2020 DEBT SERVICE PFA
Fund Summary - Fund 672
Fund Description / Budget Highlights
Fund Activity
FY 21-22 FY 22-23 FY 23-24 FY 24-25
Actual Actual Budget Proposed
Beginning Available Fund Balance 1,621 $ - $
Revenues
Property Lease Revenue - - - - Interest Income - - - - Miscellaneous Revenues - - - - - - - -
Transfers In/General Fund - 360,649 563,316 563,430 - 360,649 563,316 563,430
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses 1,500 2,500 - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 129,878 512,269 564,937 563,430 131,378 514,769 564,937 563,430
Transfer Out - - - - 131,378 514,769 564,937 563,430
Changes in restricted reserves
Net Annual Activity (131,378) $ (154,120) (1,621) - Ending Available Fund Balance 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.
2009 DEBT SERVICE PFA
Fund Summary - Fund 673
Fund Description / Budget Highlights
Fund Activity
FY 21-22 FY 22-23 FY 23-24 FY 24-25
Actual Actual Budget Proposed
Beginning Available Fund Balance - $ - $
Revenues
Property Lease Revenue 984,267 915,949 907,159 905,296 Interest Income (1,146) 57,470 - - 983,121 973,419 907,159 905,296
Transfers In - 5,300 - - 983,121 978,719 907,159 905,296
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 912,590 908,671 907,159 905,296 912,590 908,671 907,159 905,296
Transfer Out - - - - 912,590 908,671 907,159 905,296
Changes in restricted reserves
Net Annual Activity 70,531 $ 70,048 - - 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.
SunTrust Lease
Fund Summary - Fund 383
Fund Description / Budget Highlights
Fund Activity
FY 21-22 FY 22-23 FY 23-24 FY 24-25
Actual Actual Budget Proposed
Beginning Available Fund Balance - $ - $
Revenues
Charges for Services - $ - $ - - Interest Income - - - - Property Lease Revenue - - - - - - - -
Transfers In 205,099 102,549 - - 205,099 102,549 - -
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 205,099 102,549 - - 205,099 102,549 - -
Transfer Out - - - - 205,099 102,549 - -
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 21-22 FY 22-23 FY 23-24 FY 24-25
Actual Actual Budget Proposed
Beginning Available Fund Balance - $ - $
Revenues
Charges for Services - $ - $ - - Interest Income - - - - Property Lease Revenue - - - - - - - -
Transfers In 218,444 226,432 235,896 235,027 218,444 226,432 235,896 235,027
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 217,391 226,432 235,896 235,027 217,391 226,432 235,896 235,027
Transfer Out - - - - 217,391 226,432 235,896 235,027
Changes in restricted reserves (1,053)
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 and the payments are offset by the energy savings of approximately $28,000 annually. The Master Lease Agreement matures on September 14, 2040.