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The Water Revenue Bonds of 1999B has future debt service requirements totaling $117,817 (principal
<br />and interest). The City annually transfers amounts from the Area and Unit Charge Fund to the Water
<br />Fund sufficient to help cover the debt services of these bonds. During 2007, a transfer of $141,199 was
<br />made to the Water Fund. It is the City's intention to repay the Water Revenue Bonds of 1999B and
<br />1996B with revenues of the Water Fund. If revenues are not sufficient to meet the debt requirements,
<br />funds will be transferred from the Area and Unit Charge Fund.
<br />In addition to the transfers above, the Area and Unit Charge Fund transferred $8,550 to the General
<br />Fund and $82,000 to the Legacy Woods Edge Improvement Capital Projects 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 2 and 3 of the 2007 Annual Financial Report to assist in this analysis.
<br />The following schedule compares outstanding debt with assets pledged for debt retirement. This
<br />- comparison provides a means to judge (at least on a preliminary basis) the financial position of each
<br />individual debt service fund.
<br />December 31, 2007 Deferred Total Remaining Over
<br />Fund Deferred Tax Resources Debt Service (Under)
<br />Fund Description Balance Revenue Total Levies Available Scheduled Funded
<br />General Debt:
<br />- Certificates of Indebtedness $ 109,336 $ 6,667 $ 116,003 $ 473,991 $ 589,994 $ 451,420 $ 138,574
<br />Lease Revenue Bonds of 1998A 476,121 5,800 481,921 318,001 799,922 691,125 108,797
<br />Public Project Revenue Bonds 1999C 353,389 2,947 356,336 214,127 570,463 306,049 264,414
<br />Tax Abatement Bonds 2006C 55,223 1,222 56,445 3,739,781 3,796,226 3,613,412 182,814
<br />- Utility Revenue Bonds 2006D 70,808 160,640 231,448 - 231,448 694,063 (462,615)
<br />CIP Refunding Bonds 2006E 60,741 1,771 62,512 3,968,790 4,031,302 3,839,600 191,702
<br />TIF Bonds 2007A 22,438 22,438 6,067,427 6,089,865 5,778,494 311,371
<br />$ 1,148,056 $ 179,047 $ 1,327,103 $14,782,117 $ 16,109,220 $ 15,374,163 $ 735,057
<br />Special Assessment Debt:
<br />Improvement Bonds of 2002A
<br />Improvement Bonds of 2002B
<br />Improvement Bonds of 2003A
<br />Improvement Bonds of 2003B
<br />Improvement Bonds of 2004A
<br />Improvement Bonds of 2005A
<br />Refunding Imp. Bonds of 2005B
<br />$ 354,399 $ 94,060 $ 448,459 $ 37,439 $ 485,898 $ 266,451 $ 219,447
<br />1,061,963 467,729 1,529,692 - 1,529,692 1,624,748 (95,056)
<br />21,049 203,471 224,520 224,520 965,384 (740,864)
<br />92,939 44,511 137,450 151,589 289,039 239,493 49,546
<br />301,641 314,871 616,512 1,638,394 2,254,906 1,513,969 740,937
<br />510,276 5,087,578 5,597,854 7,416,836 13,014,690 7,472,832 5,541,858
<br />435,079 352,331 787,410 3,668,504 4,455,914 3,979,939 475,975
<br />$ 2,777,346 $ 6,564,551 $ 9,341,897 $12,912,762 $ 22,254,659 $ 16,062,816 $ 6,191,843
<br />Note: Deferred revenue in the above table does not include the future scheduled "interest portion" of the
<br />adopted assessment rolls. The 2O04A Improvement Bonds also include a pledge from the Area and
<br />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 retire
<br />▪ the debt when the future lease revenues scheduled to be received from the school district are included.
<br />(3)
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