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The Water Revenue Bonds of 1999B and 1996B have future debt service requirements totaling
<br />$461,909 and $2,876,636 (principal and interest). The City annually transfers amounts from the Area
<br />and Unit Charge Fund to the Water Fund sufficient to help cover the debt services of these bonds.
<br />During 2004, a transfer of $303,108 was made to the Water Fund.
<br />It is the City's intention to repay the Water Revenue Bonds of 1999B and 1996B with revenues of the
<br />Water Fund. If revenues are not sufficient to meet the debt requirements, funds will be transferred from
<br />the Area and Unit Charge Fund.
<br />DEBT SERVICE FUNDS
<br />Debt service funds are a type of governmental fund used to account for the accumulation of resources
<br />for the payment of principal and interest on general obligation debt (other than enterprise fund debt).
<br />Debt service funds may have one or a combination of revenue sources pledged to retire debt including
<br />property taxes, tax increments, special assessments and area and unit charges.
<br />The diverse nature of the type of debt included in the same fund type requires careful analysis to
<br />determine the adequacy of the fund balance and projected fund balance. The following schedule
<br />extracts information from Exhibits 1, 2 and 3 of the 2004 Annual Financial Report to assist in this
<br />analysis. The following schedule compares outstanding debt with assets pledged for debt retirement.
<br />This comparison provides a means to judge (at least on a preliminary basis) the financial position of
<br />each individual debt service fund.
<br />December 31, 2004
<br />Fund Deferred
<br />Fund Description Balance Revenue
<br />General Debt:
<br />Certificates of Indebtedness
<br />Lease Revenue Bonds of 1998A
<br />99C Public Project Revenue Bonds
<br />Special Assessment Debt:
<br />Improvement Bonds of 1998A
<br />Improvement Bonds of 19988
<br />Refunding Imp. Bonds of 1999A
<br />Improvement Bonds of 2002A
<br />Improvement Bonds of 2002B
<br />Improvement Bonds of 2003A
<br />Improvement Bonds of 20038
<br />Improvement Bonds of 2004A
<br />Remaining
<br />Debt Service
<br />Total Scheduled
<br />86,370 $ 4,513 $ 90,883
<br />871,231 4,801 876,032
<br />337,961 1,999 339,960
<br />$ 1,295,562 $ 11,313 $ 1,306,875
<br />$ 1,314
<br />356,523
<br />3,173
<br />397,414
<br />503,628
<br />276,740
<br />76,623
<br />96,416
<br />$ 1,711,831
<br />$ 205,394
<br />297,414
<br />7,824
<br />174,114
<br />1,460,151
<br />294,724
<br />57,855
<br />627,578
<br />$ 3,125,054
<br />$ 206,708
<br />653,937
<br />10,997
<br />571,528
<br />1,963,779
<br />571,464
<br />134,478
<br />723,994
<br />$ 4,836,885
<br />Scheduled
<br />Property
<br />Taxes
<br />606,277 636,591
<br />6,693,590 6,195,904
<br />680,744 374,767
<br />7,980,611 $ 7,207,262
<br />3,963,975 $
<br />1,981,856 1,547,587
<br />753,423 708,669
<br />613,489 53,142
<br />2,428,025
<br />2,416,084
<br />323,383 198,105
<br />1,778,185 1,891,136
<br />$ 14,258,420 4,398,639
<br />Final
<br />Maturity
<br />Date
<br />12/31/07
<br />02/01/19
<br />02/01/10
<br />02/01/15
<br />02/01/15
<br />02/01/06
<br />02/01/13
<br />02/01/13
<br />02/01/19
<br />02/01/14
<br />02/01/20
<br />Note: Deferred revenue in the above table does not include the future scheduled "interest portion" of
<br />the adopted assessment rolls. The 1999A and 2004A 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 />(9)
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