

PROGRAMS

2012-13

2013-14

2014-15

2015-16

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

23,272,985

29,032,487

19,532,224

19,379,850

Full Time Equivalent Positions

0.75

1.40

1.58

1.58

BUDGET SUMMARY

2012-13

2013-14 Budget

2014-15 Adopted

2015-16 Projected

Actual

Expenditures: General Obligation Bond Retirement

19,804,360

29,032,487

19,532,224

19,379,850

Hotel/Motel Debt Retirement

0

0 0

0 0

0 0

Installment Financing Agreements

3,468,625

Total

23,272,985

29,032,487

19,532,224

19,379,850

Total FTE Positions

0.750

1.400

1.580

1.580

Revenues: Transfer

17,779,880 3,679,905 2,074,153

17,515,250 8,350,793 3,166,444

18,043,080 1,065,144

18,268,750 1,111,100

All Other

Fund Balance

424,000

0

Total

23,533,938

29,032,487

19,532,224

19,379,850

BUDGET HIGHLIGHTS  The FY 14-15 Debt Service Fund is decreasing $9.5 million or 32.7%.  The FY 13-14 budget includes a one-time expense of $6.8 million related to a bond refinancing that occurred in February 2014.

Annual General Obligation Debt as a Percentage of General Fund (FY 12-13 Actual; all other years Budgeted figures)

10.00%

8.76%

9.00%

7.92%

7.54%

8.00%

7.33%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%

FY 12-13

FY 13-14

FY 14-15

FY 15-16

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

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