DEBT SERVICE FUNDS
2020 DEBT SERVICE PFA
Fund Summary - Fund 672
Fund Description / Budget Highlights
Fund Activity
FY 22-23 FY 23-24 FY 24-25 FY 25-26
Actual Actual Budget Proposed
Beginning Available Fund Balance - $ - $
Revenues
Property Lease Revenue - - - - Interest Income - - - - Miscellaneous Revenues - - - - - - - -
Transfers In/General Fund 360,649 563,316 563,430 561,212 360,649 563,316 563,430 561,212
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses 2,500 1,600 - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 512,269 564,937 563,430 561,212 514,769 566,537 563,430 561,212
Transfer Out - - - - 514,769 566,537 563,430 561,212
Changes in restricted reserves
Net Annual Activity (154,120) $ (3,221) - - Ending Available Fund Balance - $ - $ - $ (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 22-23 FY 23-24 FY 24-25 FY 25-26
Actual Actual Budget Proposed
Beginning Available Fund Balance - $ - $
Revenues
Property Lease Revenue 915,949 921,499 905,296 906,578 Interest Income 57,470 93,460 - - 973,419 1,014,959 905,296 906,578
Transfers In 5,300 - - - 978,719 1,014,959 905,296 906,578
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 908,671 908,409 905,296 906,578 908,671 908,409 905,296 906,578
Transfer Out - - - - 908,671 908,409 905,296 906,578
Changes in restricted reserves
Net Annual Activity 70,048 $ 106,550 - - 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.
Equipment Lease
Fund Summary - Fund 388
Fund Description / Budget Highlights
Fund Activity
FY 22-23 FY 23-24 FY 24-25 FY 25-26
Actual Actual Budget Proposed
Beginning Available Fund Balance - $ - $
Revenues
Charges for Services - $ - $ - - Interest Income - - - - Property Lease Revenue - - - - - - - -
Transfers In 226,432 235,897 235,027 245,079 226,432 235,897 235,027 245,079
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 226,432 235,897 235,027 245,079 226,432 235,897 235,027 245,079
Transfer Out - - - - 226,432 235,897 235,027 245,079
Changes in restricted reserves (1,053)
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 and the payments are offset by the energy savings of approximately $28,000 annually. The Master Lease Agreement matures on September 14, 2040.