Debt Service

General Government

FY 2021-22 Budget

Department Description

In 2015, the Town of Colma issued a $5.3 million Certificates of Participation (COPs, a AA rating per S&P) to fund the Town Hall Campus Renovation. The financing documents require the City Council to appropriate the annual lease payments as part of the Operating Budget. The Debt Service Fund will receive a Transfer of resources from the General Fund to cover the expenses. The Finance Division is responsible for the transfer of funds to the Trustee to make timely payments on principal and interest. As of June 30, 2021, the total outstanding debt for the Town if $4.67 million. The FY 2021-22 Budget includes debt service payments and administrative cost of $297,569.

The Town records Debt Service Activities in Fund 43, and the Debt Service Fund is part of the General Government Function. Annual debt payments are fully supported by the General Fund (11) through interfund transfers. While the debt margin table below shows that the Town may take on more debt, the Town has no intention in pursuing additonal debt in the foreseeable future.

Debt Marge for FY 2017-18 Through 2021-22. Total available debt margin in FY 2021-22 is $125,885,499

^ Total Legal Debt Margin represents total debt the Town may have based on California Government Cost 43605.

Revenue Summary

The Debt Service Fund is fully supported by the General Fund through annual transfers.

Expenditure Summary

In 2014-15, the City Council established a Town Hall Renovation project budget of $13 million. In September 2015, the Town completed the 2015 COP Financing to fund the $18.0 million Town Hall Campus Renovation Project. The principal amount of the COP issuance was $5.3 million and the amount deposited into the project fund for construction was $5,102,500 (principal net the cost of issuance). The first payment was made in 2016 and the final scheduled payment will be made in April 2045. The FY 2021-22 budget reflects the scheduled debt service and administrative fees.

Expenditure by Categories

Expenditure by Funds

Reasonable Accommodation

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