DEBT SERVICE FUNDS
2020 DEBT SERVICE PFA
Fund Summary - Fund 672
Fund Description / Budget Highlights
Fund Activity
FY 19-20 FY 20-21 FY 21-22 FY 22-23
Actual Actual Budget Proposed
Beginning Available Fund Balance 290,066 $ 157,066 $ Revenues
Property Lease Revenue - - - - Interest Income 2,735 103,455 - - Miscellaneous Revenues - - - - 2,735 103,455 - -
Transfers In/General Fund 566,110 106,938 - 355,934 568,845 210,393 - 355,934
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses 2,420 - 3,000 - Cost Allocation - - - - Capital Outlay - - - - Debt Service 563,590 205,522 130,000 513,000 566,010 205,522 133,000 513,000
Transfer Out - - - - 566,010 205,522 133,000 513,000
Changes in restricted reserves
Net Annual Activity 2,835$ 4,871 (133,000) (157,066) Fund Balance
Ending Available Fund Balance 290,066$ 157,066 $ - $ (Restricted for Debt Service)
This fund accounts for the 2020 Public Financing Authority (PFA) Lease Revenue Refunding Bond. The City and the Authority refinance a portion of the costs of the acquisition, contruction and installation of various public improvements of the City, including the City Library, that were originally financed and refinanced from the proceeds of the Lease Revenue Bonds, Series 2003B.
2009 DEBT SERVICE PFA
Fund Summary - Fund 673
Fund Description / Budget Highlights
Fund Activity
FY 19-20 FY 20-21 FY 21-22 FY 22-23
Actual Actual Budget Proposed
Beginning Available Fund Balance (2,550) $ 18,450 $ Revenues
Property Lease Revenue 970,721 837,889 908,000 908,000 Interest Income 23,660 897 24,000 - 994,381 838,786 932,000 908,000
Transfers In - - - - 994,381 838,786 932,000 908,000
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 914,665 909,715 911,000 908,000 914,665 909,715 911,000 908,000
Transfer Out - - - - 914,665 909,715 911,000 908,000
Changes in restricted reserves
Net Annual Activity 79,716$ (70,929) 21,000 - Ending Available Fund Balance (2,550) 18,450 $ 18,450 $ (Restricted for Debt Service)
This fund accounts for the 2009 Public Financing Authority (PFA) Taxable Lease Revenue Bonds (Bio-Rad Project). The purpose of the bonds was to finance the acquisition of certain commercial condominium properties, consisting of approximately 96,847 square feet located at 203-295 Linus Pauling Drive. The bonds is secured by revenues consisting primarily of the base rental payments of the property lease, Principal is due annually and will mature on July 1, 2038.
SunTrust Lease
Fund Summary - Fund 383
Fund Description / Budget Highlights
Fund Activity
FY 19-20 FY 20-21 FY 21-22 FY 22-23
Actual Actual Budget Proposed
Beginning Available Fund Balance - $ - $
Revenues
Charges for Services - $ - $ - - Interest Income - - - - Property Lease Revenue - - - - - - - -
Transfers In 205,099 205,099 205,000 103,000 205,099 205,099 205,000 103,000
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 205,099 205,099 205,000 103,000 205,099 205,099 205,000 103,000
Transfer Out - - - - 205,099 205,099 205,000 103,000
Changes in restricted reserves
Net Annual Activity -$ - - - Ending Available Fund Balance - $ - $ - $ This fund accounts for SunTrust Lease. On September 27, 2007, the City entered into master lease agreements with Sun Trust Leasing Corporation in order to provide funds for the financing of the EMS Project performed by Siemens Building Technologies. Payments are due semiannually. The Master Lease Agreement matures on September 27, 2022.
Equipment Lease
Fund Summary - Fund 388
Fund Description / Budget Highlights
Fund Activity
FY 19-20 FY 20-21 FY 21-22 FY 22-23
Actual Actual Budget Proposed
Beginning Available Fund Balance - $ - $
Revenues
Charges for Services - $ - $ - - Interest Income - - - - Property Lease Revenue - - - - - - - -
Transfers In - - 218,000 227,000 - - 218,000 227,000
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service - - 218,000 227,000 - - 218,000 227,000
Transfer Out - - - - - - 218,000 227,000
Changes in restricted reserves
Net Annual Activity -$ - - - Ending Available Fund Balance - $ - $ - $ This fund accounts for Engie Solar Project Lease. On August 14, 2020, the City entered into master lease agreements with Sterling National Bank in order to provide funds for the financing of the Solar Energy Project by ENGIE Services U.S. Inc. Payments are due annually. The Master Lease Agreement matures on September 14, 2040.