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City Council Regular Meeting Minutes <br /> May 14, 2002 <br /> Page 7 <br /> • • Road Improvements Bonds $ 6,705,000 <br /> 2 • Tax Abatement Bonds $ 625,000 <br /> 3 • Liquor Revenue Bonds $ 740,000 <br /> 4 • Tax Increment Bonds $ 3,360,000 <br /> 5 <br /> 6 Total Debt $11,430,000 <br /> 7 <br /> 8 • Issue During Year $ 1,785,000 <br /> 9 • Principal Payments $ 535,000 <br /> 10 <br /> 11 GASB 34: <br /> 12 • Requires Capital Assets to be reported with accumulated depreciation <br /> 13 o Buildings/Automobiles/Computer Equipment <br /> 14 o Water Towers/Roads/Storm Sewer Lines <br /> 15 • Implementation <br /> 16 o Budgets Under$10 Million <br /> 17 o Fiscal Years after 6/15/03 <br /> 18 • Present Software Vendor/$10,000-$15,000 <br /> 19 o Implementation (Fall 2002 thru Spring 2003) <br /> 20 <br /> 21 <br /> Audit Recommendations: <br /> 0 • Close Crime Prevention Fund <br /> 24 o Present Balance = $819 <br /> 25 o Transfer to DARE/Forfeiture Fund <br /> 26 • Cash Receipts <br /> 27 o Review cash receipts system <br /> 28 o Possible upgrades to improve efficiency <br /> 29 o New cash register system/front counter <br /> 30 <br /> 31 <br /> 32 Housing and Redevelopment Authority(HRA): <br /> 33 <br /> 34 HRA Fund Balances: <br /> 35 • Kenzie Terrace $1,434,073 <br /> 36 • Chandler $ 365,789 <br /> 37 • Apache 1 $ 326,527 <br /> 38 • Tires Plus Building $ 327,176 <br /> 39 • HRA Projects Fund $ 384,428 <br /> 40 <br /> 41 Total All Funds $2,837,993 <br /> 42 <br /> 43 TIF Budgets: <br /> • Kenzie Terrace—Community Center <br /> • Chandler—Annual TIF Budget <br /> 46 o Current budget$1,560,000 <br /> 47 • Apache—Debt Service/Cub Foods <br />