DEBT SERVICE FUNDS
Attachment 9
2020 DEBT SERVICE PFA
Fund Summary - Fund 672
Fund Description / Budget Highlights
Fund Activity
FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actual Actual Projection Proposed
Beginning Available Fund Balance 158,687 $ 1,621 $ Revenues
Property Lease Revenue - - - - Interest Income 103,455 - - - Miscellaneous Revenues - - - - 103,455 - - -
Transfers In/General Fund 106,938 - 355,934 563,316 210,393 - 355,934 563,316 Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - 1,500 - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 205,522 129,878 513,000 564,937 205,522 131,378 513,000 564,937 Transfer Out - - - - 205,522 131,378 513,000 564,937 Changes in restricted reserves
Net Annual Activity 4,871 $ (131,378) (157,066) (1,621) Ending Available Fund Balance 158,687 $ 1,621 $ - $ (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.
Attachment 9
2009 DEBT SERVICE PFA
Fund Summary - Fund 673
Fund Description / Budget Highlights
Fund Activity
FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actual Actual Projection Proposed
Beginning Available Fund Balance - $ - $
Revenues
Property Lease Revenue 837,889 984,267 908,000 907,159 Interest Income 897 (1,146) - - 838,786 983,121 908,000 907,159 Transfers In - - - - 838,786 983,121 908,000 907,159 Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 909,715 912,590 908,000 907,159 909,715 912,590 908,000 907,159 Transfer Out - - - - 909,715 912,590 908,000 907,159 Changes in restricted reserves
Net Annual Activity (70,929)$ 70,531 - - Ending Available Fund Balance - - $ - $ (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.
Attachment 9
SunTrust Lease
Fund Summary - Fund 383
Fund Description / Budget Highlights
Fund Activity
FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actual Actual Projection Proposed
Beginning Available Fund Balance - $ - $
Revenues
Charges for Services - $ - $ - - Interest Income - - - - Property Lease Revenue - - - - - - - -
Transfers In 205,099 205,099 103,000 - 205,099 205,099 103,000 -
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 205,099 205,099 103,000 - 205,099 205,099 103,000 -
Transfer Out - - - - 205,099 205,099 103,000 -
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.
Attachment 9
Equipment Lease
Fund Summary - Fund 388
Fund Description / Budget Highlights
Fund Activity
FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actual Actual Projection Proposed
Beginning Available Fund Balance - $ - $
Revenues
Charges for Services - $ - $ - - Interest Income - - - - Property Lease Revenue - - - - - - - -
Transfers In - 218,444 227,000 235,896 - 218,444 227,000 235,896 Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service - 217,391 227,000 235,896 - 217,391 227,000 235,896 Transfer Out - - - - - 217,391 227,000 235,896 Changes in restricted reserves
Net Annual Activity - $ 1,053 - - 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.
Attachment 9