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DEBT SERVICE FUNDS (Continued)
<br />Fund Description
<br />General Debt
<br />Certificates of Indebtedness
<br />Lease Revenue Bonds of 1998
<br />99C Public Project Revenue Bonds
<br />Special Assessment Debt
<br />Improvement Bonds of 1992A
<br />Improvement Bonds of 1996A
<br />Improvement Bonds of 1998A
<br />Improvement Bonds of 1998B
<br />Refunding Imp. Bonds of 1999A
<br />December 31, 2000
<br />Fund
<br />Balance
<br />Deferred
<br />Revenue
<br />$ 49,632
<br />833,613
<br />(94,789)
<br />$ 7/18,456
<br />$ 3,454
<br />3,282
<br />$ 6,736
<br />Total
<br />Remaining
<br />Debt Service
<br />Scheduled
<br />$ 53,086 $ 707,608
<br />836,895 8,437,305
<br />(94,789) 1,169,105
<br />$ 795,192 $ 10,314,018 $ 10,339,624
<br />Scheduled
<br />Property
<br />Taxes
<br />$ 737,900
<br />7,537,686
<br />2,064,038
<br />$ 66,221 $ 38,758 $ 104,979 $ 2,034,403 $ 1,798,741
<br />785,474 304,528 1,090,002 3,660,880 -
<br />56,561 199,548 256,109 5,812,475 -
<br />265,638 385,416 651,054 2,762,167 2,161,532
<br />1,716,356 - 1,716,356 2,004,489 855,608
<br />$ 2,890,250 $ 928,250 $ 3,818,500 $ 16,274,414 $ 4,815,881
<br />Final
<br />Maturity
<br />Date
<br />12/31/03
<br />02/01/10
<br />02/01/10
<br />02/01/06
<br />02/01/07
<br />02/01/15
<br />02/01/15
<br />02/01/06
<br />Note: Deferred revenue in the above table does not include the future scheduled "interest portion" of
<br />the adopted assessment rolls. The 1992A and 1996A Improvement Bonds also include a pledge from
<br />the Area and Unit Fund that has not been included above.
<br />The above table provides a means for the monitoring the status of the debt service funds. For the
<br />General Debt funded solely by property taxes, it appears that there are adequate planned levies to
<br />retire the debt when the future lease revenues scheduled to be received from the school district are
<br />included.
<br />Schedule of Special Assessment Debt:
<br />Total resources available
<br />+ Scheduled property tax levies
<br />- Debt Service
<br />,$ 3,818,500
<br />4,815,881
<br />$ 8,634,381
<br />16,274,414
<br />Deficit in scheduled funding (at 12/31/00) $(7,640,033)
<br />This deficit will need to funded by future adopted assessment rolls, special assessment levies,
<br />investment earnings, transfers from other funds, property taxes or other available means.
<br />Factors to consider when analyzing debt service funds:
<br />• Are all the anticipated assessment rolls being adopted as soon as appropriate?
<br />• Have all the planned financing sources been identified, such as pledged amounts from the area and
<br />unit fund or future MSA funds?
<br />• Are there significant "prepayments" received from property owners? In the current investment
<br />environment, will the eamings the City will receive on these prepayments be lower than the interest
<br />rate that was being charged on the adopted assessment roll?
<br />• Have the scheduled debt service payments been scheduled around the anticipated assessment
<br />rolls in addition to any anticipated prepayments to avoid accumulating excess balances and
<br />generating excess earnings that potentially could be subject to arbitrage?
<br />(12)
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