Debt Service Funds


Overview

The Debt Service Funds are used to account for the repayment of voter approved general obligation debt, as well as other government borrowing activities for long-term financing. The Debt Service Funds category includes:



  • 202 | Debt Service General Obligation Bond Fund
  • 248 | Debt Service Capital Projects Fund

Debt Service Funds Revenues vs. Expenditures

Debt Service Funds Revenues vs. Expenditures

202 | Debt Service General Obligations (GO) Bond Fund Overview

The Debt Service Fund was established to account for the repayment of the voter approved General Obligation (GO) Bond. FY 2023-24 is the eighth year of debt service payment for the GO Bond, which was issued in June 2016. The related millage for the repayment of the debt is 0.4946 mills.


The Adopted FY 2023-24 budget is $3,084,220: $1,360,000 in principal payments, $1,719,757 in interest, and $4,463 in other debt service costs.

Debt Service General Obligations (GO) Bond Fund Revenues vs. Expenditures

Debt Service General Obligations (GO) Bond Fund Revenues vs. Expenditures

248 | Debt Service Capital Fund Overview

The Debt Service Capital Fund was established to account for the repayment of various debts, including but not limited to the Capital Improvement Refunding Revenue Bonds. The Capital Improvement Refunding Revenue Bonds were issued to refinance the Revenue Bonds, Series 2007A and to finance the Main Fire Station.


The FY 2023-24 adopted budget is $2,288,663: $1,740,000 in principal payments and $548,663 in interest for other debt service-related costs for the Main Fire Station and the Series 2007A Refunding.

Debt Service Capital Fund Revenues vs. Expenditures

Debt Service Capital Fund Revenues vs. Expenditures