DEBT SERVICE FUNDS
2020 DEBT SERVICE PFA
Fund Summary - Fund 672
Fund Description / Budget Highlights
Fund Activity
FY 23-24 FY 24-25 FY 25-26 FY 26-27
Actual Actual Budget Proposed
Beginning Available Fund Balance - $ - $
Revenues
Property Lease Revenue - - - - Interest Income - - - - Miscellaneous Revenues - - - - - - - -
Transfers In/General Fund 563,316 568,252 561,212 563,162 563,316 568,252 561,212 563,162
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses 1,600 1,600 - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 564,937 563,430 561,212 563,162 566,537 565,030 561,212 563,162
Transfer Out - - - - 566,537 565,030 561,212 563,162
Changes in restricted reserves
Net Annual Activity (3,221) $ 3,222 - - 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 23-24 FY 24-25 FY 25-26 FY 26-27
Actual Actual Budget Proposed
Beginning Available Fund Balance - $ - $
Revenues
Property Lease Revenue 921,499 $ 927,751$ 906,578 905,796 Interest Income 93,460 86,882 - - 1,014,959 1,014,633 906,578 905,796
Transfers In - 2,625 - - 1,014,959 1,017,258 906,578 905,796
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 908,409 906,671 906,578 905,796 908,409 906,671 906,578 905,796
Transfer Out - - - - 908,409 906,671 906,578 905,796
Changes in restricted reserves
Net Annual Activity 106,550 $ 110,587 - - 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 23-24 FY 24-25 FY 25-26 FY 26-27
Actual Actual Budget Proposed
Beginning Available Fund Balance - $ - $
Revenues
Charges for Services - $ - $ - - Interest Income - - - - Property Lease Revenue - - - - - - - -
Transfers In 235,897 235,026 245,079 255,609 235,897 235,026 245,079 255,609
Expenditures
Salary and Benefits - - - - Contractual Services - - - - Utilities - - - - Maintenance & Repairs - - - - Other Expenses - - - - Cost Allocation - - - - Capital Outlay - - - - Debt Service 235,897 235,026 245,079 255,609 235,897 235,026 245,079 255,609
Transfer Out - - - - 235,897 235,026 245,079 255,609
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.