CAFR 2017

Schedule 35

Debt Service Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2017

Variance Positive (Negative)

Final

Budget

Actual

Revenues:

Interest Earnings: Investment Income

$

1,316,750

$

1,489,938 (408,968) 1,080,970

$

173,188 (408,968) (235,780)

Net Increase (Decrease) in the Fair Value of Investments

Total Investment Income

1,316,750

Miscellaneous: Sales and Use Tax Refund

116,000

120,799

4,799 9,720

Other Revenue

9,720

Total Miscellaneous

116,000

130,519

14,519

Appropriated Fund Balance

734,714

(734,714)

Total Revenues

2,167,464

1,211,489

(955,975)

Expenditures: Operating Expenditures: Personal Services

104,768 37,009 113,275 255,052

116,941 35,542 69,178 221,661

(12,173)

Fringe Benefits

1,467

Maintenance and Operations Total Operating Expenditures

44,097 33,391

Debt Service: Principal Retirement

14,182,432 8,424,090 1,064,565 23,671,087

11,612,462 5,172,199

2,569,970 3,251,891

Interest

Fees and Other

402,622

661,943

Total Debt Service Expenditures

17,187,283

6,483,804

Total Expenditures

23,926,139

17,408,944

6,517,195

Excess of Revenues Under Expenditures

(21,758,675)

(16,197,455)

5,561,220

Other Financing Sources (Uses): Debt Issuances: General Obligation Refunding Bonds Issued

62,590,000 10,276,035 (72,345,470) 21,238,110 21,758,675

62,590,000 10,500,223 (72,555,141) 21,240,623 21,775,705

Premium on Debt

224,188 (209,671)

Payment to Escrow Agent for Refunding of Debt

Transfers In

2,513

Total Other Financing Sources

17,030

Excess of Revenues and Other Financing Sources Over Expenditures

$

5,578,250

5,578,250

Fund Balance - July 1

10,909,425

10,909,425

Fund Balance - June 30

16,487,675 $

16,487,675 $

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