Tax Interest & Sinking Fund
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- Wilfrid Collins
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1 Tax Interest & Sinking Fund Program Description The Tax Interest & Sinking Fund is used to retire bonded indebtedness issued by the City for capital improvements and pay related interest. Utilityrelated debt service on revenue bonds is paid from the Utility Fund but is included in this section as a reference. Other Funds Tax Interest & Sinking Fund Debt Service Policy City policy is to issue debt only when necessary in order to maintain services and to hold the term as short as possible. This policy has allowed the City to issue debt without affecting other City services. The City has an AA bond rating from Standard & Poor s Corporation. The City should be able to meet its current and future debt service requirements without adversely affecting services. Debt and Tax Rate Limitations All taxable property within the City is subject to assessment, levy and collection of a continuing, direct annual ad valorem tax sufficient to provide for the payment of principal and interest on all ad valorem tax debt within the limits prescribed by law. Article XI, Section 5, of the Texas Constitution is applicable to the City and limits its maximum ad valorem tax rate to $2.50 per $100 of assessed valuation for all City purposes. 295
2 City of Greenville, Texas Fiscal Year Budget Tax Interest & Sinking Summary of Revenues, Expenditures and Changes in Fund Balance Proposed Actual Budget Projected Budget Description FY FY FY FY Beginning Fund Balance $ 201,566 $ 355,174 $ 355,174 $ 331,814 Revenues Taxes $ 2,517,286 $ 2,695,141 $ 2,672,309 $ 2,591,395 Interest Revenue 2,286 2,500 3,400 3,400 Refunding Proceeds 9,249,864 Financing Proceeds 1,097,430 TransfersIn 618, , ,350 1,165,422 Total Revenues $ 12,387,658 $ 3,430,991 $ 3,409,059 $ 4,857,647 Expenditures Agent Fees $ 19,157 $ 12,000 $ 12,000 $ 12,000 Issuance Costs 154,989 (9,899) Arbitrage 8,500 8,500 8,500 Payment To Escrow Agent 9,262,067 Bank Charges 2000 CO Interest 287, CO Principal 203, GO Refund Prin. & Int 331, , , a CO Principal & Int 284, , , CO Principal & Int 82, , , , TAN Prin. & Int. 292, , , , GO Refund Prin. & Int 1,210,975 1,416,500 1,416,500 1,419, GO Refund Prin. & Int 96, , , , CO Prin. & Int 444, , , GO Refund Prin. & Int 233,022 Transfers 1,097,430 Total Expenditures $ 12,234,050 $ 3,433,818 $ 3,432,419 $ 4,871,570 Ending Fund Balance $ 355,174 $ 352,347 $ 331,814 $ 317,891 Ideal Fund Balance $ 242,630 $ 250,138 $ 250,138 $ 293,385 Over (Under) Ideal Fund Balance $ 112,544 $ 102,209 $ 81,676 $ 24,
3 Tax Interest & Sinking Fund 301 Total Revenues Total Expenditures $4,000,000 $3,000,000 $2,000,000 $1,000,000 $ FY FY FY FY Actual Budget Projected Proposed Budget Beginning Fund Balance Ending Fund Balance $400,000 $300,000 $200,000 $100,000 $ FY FY FY FY Actual Budget Projected Proposed Budget 297
4 City of Greenville, Texas Tax Interest & Sinking Description Actual FY Adjusted Budget FY Projected Budget FY Departmental Requests FY Increase/ (Decrease) Proposed Budget FY General Cip $ $ $ $ 605,430 $ $ 605,430 Veh/Equip Replace Fund 402, ,000 Mis Fund 90,000 90,000 Payment To Escrow Agent 9,262,067 Agent Fees 19,157 12,000 12,000 12,000 12,000 Issuance Costs 154,989 (9,899) Arbitrage 8,500 8,500 8,500 8, Co'S Principal 280, Co'S Interest 7, Co'S Principal 185, Co'S Interest 18, Go Refund Principal 315, , , Go Refund Interest 16,222 3,469 3, A Co Principal 110, , , A Co Interest 174,681 4,894 4, Co'S Principal 15, , , , , Co'S Interest 67,692 63,500 63,500 49,833 49, Go Refund Principal (19) 2006 Tans Principal 245, , , , , Tans Interest 47,555 36,274 36,274 22,562 22, Go Refunding Princ 330, , , , , Go Refunding Int 880, , , , , Go Refund Principal 195, , , , Go Refund Interest 96, , , , , Co Principal 245, ,000 45,000 45, Co Interest 199, , , , Go Refund Principal 2011 Go Refund Interest 233, , Go Refund Principal Total $ 12,234,031 $ 3,433,818 $ 3,432,419 $ 4,871,570 $ $ 4,871,570 Recap of New Programs and Services, Information Technology, Fleet and CIP Requests New Programs Departmental Requests Increase / (Decrease) Budget* $ $ $ Total New Program Requests $ $ $ Information Technology $ $ $ Total Information Technology Requests $ $ $ Fleet $ $ $ Total Fleet Requests $ $ $ CIP $ $ $ Total CIP Requests $ $ $ Total Requests $ $ $ 298
5 Total Debt Payment Summary as of October 1, 2011 Fiscal Year Revenue Debt GO Debt Total Payments 2012 $ 2,743,448 $ 3,753,639 $ 6,497, ,747,935 3,839,323 6,587, ,739,341 4,545,009 7,284, ,742,296 4,594,135 7,336, ,746,254 4,593,104 7,339, ,741,496 4,649,907 7,391, ,742,821 4,713,498 7,456, ,734,883 4,766,523 7,501, ,742,573 4,831,698 7,574, ,740,774 4,884,742 7,625, ,744,069 4,909,860 7,653, ,050,260 2,086,185 4,136, ,493,689 1,558,635 3,052, ,493,260 1,394,260 2,887, ,276,288 1,409,710 2,685, ,272,975 1,435,978 2,708, ,273,681 1,458,823 2,732, ,277, ,700 1,792, ,256, ,000 1,766,120 Total $ 44,311,382 $ 52,113,646 $ 102,009,858 Scheduled Debt Payments as of October 1, 2011 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 Revenue Debt GO Debt Total Payments 299
6 Schedule of General Debt Outstanding October 1, 2011 Series Dated Final Maturity Amount Issued Amount Outstanding 2002 CO 05/01/02 02/15/14 $ 14,395,000 $ 1,345, TAN 09/15/06 08/15/13 1,800, , GO 10/31/06 02/15/28 17,855,000 16,315, GO 05/27/10 09/30/28 12,425,000 12,230, CO 07/27/10 02/15/30 5,795, , GO 09/15/11 02/15/23 9,850,000 9,850,000 Total $ 62,120,000 $ 41,005,000 Scheduled General Obligation Debt Requirements October 1, 2011 $5,000,000 Principal Interest $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 300
7 General Obligation Debt Payment Summary as of October 1, $ 1,985,000 $ 1,768,639 $ 3,753, ,130,000 1,709,323 3,839, ,030,000 1,515,009 4,545, ,090,000 1,504,135 4,594, ,210,000 1,383,104 4,593, ,395,000 1,254,907 4,649, ,595,000 1,118,498 4,713, ,795, ,523 4,766, ,020, ,698 4,831, ,245, ,742 4,884, ,450, ,860 4,909, ,750, ,185 2,086, ,280, ,635 1,558, ,165, ,260 1,394, ,230, ,710 1,409, ,310, ,978 1,435, ,390,000 68,823 1,458, ,000 29, , ,000 10, ,000 Total $ 46,055,000 $ 14,394,726 $ 60,449,
8 General Obligation Self Funded / Tax Funded Debt as of October 1, 2011 Fiscal Year Airport Fund Exchange Bldg Fund * Tourism Fund Utility Fund Total Tax Funded Debt 2012 $ 52,000 $ 358,000 $ 35,000 $ 720,422 $ 1,165,422 $ 2,588, , ,000 35, ,556 1,183,556 2,655, , ,000 35,000 1,487,281 1,932,281 2,612, , ,000 35,000 1,491,981 1,936,981 2,657, , ,000 35,000 1,436,194 1,881,194 2,711, , ,000 35,000 1,434,472 1,879,472 2,770, , ,000 35,000 1,434,063 1,879,063 2,834, , ,000 32,786 1,425,913 1,839,938 2,926, ,000 1,429,038 1,787,038 3,044, ,000 1,428,363 1,786,363 3,098, ,000 1,434,963 1,792,963 3,116, , ,756 1,097, , , , ,700 1,011, , ,000 1,036, , ,000 1,051, , ,000 1,077, , ,000 1,100, , , , , , ,000 Total $ 387,239 $ 6,802,000 $ 277,786 $ 15,389,702 $ 22,856,727 $ 37,592,998 * Exchange Building Fund Balance on debt at the end of FY 2030 is $3,163,865 General Debt Self Fund / Tax Funded October 1, 2011 Tax Funded Self Funded $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 302
9 2002 Certificates of Obligation as of October 1, $ 455,000 $ 49,833 $ 504, ,000 30, , ,000 10, , Total $ 1,345,000 $ 90,105 $ 1,435,
10 TANS as of October 1, $ 370,000 $ 22,562 $ 392, ,000 7, , Total $ 765,000 $ 30,245 $ 795,
11 2006 General Obligation Refunding Bonds as of October 1, $ 595,000 $ 824,738 $ 1,419, , ,050 1,421, , ,838 1,553, ,430, ,625 2,114, ,510, ,775 2,113, ,595, ,375 2,117, ,680, ,500 2,120, ,765, ,375 2,119, ,860, ,750 2,123, ,965, ,125 2,133, ,065,000 67,375 2,132, ,000 14,875 49, ,000 12,875 57, ,000 10,500 60, ,000 7,875 62, ,000 4,875 69, ,000 1,625 66, Total $ 16,315,000 $ 5,422,150 $ 21,737,
12 2010 General Obligation Refunding Bonds as of October 1, $ 520,000 $ 435,885 $ 955, , ,685 1,024, , ,741 1,204, , ,485 1,215, , , , , , , , , , , , , , , , , , , , ,248 1,023, , , , , , , , , , ,000 87, , ,000 54, , ,000 18, , Total $ 12,230,000 $ 4,340,700 $ 16,570,
13 2010 Certificates of Obligation as of October 1, $ 45,000 $ 202,600 $ 247, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,000 83, , ,000 66, , ,000 48, , ,000 29, , ,000 10, ,000 Total $ 5,550,000 $ 2,603,625 $ 8,153,
14 2011 General Obligation Refunding Bonds as of October 1, $ $ 233,022 $ 233, , , , , , , ,506 1,001, ,035, ,456 1,248, ,055, ,897 1,246, ,080, ,188 1,247, ,100, ,938 1,239, ,135, ,163 1,244, ,170,000 74,588 1,244, ,210,000 37,375 1,247, ,000 8, , Total $ 9,850,000 $ 1,907,901 $ 11,757,
15 Schedule of Revenue Bond Debt Outstanding October 1, 2011 Series Dated Final Maturity Amount Issued Amount Outstanding /01/02 02/15/22 $ 3,800,000 $ 2,200, A 12/01/02 02/15/22 5,265,000 3,670, /01/03 02/15/23 7,235,000 5,215, /01/05 02/15/25 3,115,000 2,390, /15/07 02/15/30 20,000,000 19,180, /12/10 09/30/29 305, ,000 Total $ 39,720,000 $ 32,945,000 Scheduled Revenue Bond Debt Requirements October 1, 2011 $3,000,000 Principal Interest $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 309
16 Scheduled Revenue Bond Debt Requirements at October 1, $ 1,745,000 $ 998,448 $ 2,743, ,800, ,935 2,747, ,845, ,341 2,739, ,905, ,296 2,742, ,970, ,254 2,746, ,030, ,496 2,741, ,100, ,821 2,742, ,165, ,883 2,734, ,250, ,573 2,742, ,330, ,774 2,740, ,420, ,069 2,744, ,800, ,260 2,050, ,290, ,689 1,493, ,325, ,260 1,493, ,140, ,288 1,276, ,165, ,975 1,272, ,195,000 78,681 1,273, ,230,000 47,970 1,277, ,240,000 16,120 1,256,120 Total $ 32,945,000 $ 8,615,132 $ 41,560,
17 2002 Revenue Bond Debt Requirements at October 1, $ 155,000 $ 104,773 $ 259, ,000 97, , ,000 89, , ,000 81, , ,000 72, , ,000 63, , ,000 53, , ,000 43, , ,000 31, , ,000 19, , ,000 6, , Total $ 2,200,000 $ 665,316 $ 2,865,
18 2002A Revenue Bond Debt Requirements at October 1, $ 265,000 $ 163,614 $ 428, , , , , , , , , , , , , ,000 99, , ,000 83, , ,000 66, , ,000 49, , ,000 30, , ,000 10, , Total $ 3,670,000 $ 1,039,217 $ 4,709,
19 2003 Revenue Bond Debt Requirements at October 1, $ 345,000 $ 214,341 $ 559, , , , , , , , , , , , , , , , , , , , , , ,000 81, , ,000 59, , ,000 36, , ,000 12, , Total $ 5,215,000 $ 1,487,026 $ 6,702,
20 2005 Revenue Bond Debt Requirements at October 1, $ 130,000 $ 94,255 $ 224, ,000 88, , ,000 83, , ,000 77, , ,000 71, , ,000 65, , ,000 58, , ,000 52, , ,000 45, , ,000 37, , ,000 30, , ,000 22, , ,000 13, , ,000 4, , Total $ 2,390,000 $ 746,738 $ 3,136,
21 2008 Revenue Bond Debt Requirements at October 1, $ 835,000 $ 421,465 $ 1,256, , ,560 1,257, , ,766 1,257, , ,278 1,257, , ,855 1,255, , ,480 1,253, , ,075 1,255, , ,330 1,255, , ,448 1,254, , ,584 1,257, ,015, ,718 1,254, ,040, ,565 1,255, ,065, ,039 1,255, ,090, ,640 1,253, ,120, ,288 1,256, ,145, ,975 1,252, ,175,000 78,681 1,253, ,210,000 47,970 1,257, ,240,000 16,120 1,256,120 Total $ 19,180,000 $ 4,676,835 $ 23,856,
22 2009 Revenue Bond Debt Requirements at October 1, $ 15,000 $ $ 15, ,000 15, ,000 15, ,000 15, ,000 15, ,000 15, ,000 15, ,000 15, ,000 15, ,000 15, ,000 15, ,000 15, ,000 15, ,000 15, ,000 20, ,000 20, ,000 20, ,000 20, Total $ 290,000 $ $ 290,
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