Fund 2 Debt Service Fund 2 Revenue vs Expenses $25,, $2,, $15,, $1,, Revenue Expenses $5,, $- Fy 6 Actual Fy 7 Actual Fy 8 Actual Fy 9 Modified Fy 1 Adopted The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest, and related costs. The debt service fund is divided into two components: debt service related to construction (financed through a combination of general obligation bonds and contractual obligations) and debt service related to capital leases (buses and technology infrastructure). The debt service for general obligation bonds is funded from the millage rate established on the bond digest, while the debt service for capital leases and for contractual obligations is funded from a general fund contribution. For Fiscal Year 21, the debt service related to general obligation bonds totals $14.7 million, while the debt service related to capital leases and contractual obligations totals $4.2 million. Relationship between current debt levels and legal debt limits: The Constitution of the State of Georgia provides that a school district may not incur long-term obligations payable out of general property taxes without the approval of a majority of the qualified voters of the School District voting at an election called to approve the obligations. On June 13, 199 and again on March 15, 1994, Chatham County voters overwhelmingly approved referendums that authorized the District to issue a total of $169.7 million of general obligation bonds. The general obligation bonds issued by the District are payable from the proceeds of the ad valorem tax to be levied on all taxable property in the school district subject to taxation for school bond purposes, including real and personal property, privately owned public utilities, motor vehicles and mobile homes. The District, as required by law, will levy an ad valorem tax, unlimited as to rate, on the property described above in an amount sufficient to pay the principal and interest of the outstanding Bond debt as it becomes due and payable. For Fiscal Year 21 (Calendar Year 29), revenue from the recently adopted ESPLOST will cover general obligations bond expenses and a Bond millage rate will not be levied. The Constitution further provides that a school district may not incur long-term obligations payable out of general property taxes in excess of ten percent of the assessed value of all taxable property within the District. Short-term obligations, leases, installment purchase obligations subject to annual appropriation, and intergovernmental obligations are not subject to these legal 125 limitations.
Fund 2XX Debt Service FY 26 Actual Amount FY 27 Actual Amount FY 28 Actual Amount FY 29 Modified Budget FY 21 Adopted Budget %Change FY 29 to FY 21 TRANSFERS FROM OTHER FUNDS REVENUES AND OTHER SOURCES 9 OPERATING TRFRS IN 8,336,716 8,748,897 22,634,38 18,717,955 18,572,572 -.8% TOTAL TRANSFERS FROM OTHER FUNDS LOCAL TAXES 8,336,716 8,748,897 22,634,38 18,717,955 18,572,572 -.78% 1 REAL PROPERTY-CURRENT 11,763,932 6,912,544 265 13 AD-VALOREM COLLECTION FEE -252,919-176,253-11,293 11 REAL PROPERTY-DELINQUENT 1,441,643 2,,34 161,394 12 VEHICLES 953,63 9,41 428,142 121 MOBILE HOMES 52,451 13,545 1,742 14 HEAVY EQUIPMENT 6,622 4,225 1,818 11 OTHER TAXES 3,397 2,247 1,291 111 REAL ESTATE TRANSFER TAX 385,226 358,319 129,834 TOTAL LOCAL TAXES 14,353,983 1,14,972 722,193 OTHER LOCAL SOURCES 15 INTEREST INCOME 65,567 33,442 21,654 2, 2,.% 91 BOND PROCEEDS 3,193,471-1.% TOTAL OTHER LOCAL SOURCES 65,567 33,442 21,654 3,195,471 2, -99.94% TOTAL REVENUES 22,756,265 18,797,311 23,378,227 21,913,426 18,574,572-15.24% EXPENDITURES AND OTHER USES 6 Debt Service 21,983,33 22,626,835 22,485,388 22,278,199 18,574,572-16.6% Total Other Operating Expenses 21,983,33 22,626,835 22,485,388 22,278,199 18,574,572-16.6% TOTAL EXPENDITURES 21,983,33 22,626,835 22,485,388 22,278,199 18,574,572-16.6% STAFFING 126
FY 29-21 Adopted Budget Debt Service Fund Detail General Obligation Bonds FY 21 FY 211 FY 212 FY 213 FY 214 Series 1995b General Obligation Bonds (Partially Refunds 1991a & 1994 Bonds) Series 1997 General Obligation Bonds Principal $ - $ - $ - $ - $ - Series 1998a General Obligation Bonds Principal $ 3,14, $ 2,935, $ - $ - $ - Interest 196,65 64,57 - - - Sub-Total $ 3,336,65 $ 2,999,57 $ - $ - $ - Series 1998b General Obligation Bonds (Partially Refunds 1992) Principal $ 3,325, $ 3,55, $ - $ - $ - Interest 26,625 88,75 - - - Sub-Total $ 3,585,625 $ 3,638,75 $ - $ - $ - Series 22 General Obligation Bonds (Refunds 1995A / Partially Refunds 1997) Principal $ 1,865, $ 2,43, $ 5,745, $ 6,185, $ 6,585, Interest 1,73,839 1,625,13 1,438,834 1,178,765 892,678 Sub-Total $ 3,568,839 $ 4,55,13 $ 7,183,834 $ 7,363,765 $ 7,477,678 Series 24 General Obligation Bonds (Refunds 1995B) Principal $ 2,325, $ 2,46, $ - $ - $ - Interest 1,892,888 1,773,263 1,711,765 1,711,763 1,711,763 Sub-Total $ 4,217,888 $ 4,233,263 $ 1,711,765 $ 1,711,763 $ 1,711,763 Total G.O. Bond Debt Principal $ 1,655, $ 11,375, $ 5,745, $ 6,185, $ 6,585, Interest 4,54,1 3,551,713 3,15,598 2,89,527 2,64,44 Total $ 14,79,1 $ 14,926,713 $ 8,895,598 $ 9,75,527 $ 9,189,44 Downtown Savannah Authority Bonds FY 21 FY 211 FY 212 FY 213 FY 214 Series 1997 Downtown Savannah Authority Bonds Series 22 Downtown Savannah Authority Bonds (Refunds 1993 DSA) Principal $ 1,6, $ 1,65, $ - $ - $ - Interest 78,25 26,813 - - - Sub-Total $ 1,678,25 $ 1,676,813 $ - $ - $ - Total DSA Debt Principal $ 1,6, $ 1,65, $ - $ - $ - Interest 78,25 26,813 - - - Total $ 1,678,25 $ 1,676,813 $ - $ - $ - 127
FY 29-21 Adopted Budget Debt Service Fund Detail Capital Leases FY 21 FY 211 FY 212 FY 213 FY 214 GMA - 24 Buses Principal $ 49,93 $ 49,93 $ - $ - $ - Interest 29,35 8,54 - - - Sub-Total $ 438,938 $ 418,443 $ - $ - $ - GMA - 25 Buses Principal $ 374,78 $ 379,751 $ 385,61 $ - $ - Interest 41,753 26,78 1,217 - - Sub-Total $ 415,831 $ 45,829 $ 395,827 $ - $ - GMA - 26 Buses Principal $ 352,824 $ 356,26 $ 359,72 $ 363,317 $ - Interest 57,357 41,352 25,233 8,995 - Sub-Total $ 41,181 $ 397,558 $ 384,935 $ 372,312 $ - GMA - 27 Buses Principal $ 337,535 $ 343,133 $ 348,613 $ 354,28 $ 36,141 Interest 68,76 54,316 39,691 24,878 9,872 Sub-Total $ 46,295 $ 397,449 $ 388,34 $ 379,158 $ 37,13 GMA - 28 Buses Principal $ 416,142 $ 421,33 $ 426,91 $ 431,322 $ 436,732 Interest 1,159 81,611 62,897 44,9 24,942 Sub-Total $ 516,31 $ 52,644 $ 488,988 $ 475,331 $ 461,674 GMA - 29 Buses Total Existing Capital Leases Principal $ 1,89,482 $ 1,91,26 $ 1,52,16 $ 1,148,919 $ 796,873 Interest 297,64 211,897 138,38 77,882 34,814 Total $ 2,187,546 $ 2,121,923 $ 1,658,54 $ 1,226,81 $ 831,687 128
FY 29-21 Adopted Budget Debt Service Fund Detail FY 21 FY 211 FY 212 FY 213 FY 214 GMA - 21 Buses (Estimate) GMA - 211 Buses (Estimate) Principal $ - $ - $ 428,571 $ 428,571 $ 428,571 Interest - 25, 137,5 116,71 94,643 Sub-Total $ - $ 25, $ 566,71 $ 544,642 $ 523,214 GMA - 212 Buses (Estimate) Principal $ - $ - $ - $ 428,571 $ 428,571 Interest - - 25, 137,5 116,71 Sub-Total $ - $ - $ 25, $ 566,71 $ 544,642 GMA - 213 Buses (Estimate) Principal $ - $ - $ - $ - $ 428,571 Interest - - - 25, 137,5 Sub-Total $ - $ - $ - $ 25, $ 566,71 GMA - 214 Buses (Estimate) Interest - - - - 25, Sub-Total $ - $ - $ - $ - $ 25, Total Planned Capital Leases Principal $ - $ - $ 428,571 $ 857,142 $ 1,285,713 Interest - 25, 162,5 278,571 373,214 Total $ - $ 25, $ 591,71 $ 1,135,713 $ 1,658,927 Total Capital Leases (Planned and Existing) Principal $ 1,89,482 $ 1,91,26 $ 1,948,587 $ 2,6,61 $ 2,82,586 Interest 297,64 236,897 3,538 356,453 48,28 Total $ 2,187,546 $ 2,146,923 $ 2,249,125 $ 2,362,514 $ 2,49,614 129
FY 29-21 Adopted Budget Debt Service Fund Detail Debt Service Summary FY 21 FY 211 FY 212 FY 213 FY 214 Revenues / Other Sources Transfers from Capital Projects (ESPLOST) $ 14,79,1 $ 14,926,713 $ 8,895,598 $ 9,75,527 $ 9,189,44 Interest 2, 2,2 2,5 2,6 2,7 Transfers from General Fund 3,863,571 3,821,536 2,246,625 2,359,914 2,487,914 - - - - - Total Revenues / Other Sources $ 18,574,572 $ 18,75,448 $ 11,144,723 $ 11,438,41 $ 11,68,54 Expenditures G.O. Bonds $ 14,79,1 $ 14,926,713 $ 8,895,598 $ 9,75,527 $ 9,189,44 DSA Bonds 1,678,25 1,676,813 - - - Capital Leases 2,187,546 2,146,923 2,249,125 2,362,514 2,49,614 Refunding Escrow Deposits / Issuance Costs - - Total Expenditures $ 18,574,572 $ 18,75,448 $ 11,144,723 $ 11,438,41 $ 11,68,54 Net to (from) Fund Balance $ - $ - $ - $ - $ - 13
FY 29-21 Adopted Budget Debt Service by Year for All Outstanding Debt Fiscal General Obligation Bonds Downtown Savannah Authority Bonds Year Principal Interest Total Principal Interest Total 21 1,655, 4,54,1 14,79,1 1,6, 78,25 1,678,25 211 11,375, 3,551,713 14,926,713 1,65, 26,813 1,676,813 212 5,745, 3,15,598 8,895,598 - - - 213 6,185, 2,89,527 9,75,527 - - - 214 6,585, 2,64,44 9,189,44 - - - 215 7,1, 2,249,91 9,349,91 - - - 216 7,635, 1,887,848 9,522,848 - - - 217 8,265, 1,494,86 9,759,86 - - - 218 8,84, 1,45,8 9,885,8 - - - 219 8,15, 599,813 8,749,813 - - - 22 5,25, 249,244 5,454,244 - - - 221 2,145, 56,36 2,21,36 - - - Total $ 87,885, $ 23,834,997 $ 111,719,997 $ 3,25, $ 14,838 $ 3,354,838 Fiscal Capital Leases* All Outstanding Debt Issues* Year Principal Interest Total Principal Interest Total 21 1,89,482 297,64 2,187,546 14,145,482 4,429,9 18,574,572 211 1,91,26 211,897 2,121,923 14,935,26 3,79,422 18,725,448 212 1,52,16 138,38 1,658,54 7,265,16 3,288,636 1,553,652 213 1,148,919 77,882 1,226,81 7,333,919 2,968,49 1,32,328 214 796,873 34,814 831,687 7,381,873 2,639,254 1,21,127 215 - - - 7,1, 2,249,91 9,349,91 216 - - - 7,635, 1,887,848 9,522,848 217 - - - 8,265, 1,494,86 9,759,86 218 - - - 8,84, 1,45,8 9,885,8 219 - - - 8,15, 599,813 8,749,813 22 - - - 5,25, 249,244 5,454,244 221 - - - 2,145, 56,36 2,21,36 Total $ 7,266,316 $ 759,695 $ 8,26,11 $ 98,41,316 $ 24,699,529 $ 123,1,845 *Does not include projected Debt Service on anticipated Capital Leases for planned bus purchases (FY 7 and out). Only debt which has been issued is included. 131
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