Finance Committee
October 23, 2024

Review of
Outstanding
Debt
Finance Committee - September 25, 2024
Debt
Financing
Purpose:
• Mostly for Capital Improvement Program (CIP)
• Multiple funds leveraged
• Pay-As-You-Go = Cash financing
• Pay-As-You-Use = Debt financing; pay off over
time
Finance Committee - September 25, 2024
Summary
of Debt
Repaid in
FY 2023-24
General Fund
• 2012 Pension Obligations Bonds
▪ Original Issuance: $18,905,000
▪ Final Payment: $2,517,129
• 2011 Loan from Water Pollution Control
Plant Fund
▪ Original Issuance: $6,000,000
▪ Final Payment: $602,770
Finance Committee - September 25, 2024
Summary of
Current
Debt
Obligations
Original Issuance:
$183,698,000
Annual Debt Service:
$14,089,000
Outstanding Principal:
$99,272,000
Maturing Debt: None
anticipated for FY 2024-25
Finance Committee - September 25, 2024