(1) Summary of Significant
Accounting Policies
The City of Lawrence,
Kansas (the City) is a municipal corporation governed by an elected five-member
commission. These basic financial statements present the City and its component
units, entities for which the City is considered to be financially accountable.
The discretely presented component units are reported as a separate column in
the basic financial statements to emphasize they are legally separate. The more
significant of the City’s accounting policies are described below.
A. Government-wide and Fund Financial Statements
The government-wide financial statements (i.e., the
statement of net assets and the statement of changes in net assets) report
information on all of the nonfiduciary activities of
the primary government and its component units.
For the most part, the effect of interfund activity
has been removed from these statements.
Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from certain business-type
activities, which rely to a significant extent on fees and charges for
support. Likewise, the primary
government is reported separately from certain legally separate component units
for which the primary government is financially accountable.
The statement of activities demonstrates the degree to
which the direct expenses of a given function or segment are
offset by program revenues. Direct
expenses are those that are offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function or segment. Program revenues include 1) charges to
customers or applicants who purchase, use, or directly benefit from goods,
services, or privileges provided by a given function or segment and 2) grants
and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly included
among program revenues are reported instead as general revenues.
Separate financial statements are provided for
governmental funds, proprietary funds, and fiduciary funds, even though the
latter are excluded from the government-wide financial statements. Major individual governmental funds and major
individual enterprise funds are reported as separate columns in the fund
financial statements.
B. Measurement Focus, Accounting and Financial Statement
Presentation
The government-wide financial
statements are reported using the economic resources measurement focus and the
accrual basis of accounting, as are the proprietary fund and fiduciary fund
financial statements. Revenues are
recorded when earned and expenses are recorded when a liability is incurred,
regardless of the timing of related cash flows.
Property taxes are recognized as revenues in the year for which they are
levied. Grants and similar items are
recognized as revenue as soon as all eligibility requirements imposed by the
provider have been met. Agency funds have no measurement focus.
Governmental fund financial
statements are reported using the current financial resources measurement focus
and the modified accrual basis of accounting.
Revenues are recognized as soon as they are both measurable and
available. Revenues are considered to be
available when they are collectible within the current period or soon enough
thereafter to pay liabilities of the current period. For this purpose, the City considers revenues
to be available if they are collected within 60 days of the end of the current
fiscal period. Expenditures generally
are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well
as expenditures related to certain compensated absences and claims and judgments
are recognized when the obligations are expected to be liquidated with
expendable available financial resources.
Property taxes and interest associated
with the current fiscal period are all considered to be susceptible to accrual
and so have been recognized as revenues of the current fiscal period. Entitlements and shared revenues are recorded
at the time of receipt or earlier if the susceptible to accrual criteria are
met. Expenditure-driven grants are
recognized as revenue when the qualifying expenditures have been incurred and
all other grant requirements have been met.
The City applies all
applicable Governmental Accounting Standards Board (GASB) pronouncements as
well as the following pronouncements issued on or before
Proprietary fund type
operating statements present increases (revenues) and decreases (expenses) in
net total assets. Proprietary funds
distinguish operating revenues and expenses from nonoperating
items. Operating revenues and expenses
generally result from providing goods and services in connection with a
proprietary fund’s ongoing operations.
The principal operating revenues of the City’s proprietary funds are
charges to customers for sales and services.
Operating expenses for enterprise funds and internal service funds
include the cost of sales and services, administrative expenses, and
depreciation on capital assets. All
revenue and expenses not meeting this definition are reported as nonoperating revenues and expenses.
The internal service funds
account for operations that provide services to other departments or agencies
of the government on a cost-reimbursement basis. The City has three internal service
funds. The Central Maintenance Fund
accounts for the repairs and maintenance expenses of the City’s fleet of
vehicles and equipment. The Stores Fund
accounts for the purchase of office supplies.
The Health Insurance Fund accounts for the payment of health insurance
claims.
Agency funds are custodial in
nature and do not measure results of operations or have a measurement
focus. Agency funds do, however, use the
accrual basis of accounting.
The City reports the following
major governmental funds:
•
General Fund
is used to account for resources traditionally associated with government which
are not required legally or by sound financial management to be accounted for
in another fund.
•
Debt Service Fund is used to account for the accumulation of resources and payment of general
obligation bond principal, interest and other related costs from governmental
resources and special assessment bond principal and interest from special
assessment levies when the City is obligated in some manner for this payment.
•
Capital Projects Fund is used to account for financial resources designated
for the acquisition or construction of major capital projects other than those
financed by proprietary funds.
The City reports the following major proprietary
funds:
•
Water and Sewer Fund is used to account for the operations of the City’s
water and sewer operations.
•
Sanitation Fund is used to account for the operations of the City’s refuse collection
service.
•
Storm Water Utility Fund is used to account for the storm water fees and expenses
for repair and maintenance of the storm water system .
C. Inventories
Inventories are valued at
cost, which approximates market, using the average cost method. The costs of
the Governmental Fund Type inventories are recorded as expenditures when
consumed rather than when purchased.
D. Budgetary Procedures
Kansas Statutes require that
an annual operating budget be legally adopted for the General Fund, Special
Revenue Funds (unless specifically exempted by statute), Debt Service Funds and
certain Enterprise Funds.
A legal annual operating
budget is not required for the Capital Projects Fund and the following Special
Revenue Funds:
Airport
Improvement Fund
Capital
Improvement Reserve Fund
Equipment
Reserve Fund
Guest
Tax Reserve Fund
Liability
Reserve Fund
Sales
Tax Reserve Fund
Law
Enforcement Grant Fund
Workers’
Compensation Reserve Fund
City
Parks Memorial Fund
Cemetery
Perpetual Care Fund
Cemetery
Mausoleum Fund
Housing
Trust Fund
Outside
Agency Fund
Wee
Folks Scholarship Fund
Fair
Housing Assistance Fund
Community
Development Fund
Rehabilitation
Escrow Fund
Home
Program Fund
Transportation
Planning Fund
Law
Enforcement Trust Fund
City
Band Fund
The statutes provide for the
following sequence and timetable in the adoption of the legal annual operating
budget:
a. Preparation
of budget for the succeeding calendar year on or before August 1 of each
year.
b. Publication
of proposed budget and notice of public hearing on or before August 5 of
each year.
c. Public
hearing on or before August 15 of each year, but at least ten days after public
notice.
d. Adoption
of final budget on or before August 25 of each year.
The statutes allow for the
governing body to increase the originally adopted budget for previously
unbudgeted increases in revenue other than ad valorem property taxes. To do
this, a notice of public hearing to amend the budget must be published in the
local newspaper. At least ten days after publication, the hearing may be held
and the governing body may amend the budget at that time. There were no such
budget amendments for the year.
The statutes permit management
to transfer budgeted amounts between line items within an individual fund.
However, such statutes prohibit expenditures in excess of the total amount of
the adopted budget of expenditures of individual funds (the legal level of
budgetary control). Budget comparison statements are presented for each fund
showing actual receipts and expenditures compared to legally budgeted receipts
and expenditures.
All legal annual operating
budgets are prepared using the modified accrual basis of accounting, modified further
by the encumbrance method of accounting. Expenditures include disbursements,
accounts payable and encumbrances. Encumbrances are commitments by the
municipality for future payments and are supported by a document evidencing the
commitment, such as a purchase order or contract. All
unencumbered appropriations lapse at year-end.
Spending in funds which are
not subject to the legal annual operating budget requirement is controlled by
federal regulations, other statutes or by the use of internal spending limits
established by the City.
E. Pooled Cash and Investments
The City maintains a cash and
investment pool that is available for use by all funds managed by the City. The City’s cash and cash equivalents are
considered to be cash on hand, demand deposits and short-term investments with
original maturities of three months or less from the date of acquisition.
Cash balances from all funds
are invested to the extent available in certificates of deposit and other
authorized investments. Earnings from these
investments, unless specifically designated, are allocated to the investing
fund at maturity based on the percentage of funds invested to total
investment. All investments are carried
at fair value.
F. Receivables and Payables
Accounts Receivable. The City records revenues when services are
provided. All receivables are shown net
of an allowance for doubtful accounts.
Taxes
Receivable. Collection of current year property tax by
the
The determination of assessed
valuations and the collection of property taxes for all political subdivisions
in the State of
G. Capital Assets
Capital assets, which include
property, plant, equipment and infrastructure assets, are reported in the
applicable governmental or business-type activities columns in the
government-wide financial statements. Capital
assets are defined by the City as assets with an estimated useful life in
excess of two years and an initial, individual cost of more than $5,000 for
property plant and equipment, or $50,000 for infrastructure assets. Such assets are stated at actual or estimated
historical cost if purchased or constructed. Donated assets are recorded at
fair value at the date of donation. Depreciation of plant and equipment is
provided on the straight-line basis over the estimated useful lives of the
respective assets as follows:
|
Water treatment plant and
water sewer mains |
50 years |
|
Buildings |
10-50 years |
|
Improvements other than
buildings |
10-50 years |
|
Office equipment |
3-20 years |
|
Machinery |
3-20 years |
|
Infrastructure |
50-80 years |
|
|
|
The cost of normal maintenance
and repairs are charged to expenses. Major expenditures for renewals and
betterments are capitalized and depreciated over their estimated useful lives.
Cost of assets sold or retired and the related amounts of
accumulated depreciation are eliminated from the accounts in the year of sale
or retirement and any resulting gain or loss is reflected in the basic
financial statements.
H. Bond Discounts/Issuance Costs
In Governmental Fund Types,
bond discounts and issuance costs are recognized in the current period. Bond
discounts and issuance costs for Proprietary Fund Types in the government wide
financial statements are deferred and amortized over the term of the bonds
using the bonds outstanding method, which approximates the effective interest
method.
I. Compensated Absences
Under terms of the City’s
personnel policy, employees are granted vacation and sick leave in varying
amounts based upon the length of service. In the event of termination, an
employee with over six months of service will receive all accumulated vacation
and one-fourth accumulated sick leave. All vacation and sick leave is accrued
when incurred in the government wide and proprietary fund financial statements. A liability for these amounts is reported in
governmental funds only if they have matured, for example, as a result of
employee resignations and retirements.
Compensated absences are paid from the fund in which the employees are
paid.
J. Capitalization of Interest
Interest costs incurred on
borrowed funds during the period of construction of capital assets for
Enterprise Funds are capitalized, when material, as a component of the cost of
acquiring such assets. There was no interest capitalized during 2005.
K. Use of Estimates
The preparation of financial
statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from
those estimates.
L. Deferred Revenue
The City has reported as
deferred revenue certain taxes and special assessments which have been deemed
to be measurable but not available.
M. Comparative Data / Reclassifications
Comparative total data for the
prior year have been presented in selected sections of the accompanying
financial statements in order to provide an understanding of the changes in the
government’s financial position and operations.
Also, certain amounts presented in the prior year data have been
reclassified in order to be consistent with the current year’s presentation.
N. Fund Equity
In the fund financial
statements, governmental funds report reservations of fund balance for amounts
that are not available for appropriation or are legally restricted by outside
parties for use for a specific purpose.
Designations of fund balance represent tentative management plans that
are subject to change.
O. Net Assets
Net assets represent the
difference between assets and liabilities.
Net assets invested in capital assets, net of related debt consists of capital
assets, net of accumulated depreciation, reduced by the outstanding balances of
any borrowings used for the acquisition, construction or improvement of those
assets. Net assets are reported as
restricted when there are limitations imposed on their use either through the
enabling legislations adopted by the City or through external restrictions
imposed by creditors, grantors, or laws or regulations of other governments.
(2) Reporting Entity
The City has considered
all potential component units for which it is financially accountable, and
other organizations which are fiscally dependent on the City, or the
significance of their relationship with the City are such that exclusion would
be misleading or incomplete. This
consideration relied on the underlying concept that elected officials are
accountable for the actions of those they appoint to govern other organizations
and that the City’s financial statements should report this
accountability. Although elected
officials are accountable for the actions of all appointees, governmental
accounting standards establish financial accountability as the threshold for
including an organization in the financial statements of the reporting
entity. Financial accountability results
from one of the following criteria:
1. The primary government (in this case the City of
Lawrence) is financially accountable if it appoints a voting majority of the
organization’s governing body and it is able to impose its will on that
organization and there is a potential for the organization to provide specific
financial benefits to or impose burdens on the primary government.
2. The primary government may be financially accountable
if an organization is fiscally dependent on the primary government regardless
of other circumstances.
Based on this analysis,
the following organizations have been classified as component units of the City
of
The Lawrence Housing
Authority, created by State Statutes with a variety of corporate powers,
operates the City’s low income housing program, serving
The
The City of
Complete financial
statements for each of the individual component units may be obtained at the
entity’s administrative offices.
|
|
|
|
|
|
|
|
707 |
325 |
|
|
|
|
|
(3) Reconciliation of Government-wide and Fund
Financial Statements
A. Explanation
of certain differences between the governmental fund balance sheet and the
government-wide statement of net assets.
The governmental fund
balance sheet includes a reconciliation between fund
balance – total governmental funds and net assets – governmental activities as
reported in the government-wide statement of net assets. One element of that reconciliation explains
that “long-term liabilities, including bonds payable, are not due and payable
in the current period and therefore are not reported in the funds.” The details
of this $71,117,204 difference are as follows:
|
Bonds payable |
$ |
66,122,813 |
|
Notes payable |
|
41,118 |
|
Accrued interest payable |
|
1,113,488 |
|
Claims and judgments payable |
|
292,171 |
|
Compensated absences |
|
3,547,614 |
|
Net adjustment to reduce fund balance - total governmental |
$ |
71,117,204 |
B. Explanation
of certain differences between the governmental fund statement of revenues,
expenditures, and changes in fund balances and the government-wide statement of
activities.
The governmental fund
statement of revenues, expenditures, and changes in fund balances includes a reconciliation between net changes in fund balances-total
governmental funds and changes in net assets of governmental activities as
reported in the government-wide statement of activities. One element of that reconciliation explains
that “Governmental funds report capital outlays as expenditures. However, in the statement of activities the
cost of those assets is allocated over their estimated useful lives and
reported as depreciation expense.” The details of this $12,060,808 difference
are as follows:
|
Capital outlay |
$ |
18,496,270 |
|
Depreciation expense |
|
(6,435,462) |
|
Net adjustment to increase net changes in fund balances - total
governmental funds to arrive at changes in net assets - governmental
activities |
$ |
12,060,808 |
Another element of that
reconciliation explains that “The issuance of long-term debt (e.g., bonds,
leases) provides current financial resources to governmental funds, while the
repayment of the principal of long-term debt consumes the current financial
resources of governmental funds. Neither
transaction however, has any effect on net assets. Also, governmental funds report the effect of
issuance costs, premiums, discounts, and similar items when debt is first
issued, whereas these amounts are deferred and amortized in the statement of
activities.” The details of this $2,034,262 difference are as follows:
|
Debt issued: |
|
|
|
Issuance of
general obligation bonds |
$ |
(6,087,076)
|
|
Principal repayments: |
|
|
|
General
obligation debt |
|
8,103,958 |
|
Notes payable |
|
17,380 |
|
Net adjustment to increase net changes in fund balances -
total governmental funds to arrive at changes in net assets - governmental
activities |
$ |
2,034,262 |
Another element of that
reconciliation explains that “Some expenses reported in the statement of
activities do not require the use of current financial resources and therefore
are not reported as expenditures in governmental funds.” The details of this $635,477
difference are as follows:
|
Compensated absences |
$ |
(399,474) |
|
Claims and judgments |
|
(116,956 ) |
|
Accrued interest |
|
(119,047) |
|
Net adjustment to increase net changes in fund balances -
total governmental funds to arrive at changes in net assets - governmental
activities |
$ |
(635,477) |
(4) Budgetary Accounting
The accounting principles
employed by the City in its budgetary accounting and reporting differ from
those used to present financial statements in accordance with generally
accepted accounting principles due to the inclusion of encumbrances and
reimbursements with expenditures in the budgetary basis statement.
(5) Deposits and
Investments
Deposits –
At December 31, 2005, the City held the following investments:
|
Investment Type |
|
Fair Value |
Weighted Average |
Ratings |
|
Certificates of Deposit |
$ |
32,660,000 |
0.53 |
Not applicable |
|
|
|
59,493,383 |
0.65 |
Not applicable |
|
State Treasurer’s investment pool |
|
11,511,601 |
0.54 |
S&P AAAf/S1T |
|
Total fair value |
$ |
103,664,984 |
|
|
|
Portfolio weighted average maturity |
|
|
0.60 |
|
Interest rate risk The City of Lawrence manages its exposure to declines
in the fair market value of its investments by limiting the weighted average
maturity of its investments to less than twelve months.
Credit risk
Concentration of credit risk The City of
Custodian credit risk-deposits In the case of deposits, this is the risk that in the
event of a bank failure, the city’s deposits may not be returned. Under State statute, deposits and
certificates of deposit must be 100% collateralized. Most of the collateral is held at the Federal
Reserve Bank in
(6) Tax Revenue
Tax revenue for the year ended
December 31, 2005 is as follows:
|
|
|
Primary
Government |
||||||
|
|
|
|
|
Special |
|
Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property taxes |
$ |
11,277,358 |
|
3,592,944 |
|
5,061,191 |
|
19,931,493 |
|
Motor vehicle tax |
|
1,121,435 |
|
354,355 |
|
500,226 |
|
1,976,016 |
|
Payment in lieu of tax |
|
118,739 |
|
13,885 |
|
19,580 |
|
152,204 |
|
Utility franchise taxes |
|
3,754,184 |
|
- |
|
- |
|
3,754,184 |
|
Sales taxes |
|
12,765,697 |
|
- |
|
- |
|
12,765,697 |
|
|
|
|
|
|
|
|
|
|
|
Tax
revenue |
$ |
29,037,413 |
|
3,961,184 |
|
5,580,997 |
|
38,579,594 |
|
|
|
|
|
|
|
|
|
|
The City’s property tax
levies per $1,000 assessed valuation for the year ended December 31, 2005
were as follows:
|
Fund |
|
Levy |
|
|
|
|
|
Primary government: |
|
|
|
General |
$ |
15.026 |
|
Library |
|
3.264 |
|
Public
Transportation |
|
0.632 |
|
Recreation |
|
0.406 |
|
Debt
Service |
|
7.047 |
|
|
|
|
|
Total
primary government |
$ |
26.375 |
|
|
|
|
(7) Debt
The following is a summary of long-term
debt transactions for the year ended December 31, 2005:
|
|
|
Beginning |
|
|
|
|
|
Ending |
|
Due Within |
|
Type of Issue |
|
Balance |
|
Additions |
|
Reductions |
|
Balance |
|
One Year |
|
Governmental activities: |
|
|
|
|
|
|
|
|
|
|
|
General obligation bonds |
$ |
68,139,695 |
|
6,087,076 |
|
8,103,958 |
|
66,122,813 |
|
7,944,201 |
|
Long term notes payable |
|
58,498 |
|
- |
|
17,380 |
|
41,118 |
|
17,993 |
|
Estimated claims and judgements
payable |
|
175,215 |
|
116,956 |
|
- |
|
292,171 |
|
146,086 |
|
Accrued vacation and sick pay |
|
3,148,140 |
|
2,498,915 |
|
2,052,069 |
|
3,594,986 |
|
1,925,203 |
|
Total primary government |
$ |
71,521,548 |
|
8,702,947 |
|
10,173,407 |
|
70,051,088 |
|
10,033,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Business-type activities: |
|
|
|
|
|
|
|
|
|
|
|
General obligation bonds |
$ |
6,745,305 |
|
5,007,924 |
|
796,042 |
|
10,957,187 |
|
1,195,799 |
|
Revenue bonds |
|
8,935,000 |
|
25,910,000 |
|
8,935,000 |
|
25,910,000 |
|
1,050,000 |
|
Long term notes payable |
|
49,114,320 |
|
251,887 |
|
2,395,329 |
|
46,970,878 |
|
- |
|
Estimated claims and judgements
payable |
|
13,721 |
|
- |
|
13,721 |
|
- |
|
- |
|
Accrued vacation and sick pay |
|
974,513 |
|
845,492 |
|
722,592 |
|
1,097,413 |
|
681,238 |
|
Total primary government |
$ |
65,782,859 |
|
32,015,303 |
|
12,862,684 |
|
84,935,478 |
|
2,927,037 |
The
following is a summary of temporary note transactions for the year ended
December 31, 2005:
|
|
|
Beginning |
|
|
|
|
|
Ending |
|
Type of Issue |
|
Balance |
|
Additions |
|
Reductions |
|
Balance |
|
|
|
|
|
|
|
|
|
|
|
Governmental Activities |
$ |
8,020,714 |
|
21,923,065 |
|
8,020,714 |
|
21,923,065 |
|
Business-type Activities |
|
7,724,286 |
|
204,935 |
|
7,724,286 |
|
204,935 |
|
Total primary government |
$ |
15,745,000 |
|
22,128,000 |
|
15,745,000 |
|
22,128,000 |
Debt
payable, other than claims and judgments and compensated absences, at
December 31, 2005 is composed of the following:
|
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Date |
|
Date |
|
Interest |
|
Original |
|
Balance At |
|
Due in |
|||||
|
Debt Issue |
|
Issued |
|
Matures |
|
Rate |
|
Amount |
|
End of Year |
|
One Year |
||||||
|
Revenue bonds: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Water and sewerage improvement |
|
2005 |
|
2025 |
|
4.0-4.25 |
$ |
25,910,000 |
$ |
25,910,000 |
|
1,050,000 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
25,910,000 |
|
1,050,000 |
|||||
|
|
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|
|
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|||||
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Long term notes payable - |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
1998 |
|
2008 |
|
3.50 |
|
290,127 |
|
41,118 |
|
17,993 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
41,118 |
|
17,993 |
|||||
|
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|
|
|
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|
|||||
|
|
|
|
2000 |
|
2021 |
|
3.44 |
|
38,358,346 |
|
36,354,746 |
|
* |
|||||
|
|
|
|
2001 |
|
2023 |
|
4.21 |
|
6,277,720 |
|
5,483,164 |
|
* |
|||||
|
|
|
|
2002 |
|
2023 |
|
4.14 |
|
626,337 |
|
5,132,968 |
|
* |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
46,970,878 |
|
- |
|||||
|
General obligation bonds: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Internal improvement |
|
1996 |
|
2006 |
|
4.6-6.5 |
|
540,000 |
|
65,000 |
|
65,000 |
|||||
|
|
Internal improvement |
|
1996 |
|
2006 |
|
4.8-6.8 |
|
390,000 |
|
50,000 |
|
50,000 |
|||||
|
|
Internal improvement |
|
1997 |
|
2006 |
|
4.45-6.45 |
|
2,930,000 |
|
350,000 |
|
350,000 |
|||||
|
|
Internal improvement |
|
1997 |
|
2007 |
|
4.2-4.7 |
|
2,900,000 |
|
695,000 |
|
340,000 |
|||||
|
|
Internal improvement |
|
1998 |
|
2007 |
|
3.6-4.4 |
|
5,325,000 |
|
1,220,000 |
|
595,000 |
|||||
|
|
Internal improvement |
|
1999 |
|
2008 |
|
3.15-4.2 |
|
4,405,000 |
|
1,635,000 |
|
520,000 |
|||||
|
|
Internal improvement |
|
1999 |
|
2009 |
|
4.5-6.0 |
|
2,110,000 |
|
1,180,000 |
|
280,000 |
|||||
|
|
Internal improvement |
|
2000 |
|
2009 |
|
4.875-6.25 |
|
2,450,000 |
|
1,570,000 |
|
350,000 |
|||||
|
|
Internal improvement |
|
2000 |
|
2010 |
|
4.25-5.95 |
|
2,455,000 |
|
1,375,000 |
|
250,000 |
|||||
|
|
Internal improvement |
|
2000 |
|
2010 |
|
4.5-5.75 |
|
560,000 |
|
285,000 |
|
55,000 |
|||||
|
|
Internal improvement |
|
2000 |
|
2020 |
|
4.5-6.5 |
|
4,280,000 |
|
2,625,000 |
|
120,000 |
|||||
|
|
Internal improvement |
|
2000 |
|
2010 |
|
4.625-5 |
|
4,990,000 |
|
4,255,000 |
|
770,000 |
|||||
|
|
Internal improvement |
|
2000 |
|
2020 |
|
4.7-5.75 |
|
8,645,000 |
|
7,985,000 |
|
365,000 |
|||||
|
|
Internal improvement |
|
2001 |
|
2012 |
|
4.375-6.125 |
|
2,840,000 |
|
1,840,000 |
|
250,000 |
|||||
|
|
Internal improvement |
|
2001 |
|
2013 |
|
3.25-5.15 |
|
1,420,000 |
|
1,025,000 |
|
110,000 |
|||||
|
|
Internal improvement |
|
2002 |
|
2013 |
|
3.5-4.25 |
|
9,070,000 |
|
6,345,000 |
|
670,000 |
|||||
|
|
Internal improvement |
|
2002 |
|
2019 |
|
3.9-4.95 |
|
2,115,000 |
|
1,990,000 |
|
130,000 |
|||||
|
|
Internal improvement |
|
2002 |
|
2014 |
|
2.8-3.7 |
|
920,000 |
|
735,000 |
|
65,000 |
|||||
|
|
Refunding |
|
2003 |
|
2016 |
|
2.25-4.2 |
|
4,270,000 |
|
2,555,000 |
|
200,000 |
|||||
|
|
Refunding |
|
2003 |
|
2016 |
|
2.25-4.2 |
|
10,190,000 |
|
9,040,000 |
|
1,175,000 |
|||||
|
|
Internal improvement |
|
2003 |
|
2014 |
|
2.25-3.6 |
|
2,905,000 |
|
2,220,000 |
|
215,000 |
|||||
|
|
Internal improvement |
|
2003 |
|
2015 |
|
2.5-3.8 |
|
3,145,000 |
|
2,725,000 |
|
220,000 |
|||||
|
|
Internal improvement |
|
2004 |
|
2015 |
|
2.25-4.0 |
|
3,520,000 |
|
2,935,000 |
|
265,000 |
|||||
|
|
Internal improvement |
|
2004 |
|
2016 |
|
2.5-3.0 |
|
10,600,000 |
|
9,805,000 |
|
795,000 |
|||||
|
|
Internal improvement |
|
2004 |
|
2016 |
|
3.0-4.5 |
|
1,600,000 |
|
1,480,000 |
|
120,000 |
|||||
|
|
Internal improvement |
|
2005 |
|
2017 |
|
3.2-4.0 |
|
1,600,000 |
|
11,095,000 |
|
815,000 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
77,080,000 |
|
9,140,000 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Total primary
government |
|
|
|
|
|
|
|
|
$ |
150,001,996 |
|
10,207,993 |
|||||
*The
State Revolving Loan Funds are partial draws.
An amortization schedule is not yet available for these notes.
In
2005, the City issued $11,095,000 of general obligation bonds for paying the
costs of certain street, building, sanitary sewer, storm water, traffic signal,
and other improvements. The General Obligation Bonds, Series 2005-A, are due in
annual installments of $815,000 to $1,085,000 with interest due in semiannual
installments at rates of 3.20% to 4.00% through September 1, 2017.
In
2005, the City issued $22,128,000 of temporary notes for the purpose of
temporarily financing the costs of street improvements, intersection
improvements, and benefit district projects in the Northwest part of the City.
The Temporary Notes, Series 2005-I, bear interest of 4.00% and mature October
1, 2006.
The
City intends to redeem all temporary notes outstanding at December 31, 2005 in 2006
from proceeds of general obligation bonds and/or other temporary notes issued
to finance the improvements.
General obligation bonds to be paid with tax levies:
|
|
|
|
Principal |
|
Interest |
|
Total |
|
|
Year |
|
Due |
|
Due |
|
Due |
|
|
|
|
|
|
|
|
|
|
|
2006 |
$ |
7,944,201 |
|
2,584,609 |
|
10,528,810 |
|
|
2007 |
|
7,187,370 |
|
2,320,906 |
|
9,508,276 |
|
|
2008 |
|
6,519,687 |
|
2,015,472 |
|
8,535,159 |
|
|
2009 |
|
6,534,282 |
|
1,768,965 |
|
8,303,247 |
|
|
2010 |
|
6,148,835 |
|
1,521,663 |
|
7,670,498 |
|
|
2011-2015 |
|
23,592,461 |
|
4,538,598 |
|
28,131,059 |
|
|
2016-2020 |
|
8,195,977 |
|
952,012 |
|
9,147,989 |
|
|
Total |
$ |
66,122,813 |
|
15,702,225 |
|
81,825,038 |
General obligation bonds to be paid with
enterprise revenues:
|
|
|
|
Principal |
|
Interest |
|
Total |
|
|
Year |
|
Due |
|
Due |
|
Due |
|
|
|
|
|
|
|
|
|
|
|
2006 |
$ |
1,195,799 |
|
442,523 |
|
1,638,322 |
|
|
2007 |
|
1,232,630 |
|
399,034 |
|
1,631,664 |
|
|
2008 |
|
1,210,313 |
|
347,627 |
|
1,557,940 |
|
|
2009 |
|
855,718 |
|
297,825 |
|
1,153,543 |
|
|
2010 |
|
766,165 |
|
262,268 |
|
1,028,433 |
|
|
2011-2015 |
|
4,252,539 |
|
832,333 |
|
5,084,872 |
|
|
2016-2020 |
|
1,444,023 |
|
77,396 |
|
1,521,419 |
|
|
Total |
$ |
10,957,187 |
|
2,659,006 |
|
13,616,193 |
Total general obligation bonds:
|
|
|
|
Principal |
|
Interest |
|
Total |
|
|
Year |
|
Due |
|
Due |
|
Due |
|
|
|
|
|
|
|
|
|
|
|
2006 |
$ |
9,140,000 |
|
3,027,132 |
|
12,167,132 |
|
|
2007 |
|
8,420,000 |
|
2,719,940 |
|
11,139,940 |
|
|
2008 |
|
7,730,000 |
|
2,363,099 |
|
10,093,099 |
|
|
2009 |
|
7,390,000 |
|
2,066,790 |
|
9,456,790 |
|
|
2010 |
|
6,915,000 |
|
1,783,931 |
|
8,698,931 |
|
|
2011-2015 |
|
27,845,000 |
|
5,370,931 |
|
33,215,931 |
|
|
2016-2020 |
|
9,640,000 |
|
1,029,408 |
|
10,669,408 |
|
|
Total |
$ |
77,080,000 |
|
18,361,231 |
|
95,441,231 |
Revenue
bonds:
|
|
|
|
Principal |
|
Interest |
|
Total |
|
|
Year |
|
Due |
|
Due |
|
Due |
|
|
|
|
|
|
|
|
|
|
|
2006 |
$ |
1,050,000 |
|
1,329,563 |
|
2,379,563 |
|
|
2007 |
|
1,195,000 |
|
1,021,650 |
|
2,216,650 |
|
|
2008 |
|
1,340,000 |
|
973,850 |
|
2,313,850 |
|
|
2009 |
|
1,435,000 |
|
920,250 |
|
2,355,250 |
|
|
2010 |
|
1,550,000 |
|
862,850 |
|
2,412,850 |
|
|
2011-2015 |
|
8,440,000 |
|
3,353,250 |
|
11,793,250 |
|
|
2016-2020 |
|
5,210,000 |
|
1,843,650 |
|
7,053,650 |
|
|
2021-2025 |
|
5,690,000 |
|
744,813 |
|
6,434,813 |
|
|
Total |
$ |
25,910,000 |
|
11,049,876 |
|
36,959,876 |
Long-term notes payable,
|
|
|
|