Bond Financed Capital Project Funds Described

Transcription

1 Bond Financed Capital Project Funds Described These funds are established to account for bond proceeds used for the acquisition or construction of major capital facilities. (other than those financed by proprietary or special service areas). 349

2 DuPAGE COUNTY, ILLINOIS BOND FUNDED CAPITAL PROJECT FUNDS REVENUE ANALYSIS FY 26 - FY 29 FUND DEPARTMENT 26 ACTUAL 27 ACTUAL 28 ESTIMATED REVENUE 29 REVENUE BUDGET 44 Stormwater Proj 21 Bonds $ 516,264 $ 478,25 $ 172,163 $ - 45 Drainage Proj 25 Bonds 28,733 55,627 9,78-46 Water & Sewer Bond Project Fund ,, - 47 DuPage 213 Bond Project Fund ,, 41 Drainage Proj 21 Bonds 45, ,797 83, MFT Bond Proj FY1 1,82, Courthouse Construction Fund Courthouse Proj 21 Bonds 1,58, , Courthouse Proj 26 Bonds 22,22-393,794 - TOTAL REVENUE $ 3,789,151 $ 755,629 $ 15,894,517 $ 15,, 35

3 FY29 Bond Funded Capital Project Funds Expenditures by Category (Dollars in Millions) Contractual $ % Capital $ % 351

4 DUPAGE COUNTY, ILLINIOS EXPENDITURE AND APPROPRIATION COMPARISON FISCAL YEARS 26 THROUGH 29 CAPITAL PROJECT FUNDS Actual Actual Current Budget Estimated Expenditures Appropriation EXPENDITURES: Courthouse Construction Fund 93, Stormwater Project Fund 21 Bonds 1,731,827 3,893,696 8,742,928 4,117,741 3,385, Drainage project 25 Bond Fund ,38 673, Water & Sewer Bond Project Fund ,965, 1,664,941 14,965, DuPage 213 Bond Project Fund ,, Drainage Construction 21 Bond Fund 923,827 1,383,486 2,148, 77,69 2,432, Motor Fuel Tax Construction 21 64, Courthouse Construction Fund 93, Courthouse Construction 21 Bond 848, , Courthouse Construction 26 Bond 535,656 1,39,948 68, ,75 - TOTAL EXPENDITURES 4,291,348 6,317,13 27,137,574 7,591,348 36,17,

5 FISCAL YEAR 29 BUDGET FUND 44 AGENCY 218 Stormwater Project 21 Bonds Mission Statement: The fund was established to account for all resources received and used for the construction of stormwater projects. Accomplishments: n/a Short Term Goals: n/a Long Term Goals: n/a Staffing Budgeted 28 Actual 28 Budgeted 29 Full-Time Part-Time Temporary Major Budgetary Changes: None 353

6 Fiscal Year 29 Budget Fund 44 Agency 218 Stormwater Project 21 Bonds $ Difference FY29 FY28 FY29 vs. FY26 FY27 Current Board FY28 Object Description Expenditures Expenditures Budget Approved Current Budget Total Personnel $82,553 $49,556 $25,743 $ ($25,743) Total Contractual $37,998 $171,435 $1,886,28 $36, ($1,526,28) Services Total Capital Outlay $1,278,275 $3,672,75 $6,83,977 $3,25,21 ($3,85,767) Total $1,731,827 $3,893,696 $8,742,928 $3,385,21 ($5,357,718) 354

7 FISCAL YEAR 29 BUDGET FUND 46 AGENCY Water & Sewer Bond Project Mission Statement: Execute the Public Works 5 year Capital Plan using funds obtained through the 28 Bond Issue Accomplishments: Complete the bond issue Short Term Goals: Execute the Capital Plan to reduce operating costs, increase operating efficiencies, and meet all Regulatory requirements. Long Term Goals: Execute the Capital Plan to reduce operating costs, increase operating efficiencies, and meet all Regulatory requirements. Staffing Budgeted 28 Actual 28 Budgeted 29 Full-Time Part-Time Temporary Major Budgetary Changes: None 355

8 Fiscal Year 29 Budget Fund 46 Agency Wtr & Swr Bond Project $ Difference FY29 FY28 FY29 vs. FY26 FY27 Current Board FY28 Object Description Expenditures Expenditures Budget Approved Current Budget Total Capital Outlay $ $ $14,965, $14,965, $ Total $ $ $14,965, $14,965, $ 356

9 FISCAL YEAR 29 BUDGET FUND 47 AGENCY 26 DuPage 213 Bond Project Fund Mission Statement: This fund has been established in FY29 to account for all resources received and used for capital improvements and infrastructure. Accomplishments: Short Term Goals: Long Term Goals: Staffing Budgeted 28 Actual 28 Budgeted 29 Full-Time Part-Time Temporary Major Budgetary Changes: This fund was created in FY29 in the event the DuPage County Board should decide to issue bonds for capital improvements and infrastructure. In the event no debt financing is pursed or accomplished in FY29, the $15 million appropriation authority will lapse. A list of the potential projects is included on the following page. 357

10 Fiscal Year 29 Budget Fund 47 Agency 26 DuPage 213 Bond Project Fund $ Difference FY29 FY28 FY29 vs. FY26 FY27 Current Board FY28 Object Description Expenditures Expenditures Budget Approved Current Budget Total Capital Outlay $ $ $ $15,, $15,, Total $ $ $ $15,, $15,, 358

11 Potential Long-Term Infrastructure and Capital Projects The FY29 budget included the creaton of a Capital Project Fund for Infrastructure and Capital Improvement Projects to be known as the DuPage 213 Bond Project Fund, Fund 47, Agency 26, OFI-18-8 Location 75th Street Transportation Congestion Relief Projects Project Intersection Improvement/Bridge replacement at Washington Years $ (M's) Cost Est Maximum Useful Life $ th Street Add-Lanes: Greene to Janes $ th Street Add-Lanes: Woodward to Plainfield $ Belmont LTL/Bridge signal: Curtis/Prairie $ 3. 3 Eola Road New interchange: I-88 $ Eola Road Add-lanes: N. Aurora to IL56 $ Fabyan Parkway Add-lanes: County line to IL38 $ Glen Ellen Road/Bloomingdale Road Corridor Study/WRS $ Thorndale Avenue/York Road Intersection Improvements $ 1. 3 Naperville Rd Interchange Reconfiguration: I-88 $ Bike Trails Trail Expansion $ 4. 3 Total Transportation Congestion Relief Projects $ 16.4 Campus Long-term Improvement and Modernization Projects Years Location Project $ (M's) Cost Est Maximum Useful Life Campus-wide Emergency Generators $ Campus-wide Replace current Information Technology system platform $ Various points campus Wiring and cabling $ Office of Emergency Management, Judicial Office Facilities, Convalescent Center HVAC $ Judicial Office Facilities Windows, escalators $ Main Administration Building IT Infrastructure $ Jail, Main Administration Building, Convalescent Center Green Initiative: Roofs, lighting retrofits and controls $ Jail Complex, Main Administration Building Fire panels and Alarms $ Various points campus Roofs $ Convalescent Center Interior Renovations $ Convalescent Center Kitchen $ Total Campus Long-term Improvement and Modernization Projects $ 59.6 Project Totals $ 22. Priority projects listed exceed estimated available County funding. The County will also be pursuing State and Federal funding sources. Also project costs are initial estimates. 359

12 FISCAL YEAR 29 BUDGET FUND 41 AGENCY 277 Drainage Construction 21 Bonds Mission Statement: The fund was established to account for all resources received and used for the construction of drainage projects. Accomplishments: Through in-house design and construction as well as value engineering, staff was able to extend the 21 bond from expiration of 25 to 27. Short Term Goals: $5M of infrastructure in ground to be inspected, repaired and maintained, legal obligation to maintain all constructed drainage lines. Long Term Goals: $5M of infrastructure in ground needs to be inspected, repaired and maintained. There is a legal obligation to maintain all constructed drainage lines. New drainage projects will be required to meet existing criteria. Staffing Budgeted 28 Actual 28 Budgeted 29 Full-Time Part-Time Temporary Major Budgetary Changes: None 36

13 Fiscal Year 29 Budget Fund 41 Agency 277 Drainage Construction 21 Bonds $ Difference FY29 FY28 FY29 vs. FY26 FY27 Current Board FY28 Object Description Expenditures Expenditures Budget Approved Current Budget Total Personnel $19,314 $54 $ $ $ Total Commodities $1,495 $ $365 $ ($365) Total Contractual $391,274 $622,57 $647,635 $573,491 ($74,144) Services Total Capital Outlay $511,744 $757,624 $1,5, $1,858,797 $358,797 Total Bond & Debt $ $3,75 $ $ $ Total $923,827 $1,383,486 $2,148, $2,432,288 $284,

14 FISCAL YEAR 29 BUDGET FUND 44 AGENCY 358 Courthouse Construction 21 Bonds Mission Statement: This fund is to pay for capital projects eligible to be paid from the 21 Courthouse bond proceeds. Accomplishments: n/a Short Term Goals: n/a Long Term Goals: n/a Staffing Budgeted 28 Actual 28 Budgeted 29 Full-Time Part-Time Temporary Major Budgetary Changes: None 362

15 Fiscal Year 29 Budget Fund 44 Agency 358 Courthouse Construction 21 Bonds $ Difference FY29 FY28 FY29 vs. FY26 FY27 Current Board FY28 Object Description Expenditures Expenditures Budget Approved Current Budget Total Contractual $ $ $ $ $ Services Total Capital Outlay $848,244 $ $ $235, $235, Total $848,244 $ $ $235, $235, 363

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17 Debt Service and Long Term Financing This section provides inform ation on DuPa ge County Governm ent s debt profile, summary annual debt service requirem ents a nd funding sources for debt. Future debt service requirements for specific bond issues are given. The County maintains a AAA bond rating. In FY29, the County will look to undertak e large-scale transportation, campus capital improvements and technology m odernization projects. $6,, is set aside in the General Fund to meet financing requirements. 365

18 DuPage County Current Bonded Debt Profile 5-Year Summary Outstanding Principal (in millions) General Obligation Bonds (Includes Certificates of Indebtedness) Revenue Bonds Special Service Area Bonds General Obligation Bonds consist of: Limited Tax Courthouse Bonds payable from a levy of real estate taxes on all taxable property of the County; and Alternate Revenue Source Bonds consisting of Jail, Stormwater, and Drainage Project bond issues. The Alternate Revenue Source bond issues are payable from pledged revenues of sales taxes, stormwater taxes, and any other lawfully available funds of the County. Certificates of Indebtedness are not general obligations of the County but are similar in structure to a bond issue and are included here for full disclosure purposes. Revenue Bonds consist of Motor Fuel Tax bonds which are payable from monthly motor fuel tax distributions from the State of Illinois, and Water and Sewer System bonds which are paid from water and sewer system revenues. Special Service Area Bonds are payable from a levy of taxes against all the taxable real property within the special service area. 366

19 DuPage County Outstanding Bonded Debt by Year Outstanding Principal (in Millions) General Obligation Bonds/Certificates Revenue Bonds Special Service Area Bonds General Obligation bonds will be fully matured with debt payment on 1/1/33. Revenue bonds will be fully matured with debt payment on 1/1/24. Special Service Area bonds will be fully matured with debt payment on 1/1/

20 DuPage County G.O. Limited Tax & Alternate Revenue Bonds Outstanding Principal by Year 2 18 Outstanding Principal (in millions) Jail Expansion Stormwater Drainage Courthouse 368

21 DuPage County Revenue Bonds Annual Debt Service Requirements (Principal and Interest) Annual Debt Service (in Millions) Motor Fuel Tax (Transportation) Water & Sewer 369

22 DuPage County G.O. Limited Tax & Alternate Revenue Bonds Annual Debt Service Requirements (Principal and Interest) 18 Annual Debt Service (in millions) Jail Expansion Stormwater Drainage Courthouse 37

23 DuPage County Bonded Debt Sources of Payment and Budgeting Structure Jail Expansion Bonds are paid from a pledge of sales tax revenue. Sales taxes are collected in the General Fund. Each year a transfer is made out of the General Fund to the corresponding debt service fund for annual debt service payments. Annual debt service is budgeted for in the respective Jail Bond Debt Service Funds. Stormwater Bonds are paid from a pledge of stormwater tax revenue. Stormwater taxes are collected in the Stormwater Fund. Each each year a transfer is made out of the Stormwater Fund to the corresponding debt service funds for annual debt service payments. Annual debt service is budgeted for in the respective Stormwater Bond Debt Service Funds. Drainage Project Bonds are paid from a pledge of sales tax revenue. Sales taxes are collected by the County Treasurer. Per bond resolutions, the Treasurer transfers a fixed amount to the corresponding debt service funds for annual debt service payments. The net sales taxes revenues are then transferred to the General Fund. Annual debt service is budgeted for in the respective Drainage Bond Debt Service Funds. Courthouse Bonds are paid from a portion of real estate tax revenue. Real estate taxes are collected and remitted to U.S. Bank. As trustee for annual debt payments, U.S. Bank is custodian of the corresponding debt service fund. Since this fund is held by a third party, it is not included in the County s financial statements as a budgeted fund, but is included in the financial plan and audited financial statements for full disclosure purposes. The 21 Certificates of Indebtedness are paid from General Fund revenues. An annual amount of approximately $35, is transferred from the General Fund to the corresponding debt service fund for annual debt service payments. The final year s payment will be made in July 29. Annual debt service is budgeted for in the Certificate s Debt Service Fund. 371

24 DuPage County Bonded Debt Sources of Payment and Budgeting Structure Motor Fuel Tax (Transportation) Bonds are paid from a pledge of State Motor Fuel Taxes remitted to the County on a monthly basis. A backup pledge of Local Gas Tax revenues are also included if State Motor Fuel Tax revenues are insufficient. These revenues are collected and remitted to U.S. Bank. As trustee for annual debt payments, U.S. Bank is custodian of the corresponding debt service fund. Since this fund is held by a third party, it is not included in the County s financial statements as a budgeted fund, but is included in the financial plan and audited financial statements for full disclosure purposes. Water and Sewer Bonds are paid from revenues held or collected from ownership and operation of the water and sewage system. These revenues are periodically transferred to the debt service funds for annual debt service payments. This activity is accounted and budgeted for in the County s Public Works Department which is an Enterprise Fund of the County. 372

25 DuPage County Bonded Debt Ratings DuPage County has maintained its tax-exempt Triple A bond rating from three investor s services. The Triple A status is the investment community s highest recognition of the County s financial performance and integrity. The designations are: Standard and Poor s AAA Fitch AAA Moody s Aaa The rating agencies have cited a healthy fiscal environment, including relatively low debt, a good local economy, and good financial management at the County as key to their Triple A ratings. One percent of the counties in the country have Triple A bond ratings. This rating has historically allowed DuPage County to sell bonds at interest rates that provide substantial debt service savings over the life of the bonds. Refunding savings are greater for a Triple A issuer because costs of refunding will be smaller and subsequent savings larger. The following are recent debt refundings in which the County s Triple A ratings enabled greater savings and a resulting financial flexibility to the County. 373

26 DuPage County Bonded Debt Activity Recent Transactions In July 28, the County issued $16.5 million dollars of Water and Sewerage Project and Refunding Net Revenue Bonds. This issuance advance refunded $1.425 million dollars of 23B Taxable Water and Sewerage System Revenue Bonds. It has also provided $ million dollars in proceeds to be used for the acquisition, construction, and improvement of the waterworks and sewerage systems of the County. In October 26, the County issued $17.2 million dollars of Alternate Revenue Source Stormwater Project Bonds. This issuance advance refunded $15.9 million dollars of 21 Alternate Revenue Source Stormwater Project Bonds. This refunding will save the County nearly $477 thousand dollars over the life of the bonds, of which $43 thousand will occur in the first year. In February 26, the County issued $54.2 million dollars of Limited Tax General Obligation Courthouse Project Bonds for the purpose of advance refunding all of its outstanding $51.9 aggregate principal amount of Limited Tax General Obligation Bonds (Courthouse Project) Series 21. This transaction allowed the County to decrease its 26 tax levy (collected in 27) by over $1 million dollars, a savings to taxpayers. This has also secured $2. million dollars of proceeds to be used for courthouse improvements. In May 25, the County issued $17. million dollars of Alternate Revenue Source Drainage Project Refunding Bonds. This issuance advance refunded $15.7 million dollars of 21 Drainage Project Alternate Revenue Bonds. The transaction was undertaken to reduce total debt service payments by almost $5, over the life of the bonds. This also resulted in over $6, to be used for drainage related projects in the County. In April 25, the County issued $85.6 million dollars of Transportation Refunding Bonds. This issuance advance refunded $83.1 million dollars of the 21 Motor Fuel Tax Bonds. This refunding will reduce total debt service payments over the life of the bonds by $4.4 million dollars. Related to this refunding transaction is the execution of a stabilization fund investment agreement which is projected to earn almost $253, per year in interest earnings. These earnings will be available to the County for transportation related projects. 374

27 DuPAGE COUNTY, ILLINOIS DEBT SERVICE FUNDS REVENUE ANALYSIS FY 26 - FY 29 FUND DEPARTMENT 26 ACTUAL 27 ACTUAL 28 REVENUE REVISED 29 REVENUE BUDGET Certificates Debt Svc Fnd $ 22 $ - $ - $ - 24 Stormwater Bond Fund FY1 76,514 61,396 22,66 22, Drainage Refunding Bond Debt Svc 87,548 83, ,87 81,1 21 Drainage 21 Bond Debt Svc 1,344,448 1,349, ,725 1,34, Refinancing Jail Proj Bond 93 39,254 47,28 19,357 2, 26 Refinancing Jail Bond 92,246 16,524 41,528 4, 29 Refinancing Stormwater Proj Bond 59,422 65,635 27,281 27, 29 Refinancing Stormwater Bond , ,634 59,81 59, TOTAL REVENUE $ 2,553,87 $ 2,615,97 $ 1,62,845 $ 2,273,

28 DUPAGE COUNTY, ILLINOIS EXPENDITURE AND APPROPRIATION COMPARISON FISCAL YEARS 26 THROUGH 29 DEBT SERVICE FUNDS Estimated Debt Service Actual Actual Current Budget Expenditures Requirement EXPENDITURES: Courthouse Refinancing Bond Certificates of Indebtedness Series 21 36,45 358,33 36,23 359,88 36, Stormwater Project Bonds Series 21 2,53,34 1,222,573 1,192,79 1,192,699 1,234, Drainage Bond Debt Service ,48 781, ,49 784,84 787, Drainage Project Series 21 1,286,96 1,287,16 1,29,481 1,289,981 1,291, Refinancing Jail Project Series ,32,84 1,32,84 1,32,915 1,32,84 1,32, Jail Project Series 22 2,354,45 2,342,475 2,34,6 2,34,6 2,339, Refinancing Stormwater Bond Fund 1,872,92 1,872,92 1,872,92 1,872,92 1,872, Stormwater Project Series 22 3,39,3 3,367,25 3,359,775 3,359,775 3,383, Stormwater Refinancing Bond - 511,55 692, ,263 85,312 TOTAL EXPENDITURES 13,44,544 13,46,675 13,197,383 13,195,798 13,378,

29 FISCAL YEAR 29 BUDGET FUND 21 AGENCY 931 DUPAGE COUNTY, ILLINOIS 21 CERTIFICATES OF INDEBTEDNESS This fund is used to account for the accumulation of revenues, and the payment of principal, interest and related costs associated with the 21 Certificates of Indebtedness. These certificates were issued for the purchase of Election Commission voting machines. Revised Actual Actual Budget Recommended Revenue Pledged Transfer $ 355, $ 357,6 $ 36, $ 36,71 Investment Income Total Revenue 355,22 357,6 36, 36,71 Expenditures Principal 35, 315, 33, 345, Interest 54,695 42,953 29,88 15,525 Fiscal Agent Fees Total Expenditures 36,45 358,33 359,88 36,875 Fund Balance Beginning Balance $ 5,771 $ 748 $ 45 $ 165 Ending Balance Fund Balance Increased $ (5,23) $ (73) $ 12 $ (165) (Used) FUTURE DEBT REQUIREMENTS TOTAL DEBT Interest Rates: YEAR PRINCIPAL INTEREST SERVICE PAYMENT 2.2% to 4.4% Interest Dates: 29 $ 345, $ 15,525 $ 36,525 January 1 and July 1 Date of Issue: TOTAL $ 345, $ 15,525 $ 36,525 December 1, 21 Amount of Issue: $2,31, Note: The final debt payment on the Certificates will be July 1,

30 FISCAL YEAR 29 BUDGET DUPAGE COUNTY, ILLINOIS 21 MOTOR FUEL TAX REVENUE BONDS This fund is used to account for the accumulation of pledged revenues, and the payment of principal, interest and related costs associated with the 21 Motor Fuel Tax Revenue Bonds. These bonds are Revenue Bonds and are paid for with Motor Fuel Taxes collected by the State of Illinois. Actual Actual Revised Recommended Revenue MFT Allotments from State of IL $ 6,193,18 $ 6,373,625 $ 6,378,25 $ 6,378,1 Investment Income 191, ,886 16, 16, Total Revenue 6,384,76 6,538,511 6,538,25 6,538,1 Expenditures Principal 4,775, 4,99, 5,21, 5,485, Interest 1,5,238 1,28,525 1,31, ,313 Total Expenditures 6,275,238 6,27,525 6,241,488 6,256,313 Fund Balance Beginning Balance $ 6,174,39 $ 6,283,858 $ 6,551,844 $ 6,848,66 Ending Balance 6,283,858 6,551,844 6,848,66 7,13,393 Fund Balance Increased $ 19,468 $ 267,986 $ 296,762 $ 281,787 (Used) TOTAL DEBT Interest Rates: YEAR PRINCIPAL INTEREST SERVICE PAYMENT 4.% to 5.25% Interest Dates: 29 $ 5,485, $ 771,313 $ 6,256,313 January 1 and July ,73, 49,325 6,22,325 Date of Issue: April 15, ,5, 166,375 6,216,375 Amount of Issue: $13,84, FUTURE DEBT REQUIREMENTS Bond Ratings: Fitch: AAA Moody's : Aaa S&P's: AAA Notes: TOTAL $ 17,265, $ 1,428,13 $ 18,693,13 1 Funds are held by a 3rd party trustee and are not appropriated in the County Budget. The Revenue Budget amounts are estimated. 2 Bonds were partially refunded in April, 25. Revised Budget 28 and Recommended 29 amounts reflect activity for unrefunded portion of 21 MFT Revenue Bonds. 378

31 FISCAL YEAR 29 BUDGET DUPAGE COUNTY, ILLINOIS 25 TRANSPORTATION (MFT) REVENUE REFUNDING BONDS This fund is used to account for the accumulation of pledged revenues, and the payment of principal, interest and related costs associated with the 25 Transportation Revenue Refunding Bonds. These bonds are Revenue Bonds and are paid for with pledge of Motor Fuel Taxes collected by the State of Illinois. These bonds are issued to refund a portion of the 21 Motor Fuel Tax Revenue Bonds. Actual Actual Revised Recommended Revenue MFT Allotments from State of IL $ 4,267,788 $ 4,172,915 $ 4,4, $ 4,426,78 Investment Income 466,98 299,73 15, 15, Total Revenue 4,733,886 4,472,618 4,55, 4,576,78 Expenditures Principal 1,4, 21, 22, 225, Interest 4,235,75 4,21,663 4,23,538 4,195,888 Cost of Issuance Total Expenditures 5,635,75 4,42,663 4,423,538 4,42,888 Fund Balance Beginning Balance $ 8,55,64. $ 7,63,875 $ 7,655,83 $ 7,782,292 Ending Balance 7,63,875 7,655,83 7,782,292 7,938,185 Fund Balance Increased $ (91,189) $ 51,955 $ 126,462 $ 155,893 (Used) FUTURE DEBT REQUIREMENTS TOTAL DEBT YEAR PRINCIPAL INTEREST SERVICE PAYMENT Interest Rates: 4.% to 5.25% 29 $ 225, $ 4,195,888 $ 4,42,888 Interest Dates: , 4,187,544 4,422,544 January 1 and July , 4,178,544 4,423, ,635, 4,8,75 1,643,75 Date of Issue: 213 6,96, 3,668,2 1,628,2 April 15, ,315, 3,311,325 1,626, ,68, 2,926,85 1,66,85 Amount of Issue: 216 8,8, 2,523,25 1,63,25 $13,84, 217 8,485, 2,19,125 1,594, ,91, 1,674,25 1,584, ,355, 1,217,625 1,572,625 Bond Ratings: 22 9,825, 738,125 1,563,125 Fitch: AAA 221 9,85, 246,25 1,96,25 Moody's : Aaa S&P's: AAA TOTAL $ 83,8, $ 34,985,5 $ 118,785,5 Notes: 1 Funds are held by a trustee 3rd Party and are not appropriated for by the County. The Revenue Budget amounts are estimated. 2 Bonds were issued in April, 25 to refund a portion of the Series 21 Motor Fuel Tax Revenue Bonds. 379

32 FISCAL YEAR 29 BUDGET FUND 24 AGENCY 28 DUPAGE COUNTY, ILLINOIS 21 G.O. ALTERNATE REVENUE STORMWATER PROJECT BONDS This fund is used to account for the accumulation of pledged revenues, and the payment of, principal, interest and related costs associated with the 21 G.O. Alternate Revenue Stormwater Project Bonds. These bonds are general obligation alternate revenue bonds and are paid for with a pledge of stormwater taxes and any other lawfully available funds of the County. These bonds were issued to pay for costs of maintaining stormwater facilities in the County. Revised Actual Actual Budget Recommended Revenue Stormwater Proj Pledged Rev $ 2,, $ 67, $ 1,195, $ 1,254,1 Investment Income 76,514 61,396 22,66 22, Total Revenue 2,76, ,396 1,217,66 1,276,1 Expenditures Principal 975, 99, 995, 1,75, Interest 1,77, , , ,168 Fiscal Agent Fees Total Expenditures 2,53,34 1,222,573 1,192,699 1,234,518 Fund Balance Beginning Balance $ 1,628,757 $ 1,652,237 $ 1,161,61 $ 1,185,428 Ending Balance 1,652,237 1,161,61 1,185,428 1,227,1 Fund Balance Increased $ 23,48 $ (491,176) $ 24,367 $ 41,582 (Used) TOTAL DEBT YEAR PRINCIPAL INTEREST SERVICE PAYMENT Interest Rates: 2.125% to 5.% 29 $ 1,75, $ 159,168 $ 1,234,168 Interest Dates: 21 1,115, 117,48 1,232,48 January 1 and July ,16, 72,65 1,232, ,25, 24,73 1,229,73 Date of Issue: November 1, 21 Amount of Issue: $26,, Bond Ratings: Fitch: AAA Moody's : Aaa S&P's : AAA FUTURE DEBT REQUIREMENTS TOTAL $ 4,555,. $ 373,884. $ 4,928,884. Note: These bonds were partially refunded in October 26. Fiscal Years 27 through 29 amounts reflect activity for the unrefunded portion of the 21 Stormwater Project Bonds. 38

33 FISCAL YEAR 29 BUDGET DUPAGE COUNTY, ILLINOIS 26 LIMITED TAX GENERAL OBLIGATION COURTHOUSE PROJECT BONDS This fund is used to account for the accumulation of real estate taxes, and the payment of principal, interest and related costs associated with the 26 Courthouse Project Bonds. These bonds are limited tax general obligation bonds and are paid for with ad valorem taxes levied against all taxable property in the County. Revised Actual Actual Budget Recommended Revenue Property Taxes 3,955,35 2,631,635 2,58, 3,679,21 Investment Income 46,41 5,599 3, 3, Total Revenue 4,1,346 2,682,234 2,61, 3,79,21 Expenditures Principal 1,65, 1,36, 55, 1,155, Interest 2,343,573 2,554,81 2,526,51 2,52,31 Cost of Issuance 235,388 - Total Expenditures 3,643,961 3,914,81 2,581,51 3,657,31 Fund Balance Beginning Balance $ 2,562,286. $ 2,919,671 $ 1,687,95 $ 1,715,585 Ending Balance 2,919,671 1,687,95 1,715,585 1,767,485 Fund Balance Increased 357,385 (1,232,576) 28,49 51,9 (Used) FUTURE DEBT REQUIREMENTS TOTAL DEBT YEAR PRINCIPAL INTEREST SERVICE PAYMENT Interest Rates: 4.% to 5.% 29 1,155, 2,52,31 3,657, ,2, 2,455,21 3,655,21 Interest Dates: 211 1,255, 2,46,11 3,661,11 January 1 and July ,35, 2,354,91 3,659, ,355, 2,294,935 3,649,935 Date of Issue: 214 1,425, 2,225,435 3,65,435 November 8, ,495, 2,152,435 3,647, ,57, 2,75,81 3,645, ,65, 1,995,31 3,645,31 Amount of Issue: 218 1,73, 1,91,81 3,64,81 $54,195, 219 1,815, 1,829,899 3,644, ,89, 1,744,988 3,634, ,985, 1,648,113 3,633,113 Bond Ratings: 222 2,9, 1,546,238 3,636,238 Fitch: AAA 223 2,19, 1,439,238 3,629,238 Moody's: Aaa 224 2,3, 1,326,988 3,626,988 S&P's: AAA 225 2,415, 1,29,113 3,624, ,535, 1,88,531 3,623,531 * These funds are held by 227 2,655, 966,928 3,621,928 a 3rd party and are not 228 2,775, 841,359 3,616,359 appropriated for by the 229 2,95, 71,9 3,615,9 County. 23 3,45, 572,416 3,617,416 The Revenue budget 231 3,18, 422,5 3,62,5 amounts are estimated by 232 3,35, 259,25 3,69,25 a tax levy ,51, 87,75 3,597,75 TOTAL $ 52,78, $ 38,66,593 $ 9,846,593 Note: Funds are held by a 3rd party trustee and are not appropriated for by the County. The Revenue Budget is estimated. 381

34 FISCAL YEAR 29 BUDGET FUND 291 AGENCY 244 DUPAGE COUNTY, ILLINOIS 26 G.O. ALTERNATE REVENUE STORMWATER PROJECT REFUNDING BONDS This fund is used to account for the accumulation of pledged revenues, and the payment of principal, interest and related costs associated with the 26 Alternate Revenue Stormwater Project Bonds. These bonds are general obligation alternate revenue bonds and are paid for with a pledge of stormwater taxes and any other lawfully available funds of the County. These bonds were issued to advance refund a portion of the 21 General Obligation Alternate Revenue Stormwater Project Bonds. Revised Actual Actual Budget Recommended FUND: Revenue Stormwater Taxes $ - $ 857,636 $ 785, $ 87,665 Investment Income - 25,338 11,565 11, Total Revenue - 882, , ,665 Expenditures Principal , Interest - 511,55 692, ,963 Total Expenditures - 511,55 692,263 84,963 Fund Balance Beginning Balance $ - $ - $ 371, $ 475,772 Ending Balance - 371, , ,474 Fund Balance Increased $ - $ 371,469 $ 14,33 $ 13,72 (Used) FUTURE DEBT REQUIREMENTS TOTAL DEBT YEAR PRINCIPAL INTEREST SERVICE PAYMENT Interest Rates: 4.% to 4.125% 29 $ 115, $ 689,963 $ 84, , 685,262 85,262 Interest Dates: , 68,363 85,363 January 1 to July , 675,262 85, ,39, 644,863 2,34,863 Date of Issue: 214 1,445, 588,162 2,33,162 October 5, ,5, 529,263 2,29, ,56, 468,62 2,28,62 Amount of Issue: 217 1,625, 44,362 2,29,362 $17,185, 218 1,695, 337,962 2,32, ,76, 268,863 2,28, ,83, 197,62 2,27,62 Bond Ratings: 221 1,95, 121,173 2,26,173 Fitch: AAA 222 1,985, 4,941 2,25,941 Moody's: Aaa S&P's: AAA TOTAL $ 17,185, $ 6,331,563 $ 23,516,563 Note: These bonds were issued in October 26 to refund a portion of the 21 G.O. Alternate Revenue Stormwater Project Bonds. 382

35 FISCAL YEAR 29 BUDGET FUND 21 AGENCY 276 DUPAGE COUNTY, ILLINOIS 21 G.O. ALTERNATE REVENUE DRAINAGE PROJECT BONDS This fund is used to account for the accumulation of pledged revenues, and the payment of principal, interest and related costs associated with the 21 G.O. Alternate Revenue Drainage Project Bonds. These bonds are general obligation alternate revenue bonds and are paid for with a pledge of sales taxes and any other lawfully available funds of the County. These bonds were issued to pay for costs of drainage improvement projects in unincorporated areas of the County. Revised Actual Actual Budget Recommended Revenue Taxes - sales 1,273,95 1,277, ,52 1,274,165 Investment Income 71,353 72,669 32,25 3, Total Revenue 1,344,448 1,349, ,725 1,34,165 Expenditures Principal 745, 775, 82, 855, Interest 541,96 512,16 469, ,657 Fiscal Agent Fees Transfer out to 25 Drainage Bond Project & Debt Service 83, Total Expenditures 2,9,82 1,287,16 1,289,982 1,291,157 Fund Balance Beginning Balance $ 2,386,76 $ 1,429,243 $ 1,492,8 $ 1,91,823 Ending Balance 1,429,243 1,492,8 1,91,823 1,14,831 Fund Balance Increased $ (746,354) $ 62,837 (4,257) 13,8 (Used) FUTURE DEBT REQUIREMENTS TOTAL DEBT YEAR PRINCIPAL INTEREST SERVICE PAYMENT Interest Rates: 4.% to 5.% , 435,657 1,29, , 399,319 1,289,319 Interest Dates: , 35,369 1,285,369 January 1 and July , 298, , , 286, , , 271, ,794 Date of Issue: , 256, ,544 July 1, , 24, , , 224,44 574, , 26, ,544 Amount of Issue: , 188,44 578,44 $29,31, 22 45, 168, , , 148, , , 126, ,794 Bond Ratings: , 14, ,294 Fitch: AAA , 8,26 575,26 Moody's: Aaa , 54, ,838 S&P's: AAA , 28, ,188 TOTAL $ 8,63, $ 3,869,55 $ 12,499,55 Note: These bonds were partially refunded in May 25. Activity reflected is for the unrefunded portion of the 21 G.O. Alternate Revenue Drainage Project Bonds. 383

36 FISCAL YEAR 29 BUDGET FUND 25 AGENCY 211 DUPAGE COUNTY, ILLINOIS 25 G.O. ALTERNATE REVENUE DRAINAGE PROJECT REFUNDING BONDS This fund is used to account for the accumulation of pledged revenues, and the payment of principal, interest and related costs associated with the 25 G.O. Alternate Revenue Drainage Project Refunding Bonds. These bonds are general obligation alternate revenue bonds and are paid for with a pledge of sales taxes and any other lawfully available funds of the County. These bonds were issued to advance refund a portion of the 21 General Obligation Alternate Revenue Drainage Project Bonds. Revised Actual Actual Budget Recommended Revenue Taxes - sales $ 775,91 $ 783,398 $ 524,11 $ 783,1 Investment Income 31,647 47,285 18,977 18, Trans from 21 Drainage Bond 63, - Total Revenue 1,437,548 83, ,87 81,1 Expenditures Principal 1, 75, 8, 85, Interest 774,48 76,928 74,49 71,79 Fiscal Agent Fees Total Expenditures 784,48 781, ,84 787,14 Fund Balance Beginning Balance $ 383,267 $ 1,36,767 $ 1,85,523 $ 843,77 Ending Balance 1,36,767 1,85, ,77 857,73 Fund Balance Increased $ 653,5 $ 48,756 $ (241,753) $ 13,96 (Used) FUTURE DEBT REQUIREMENTS TOTAL DEBT Interest Rates: YEAR PRINCIPAL INTEREST SERVICE PAYMENT 4.% to 5.% 29 $ 85, $ 71,79 $ 786,79 Interest Dates: 21 85, 698, ,815 January 1 and July , 695,84 785, , 692,465 1,512, , 657,615 1,522,615 Date of Issue: , 62,852 1,55,852 May 27, , 583,74 1,58, , 544,427 1,54, ,, 56,28 1,56,28 Amount of Issue: 218 1,45, 466,27 1,511,27 $17,25, 219 1,9, 423,75 1,513, ,135, 38,15 1,515, ,18, 334,75 1,514,75 Bond Ratings: 222 1,23, 285,735 1,515,735 Fitch: AAA 223 1,285, 234,75 1,519,75 Moody's: Aaa 224 1,335, 179,463 1,514,463 S&P's: AAA 225 1,395, 122,725 1,517, ,45, 63,438 1,513,438 TOTAL $ 16,86, $ 8,191,55 $ 25,51,55 Note: These bonds were issued in May 25 to refund a portion of the 21 G.O. Alternate Revenue Drainage Project Bonds. 384

37 FISCAL YEAR 29 BUDGET FUND 29 AGENCY 27 DUPAGE COUNTY, ILLINOIS 1993 G.O. ALTERNATE REVENUE SOURCE STORMWATER PROJECT REFUNDING BONDS This fund is used to account for the accumulation of pledged revenues, and the payment of principal, interest, and related costs associated with the 1993 G.O. Alternate Revenue Stormwater Refunding Bonds. These bonds are general obligation alternate revenue bonds and are paid for with pledge of stormwater taxes, sales tax, and any other lawfully available funds of the County. These bonds were issued to advance refund the 1991 G.O. Alternate Revenue Stormwater Project Bonds. Revised Actual Actual Budget Recommended Revenue Stormwater Proj. Pledged Rev $ 1,51, $ 1,814, $ 1,85, $ 1,873, Investment Income 59,421 65,636 27,281 27, Total Revenue 1,569,421 1,879,636 1,832,281 1,9, Expenditures Principal Interest 1,872,92 1,872,92 1,872,92 1,872,92 Total Expenditures 1,872,92 1,872,92 1,872,92 1,872,92 Fund Balance Beginning Balance $ 1,3,56 $ 997,7 $ 1,3,723 $ 963,84 Ending Balance 997,7 1,3, ,84 99,164 Fund Balance Increased $ (33,499) $ 6,716 $ (4,639) $ 27,8 (Used) FUTURE DEBT REQUIREMENTS TOTAL DEBT Interest Rates: YEAR PRINCIPAL INTEREST SERVICE PAYMENT 2.4% to 5.6% Interest Dates: 29 $ - $ 1,872,92 $ 1,872,92 January 1 and July ,872,92 1,872, ,872,92 1,872,92 Date of Issue: 212-1,872,92 1,872,92 April 1, ,872,92 1,872, ,425, 1,777,2 5,22,2 Amount of Issue: 215 3,62, 1,579,76 5,199,76 $77,62, 216 3,82, 1,371,44 5,191, ,35, 1,151,5 5,186,5 Bond Ratings: 218 4,265, 919,1 5,184,1 Fitch: AAA 219 4,55, 673,54 5,178,54 Moody's: Aaa 22 4,755, 414,26 5,169,26 S&P's: AAA 221 5,2, 14,56 5,16,56 TOTAL $ 33,445, $ 17,391,78 $ 5,836,78 Note: These bonds were issued in May 1993 to refund a portion of the 1991 G.O. Alternate Revenue Stormwater Project Bonds. 385

38 FISCAL YEAR 29 BUDGET FUND 29 AGENCY 29 DUPAGE COUNTY, ILLINOIS 22 G.O. ALTERNATE REVENUE STORMWATER PROJECT REFUNDING BONDS This fund is used to account for the accumulation of pledged revenues, and the payment of principal, interest and related costs associated with the 22 G.O. Alternate Revenue Stormwater Project Refunding Bonds. These bonds are general obligation alternate revenue bonds and are paid for with a pledge of stormwater taxes, sales taxes and any other lawfully available funds of the County. These bonds were issued to advance refund a portion of the 1993 General Obligation Alternate Revenue Stormwater Project Bonds. Revised Actual Actual Budget Recommended Revenue Stormwater Proj. Pledged Rev. 3,2, 3,29, 3,268, 3,422,25 Investment Income 134, ,634 59,81 59, Total Revenue 3,334,352 3,443,634 3,327,81 3,481,25 Expenditures Principal 2,41, 2,485, 2,65, 2,735, Interest 979,95 881, , ,275 Fiscal Agent Fees Total Expenditures 3,39,3 3,367,25 3,359,775 3,383,625 Fund Balance Beginning Balance $ 3,137,81 $ 3,81,862 $ 3,158,471 $ 3,126,497 Ending Balance 3,81,862 3,158,471 3,126,497 3,224,122 Fund Balance Increased (55,948) 76,69 (31,974) 97,625 (Used) FUTURE DEBT REQUIREMENTS TOTAL DEBT Interest Rates: YEAR PRINCIPAL INTEREST SERVICE PAYMENT 4.% to 5.% 29 2,735, 648,275 3,383,275 Interest Dates: January 1 and July ,815, 536,875 3,351,875 Date of Issue: 211 2,96, 392,5 3,352,5 October 1, ,15, 24,875 3,345,875 Amount of Issue: $26,915, 213 3,265, 81,625 3,346,625 Bond Ratings: TOTAL $ 14,88, $ 1,9,15 $ 16,78,15 Fitch: AAA Moody's: Aaa S&P's: AAA Note: These bonds were issued in October 22 to refund a portion of the 1993 G.O. Alternate Revenue Stormwater Project Refunding Bonds. 386

39 FISCAL YEAR 29 BUDGET FUND 26 AGENCY 49 DUPAGE COUNTY, ILLINOIS 1993 GENERAL OBLIGATION ALTERNATE REVENUE JAIL PROJECT REFUNDING BONDS This fund is used to account for the accumulation of pledged revenues, and the payment of, principal, interest and related costs associated with the 1993 G.O. Alternate Revenue Jail Expansion Project Refunding Bonds. These bonds are general obligation alternate revenue bonds and are paid for with pledge of sales taxes and any other lawfully available funds of the County. These bonds were issued to advance refund the 1991 General Obligation Alternate Revenue Jail Project Bonds. Revised Actual Actual Budget Recommended Revenue Jail Expansion Proj Pldged Rev $ 1,26, $ 1,32,8 $ 1,215, $ 1,33, Investment Income 39,254 47,28 19,357 2, Total Revenue 1,299,254 1,35,8 1,234,357 1,323, Expenditures Principal Interest 1,32,84 1,32,84 1,32,84 1,32,84 Fiscal Agent Fees Total Expenditures 1,32,84 1,32,84 1,32,915 1,32,915 Fund Balance Beginning Balance $ 695,715 $ 692,129 $ 739,369 $ 67,811 Ending Balance 692, ,369 67,811 69,896 Fund Balance Increased $ (3,586) $ 47,24 $ (68,558) $ 2,85 (Used) FUTURE DEBT REQUIREMENTS TOTAL DEBT Interest Rates: YEAR PRINCIPAL INTEREST SERVICE PAYMENT 2.4% to 5.6% Interest Dates: 29 $ - $ 1,32,84 $ 1,32,84 January 1 and July ,32,84 1,32, ,32,84 1,32,84 Date of Issue: 212-1,32,84 1,32,84 April 1, ,32,84 1,32, ,385, 1,236,6 3,621,6 Amount of Issue: 215 2,52, 1,98,72 3,618,72 $53,995, 216 2,66, 953,68 3,613, ,81, 8,52 3,61,52 Bond Ratings: 218 2,965, 638,82 3,63,82 Fitch: AAA 219 3,13, 468,16 3,598,16 Moody's: Aaa 22 3,35, 287,98 3,592,98 S&P's: AAA 221 3,49, 97,72 3,587,72 TOTAL $ 23,265, $ 12,95,86 $ 35,36,86 Note: These bonds were issued in May 1993 to refund a portion of the 1991 G.O. Alternate Revenue Jail Project Bonds. 387

40 FISCAL YEAR 29 BUDGET FUND 26 AGENCY 47 DUPAGE COUNTY, ILLINOIS 22 GENERAL OBLIGATION ALTERNATE REVENUE JAIL PROJECT REFUNDING BONDS This fund is used to account for the accumulation of pledged revenues, and the payment of principal, interest and related costs associated with the 22 G.O. Alternate Revenue Jail Project Refunding Bonds. These bonds are general obligation alternate revenue bonds and are paid for with a pledge of sales taxes and any other lawfully available funds of the County. These bonds were issued to advance refund a portion of the 1993 General Obligation Alternate Revenue Jail Project Refunding Bonds. Revised Actual Actual Budget Recommended Revenue Jail Expansion Proj Plddged Rev $ 2,3, $ 2,285, $ 2,28, $ 2,382,25 Investment Income 92,247 16,524 41,528 4, Total Revenue 2,392,247 2,391,524 2,321,528 2,422,25 Expenditures Principal 1,64, 1,695, 1,78, 1,87, Interest 714,1 647,125 56,25 469, Fiscal Agent Fees Total Expenditures 2,354,45 2,342,475 2,34,6 2,339,35 Fund Balance Beginning Balance $ 2,93,727 $ 2,131,524 $ 2,18,573 $ 2,161,51 Ending Balance 2,131,524 2,18,573 2,161,51 2,244,41 Fund Balance Increased $ 37,797 $ 49,49 $ (19,72) $ 82,9 (Used) FUTURE DEBT REQUIREMENTS Interest Rates: 4.% to 5.% TOTAL DEBT YEAR PRINCIPAL INTEREST SERVICE PAYMENT Interest Dates: January 1 to July 1 29 $ 1,87, $ 469, $ 2,339, Date of Issue: 21 1,96, 373,25 2,333,25 October 1, ,55, 272,875 2,327,875 Amount of Issue: $18,52, 212 2,16, 167,5 2,327,5 Bond Ratings: 213 2,27, 56,75 2,326,75 Moody's: Aaa S&P's: AAA TOTAL $ 1,315, $ 1,339,375 $ 11,654,375 Note: These bonds were issued in October 22 to refund a portion of the 1993 G.O. Alternate Revenue Jail Project Refunding Bonds. 388