FY 2022 Approved Budget
Debt Service Fund
Debt Service Fund
The Debt Service Fund is utilized to account for the accumulation and disbursement of funds needed to comply with the interest and principal redemption requirements. The City of Roswell has earned an “AAA” bond rating, the highest possible rating, consistently each year since 2000.
This section provides financial data on the City's long term financial obligation, current debt obligation, debt levels and legal limits.
Changes from FY 2021 to 2022
DEBT AND TAX DIGEST INFORMATION
In November, 2012 Roswell voters overwhelmingly approved a $14.7 million bond referendum for transportation, recreation, and public safety improvements for our community. Specific projects include:
- Holcomb Bridge/GA 400 Interchange Improvements: $6 million
- Replacement of Fire Station #4: $1.5 million
- Eves Road multi-use path and bike lanes: $1.2 million
- Holcomb Bridge Road multi-use Trail (segment 4): $1.5 million
- Adult Recreation Center Therapeutic Pool: $2.5 million
- Synthetic Turf Fields (4 fields): $2 million
Principal and Interest Requirements on City’s General Obligation Debt
Following are the estimated principal and interest requirements on the City's outstanding general obligation bonds and the previously issued outstanding general obligation bonds of the City for the fiscal years ending June 30, 2020 and thereafter.
Legal Debt Margin Calculation
Comprehensive Annual Financial Report Fiscal Year 2020
City of Roswell, Georgia
The City of Roswell has a formal debt service policy that is utilized along with the regulations governed by the State of Georgia. The Constitution for the State of Georgia states that “The debt incurred by any county, municipality, or other political subdivision of this state, including debt incurred on behalf of any special district, shall never exceed 10% of the assessed value of all taxable property within such county, municipality, or political subdivision; and no such county, municipality, or other political subdivision shall incur any new debt without the assent of a majority of the qualified voters of such county, municipality, or political subdivision voting in an election held for that purpose as provided by law.”1 Specifically, the City of Roswell has utilized both general obligation and revenue bonds to finance capital improvements too large to be financed from current revenues. The most recent bond issue sold April, 2014 with an uninsured AAA rating.
