1993 CAFR - Laserfiche WebLink

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Debt statistics are listed as follows: j RIFif AT[D JINROPPIR AITITO (Continued) Net Bonded Debt per Capita Ratio of Net Bonded Debt to Tax Capacity Ratio of Net Bonded Debt to Market Value $ 285.01 61.20% 2.00% The following is a summary of bonded debt for fiscal year 1993: Gross Debt Outstanding, January 1, 1993 $ 6,200,000 Add Bonds Issued - 1993 2,225,000 Deduct Bonds Redeemed - 1993 485,000 Gross Debt Outstanding, December 31, 1993 $ 7,940,000 Less Amounts Available in Debt Service Funds, December 31, 1993 3,839,022 Net Bonded Debt, December 31, 1993 $ 4,100,978 The City has a current Moody's Investors Service bond rating of A 1, which increased during 1993. This above average rating has had a positive effect on the sale of the City's bonds by broadening the City's market and lowering the interest rates on borrowing. �CAZ JINC RZJgMIJKNIP JIDlISTa ICC ITS The City has two development districts that were created in accordance with State Statute 472. Within these districts are five tax increment financing districts, three of which are for redevelopment and two for economic development. These tax increment financing districts capture increments from residential and commercial development that occur within the districts. As of December 31, 1993, the City had outstanding $5,585,000 of Tax Increment Financing Bonds which had been issued for the purpose of constructing pubic improvements and assisting developers with site improvements within the tax increment project areas. All bonds are payable solely from annual increments received. General Fund T JI1�TANCJI 1L STEC'1I`TI®N The General Fund is the general operating fund of the City and is used to account for all financial resources except those required to be accounted for in another fund. General Fund revenues, including transfers, for 1993 totaled $2,848,970, an increase of $262,160 or 10 percent over the prior year. Expenditures, including transfers, totaled $2,780,785, an increase of $292,365 or 12 percent over 1992 Levels. The fund balance in the General Fund is used to provide working capital for the fund until property tax and state aid settlements, which are received two times per year, are collected. Policy had been established during 1992, that provided the level of the undesignated - reserved for working capital portion of fund balance at 50 percent of the next years adopted budget with the remaining portion, not restricted or reserved for other purposes, as unreserved - undesignated. During 1993, the policy was expanded to cover the distribution of excess or deficient revenues in the General Fund at year end and established the level of the unreserved- undesignated portion of fund balance at 10 percent of the next years operating budget, which would be used to provide for unknown events which could have an adverse effect on the fund in future years. vi