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Home My WebLink About2012 Budget 04 - Debt Service Funds City of BrookCyrc Center 2012 Budget Debt Service Funds Debt Service Funds track the monies collected and paid for the retirement of bond debt obligations of the City. Funds are collected in various ways. Some dollars are collected through tax levies established solely for payment of these obligations. Some dollars are collected through special assessments against specific properties in the City which receive the benefits of debt projects. Some funds are transferred for the payment of bonds from Utility Funds when utility projects are financed through the debt process. Tax increments are also dedicated to payment of debt obligations in some cases. If a general pledge of the tax base of the City is made against a bond obligation it is accounted for in the Debt Service Funds. For 2012 those funds are: • 2001 A GO Improvement Bonds • 2003A GO Improvement Bonds • 2004C GO Improvement Bonds • 2004A GO Building Refunding Bonds • 2006A GO Improvement Bonds • 2008B GO Improvement Bonds 2004D GO Tax Increment Bonds • 2008A GO Tax Increment Bonds 265 City of Brooklyn Center 2012 Debt Service Funds Debt Payment Revenues&Expenditures Assessment Property Tax Interest TOTAL Revenues Revenue Revenue Income BUDGET Improvement Bonds 2001 Street Improvement Bonds 74,800 - 1,500 76,300 2003 Street Improvement Bonds 131,550 - 100 131,650 2004 Street Improvement Bonds 123,036 - 1,000 124,036 2006 Street Improvement Bonds 185,082 - 1,000 186,082 2008 Street Improvement Bonds 352,116 - 1,500 353,616 866,584 - 5,100 871,684 General Obligation Bonds Police &Fire Building Refunding Bonds - 708,581 2,000 710,581 Tax Increment Bonds G.O. Tax Increment Bonds - 1,413,712 - 1,413,712 G.O. Tax Increment Bonds - 166,031 - 166,031 - 1,579,743 - 1,579,743 TOTAL DEBT SERVICE REVENUES 866,584 2,288,324 7,100 3,162,008 Principal Interest Agent Fees TOTAL Expenditures Payment Payments and Administration BUDGET Improvement Bonds 2001 Street Improvement Bonds 65,000 1,430 1,500 67,930 2003 Street Improvement Bonds 110,000 6,317 1,500 117,817 2004 Street Improvement Bonds 95,000 11,576 1,500 108,076 2006 Street Improvement Bonds 145,000 25,200 1,500 171,700 2008 Street Improvement Bonds 255,000 66,997 1,500 323,497 670,000 111,520 7,500 789,020 General Obligation Bonds Police &Fire Building Refunding Bonds 685,000 34,581 1,500 721,081 Tax Increment Bonds G.O. Tax Increment Bonds 800,000 612,212 1,500 1,413,712 G.O. Tax Increment Bonds 125,000 39,531 1,500 166,031 925,000 651,743 3,000 1,579,743 TOTAL DEBT SERVICE EXPENDITURES 2,280,000 797,844 12,000 3,089,844 NET TOTAL DEBT SERVICE BUDGET 72,164 debt principal.xisx 266 1/9/2012 City of Brno 1 Center 2012 Budget FUND: 2001A G.O. Improvement Bonds—31000 DEPT/ACTIVITY/PROJECT: Debt Service—47520 PROFILE Provides for revenues special assessments against benefited property owners for public improvements as part of the neighborhood street projects program. Expenditures from this fund are for principal and interest on the bonds and agent fees for bond servicing, continued financial reporting and arbitrage calculations. This debt will be fully retired on February 1, 2012. REVENUES Special Assessments $74,800.00 Interest Allocation $1,500.00 EXPENDITURES Principal $65,000.00 Interest $1,430.00 Agent Fees: $1,500.00 267 CITY OF BROOKLYN CENTER Budget Report 2009 2010 2011 11/30/2011 2012 2012 Actual Actual Final YTD Recommended Approved Object Code/Description Amount Amount Budget Actual Budget Budget 31000 GO IMPROVEMENT BONDS-2001A 47520 2001A-GO IMPROVEMENT BONDS 4000 REVENUES AND EXPENSES 4001 REVENUES 4050 TAXES 4100 AD VALOREM TAXES 4599 MISCELLANEOUS REVENUE 4600 MISCELLANEOUS REVENUE 4601 SPECIAL ASSESSMENTS 41,530- 36,400- 79,800- 12,682- 74,800- 74,800- 4603 INTEREST EARNINGS 2,345- 918- 1,500- 2,649- 1,500- 1,500- 4605 UNREALIZED INVESTMENT GAIN/LOS 95- 630 4600 MISCELLANEOUS REVENUE 43,970- 36,687- 81,300- 15,331- 76,300- 76,300- 4599 MISCELLANEOUS REVENUE 43,970- 36,687- 81,300- 15,331- 76,300- 76,300- 4900 OTHER FINANCING SOURCES 4915.7 TRANSFERS IN FROM DEBT SERV FD 818,595- 4900 OTHER FINANCING SOURCES 818,595- 4001 REVENUES 43,970- 36,687- 81,300- 833,926- 76,300- 76,300- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 70,000 65,000 65,000 65,000 65,000 65,000 6611 BOND INTEREST 9,820 7,020 4,258 4,258 1,430 1,430 6621 PAYING AGENT/OTHER FEES 885 995 1,500 981 1,500 1,500 6600 DEBT SERVICE 80,705 73,015 70,758 70,239 67,930 67,930 6001 EXPENDITURES/EXPENSES 80,705 73,015 70,758 70,239 67,930 67,930 4000 REVENUES AND EXPENSES 36,735 36,327 10,542- 763,687- 8,370- 8,370- 47520 2001A-GO IMPROVEMENT BONDS 36,735 36,327 10,542- 763,687- 8,370- 8,370- 31000 GO IMPROVEMENT BONDS-2001A 36,735 36,327 10,542- 763,687- 8,370- 8,370- 268 City of Brook& Center 2012 Budget FUND: 2003A G.O. Improvement Bonds—31100 DEPT/ACTIVITY/PROJECT: Debt Service—47521 PROFILE Provides for revenues from special assessments against benefited property owners for public improvements as part of the neighborhood street projects program. Expenditures from this fund are for principal and interest on the bonds and agent fees for bond servicing. This debt will be fully retired on February 1, 2013. REVENUES Special Assessments $131,550.00 Interest Allocation 100.00 EXPENDITURES Principal $110,000.00 Interest $6,317.00 Agent Fees: $1,500.00 269 CITY OF BROOKLYN CENTER Budget Report 2009 2010 2011 11/30/2011 2012 2012 Actual Actual Final YTD Recommended Approved Object Code/Description Amount Amount Budget Actual Budget Budget 47521 2003A-GO IMPROVEMENT BONDS 4000 REVENUES AND EXPENSES 4001 REVENUES 4050 TAXES 4100 AD VALOREM TAXES 4599 MISCELLANEOUS REVENUE 4600 MISCELLANEOUS REVENUE 4601 SPECIAL ASSESSMENTS 110,273- 93,734- 131,550- 44,341- 131,550- 131,550- 4603 INTEREST EARNINGS 1,502- 573- 100- 429- 100- 100- 4605 UNREALIZED INVESTMENT GAIN/LOS 76- 495 4600 MISCELLANEOUS REVENUE 111,852- 93,813- 131,650- 44,771- 131,650- 131,650- 4599 MISCELLANEOUS REVENUE 111,852- 93,813- 131,650- 44,771- 131,650- 131,650- 4900 OTHER FINANCING SOURCES 4001 REVENUES 111,852- 93,813- 131,650- 44,771- 131,650- 131.650- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 120,000 115,000 110,000 110,000 110,000 110,000 6611 BOND INTEREST 18,393 14,489 10,470 10,470 6,317 6,317 6621 PAYING AGENT/OTHER FEES 1,170 1,272 1,500 1,244 1,500 1,500 6600 DEBT SERVICE 139,562 130,761 121,970 121,714 117,817 117,817 6001 EXPENDITURES/EXPENSES 139,562 130,761 121,970 121,714 117,817 117,817 4000 REVENUES AND EXPENSES 27,711 36,948 9,680- 76,943 13,833- 13,833- 47521 2003A-GO IMPROVEMENT BONDS 27,711 36,948 9,680- 76,943 13,833- 13,833- 31100 GO IMPROVEMENT BONDS-2003A 27,711 36,948 9,680- 76,943 13,833- 13,833- 270 City of Brooklyn Center 2012 Budget FUND: 2004C G.O. Improvement Bonds—31200 DEPT/ACTIVITY/PROJECT: Debt Service—47522 PROFILE Provides for revenues from special assessments against benefited property owners for public improvements as part of the neighborhood street projects program. Expenditures from this fund are for principal and interest on the bonds and agent fees for bond servicing. This debt will be fully retired on February 1, 2015. REVENUES Special Assessments $123,036.00 Interest Allocation $1,000.00 EXPENDITURES Principal $95,000.00 Interest $11,576.00 Agent Fees: $1,500.00 271 CITY OF BROOKLYN CENTER Budget Report 2009 2010 2011 11/30/2011 2012 2012 Actual Actual Final YTD Recommended Approved Object Code/Description Amount Amount Budget Actual Budget Budget 31200 GO IMPROVEMENT BONDS-2004C 47522 2004C-GO IMPROVEMENT BONDS 4000 REVENUES AND EXPENSES 4001 REVENUES 4050 TAXES 4100 AD VALOREM TAXES 4599 MISCELLANEOUS REVENUE 4600 MISCELLANEOUS REVENUE 4601 SPECIAL ASSESSMENTS 81,053- 72,694- 129,383- 36,546- 123,036- 123,036- 4603 INTEREST EARNINGS 2,850- 1,126- 1,000- 980- 1,000- 1,000- 4605 UNREALIZED INVESTMENT GAIN/LOS 120- 804 4600 MISCELLANEOUS REVENUE 84,024- 73,017- 130,383- 37,526- 124,036- 124,036- 4599 MISCELLANEOUS REVENUE 84,024- 73,017- 130,383- 37,526- 124,036- 124,036- 4900 OTHER FINANCING SOURCES 4001 REVENUES 84,024- 73,017- 130,383- 37,526- 124,036- 124,036- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 105,000 100,000 100,000 100,000 95,000 95,000 6611 BOND INTEREST 20,869 17,925 14,775 14,775 11,576 11,576 6621 PAYING AGENT/OTHER FEES 1,047 1,148 1,500 3,883 1,500 1,500 6600 DEBT SERVICE 126,916 119,073 116,275 118,658 108,076 108,076 6001 EXPENDITURES/EXPENSES 126,916 119,073 116,275 118,658 108,076 108,076 4000 REVENUES AND EXPENSES 42,892 46,056 14,108- 81,132 15,960- 15,960- 47522 2004C-GO IMPROVEMENT BONDS 42,892 46,056 14,108- 81,132 15,960- 15,960- 31200 GO IMPROVEMENT BONDS-2004C 42,892 46,056 14,108- 81,132 15,960- 15,960- 272 City of Broo� Center 2012 Budget FUND: 2004A G.O. Bldg Bonds Refunding—31300 DEPT/ACTIVITY/PROJECT: Debt Service—47523 PROFILE Provides for revenues from taxes for payment of refinanced bonds used to construct voter-approved facilities. These facilities included a new police facility, a new fire station, and renovation of an existing fire station. Expenditures from this fund are for principal and interest on the bonds and agent fees for bond servicing. This debt was issued in 2004 to refinance the original issue at a lower interest rate. Funds escrowed in that transaction have been applied to principal and interest payments on the original debt. This debt will be fully retired on February 1, 2013. REVENUES Tax Levy $708,581.00 EXPENDITURES Principal $685,000.00 Interest $34,581.00 Agent Fees: $1,500.00 273 CITY OF BROOKLYN CENTER Budget Report 2009 2010 2011 11/30/2011 2012 2012 Actual Actual Final YTD Recommended Approved Object Code/Description Amount Amount Budget Actual Budget Budget 31300 GO BLDG BONDS REFINANCE-2004A 47523 2004A-GO BLDG BONDS REFUNDING 4000 REVENUES AND EXPENSES 4001 REVENUES 4050 TAXES 4100 AD VALOREM TAXES 4101 CURRENT AD VALOREM TAXES 685,696- 698,186- 695,632- 342,694- 708,581- 708,581- 4120 DELINQUENT AD VALOREM TAXES 20,300- 8,949- 7,732- 4100 AD VALOREM TAXES 705,997- 707,135- 695,632- 350,426- 708,581- 708,581- 4050 TAXES 705,997- 707,135- 695,632- 350,426- 708,581- 708,581- 4599 MISCELLANEOUS REVENUE 4600 MISCELLANEOUS REVENUE 4603 INTEREST EARNINGS 7,356- 3,304- 1,000- 3,248- 2,000- 2,000- 4605 UNREALIZED INVESTMENT GAIN/LOS 411- 3,129 4600 MISCELLANEOUS REVENUE 7,767- 175- 1,000- 3,248- 2,000- 2,000- 4599 MISCELLANEOUS REVENUE 7,767- 175- 1,000- 3,248- 2,000- 2,000- 4900 OTHER FINANCING SOURCES 4001 REVENUES 713,763- 707,310- 696,632- 353,674- 710,581- 710,581- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 610,000 640,000 640,000 640,000 685,000 685,000 6611 BOND INTEREST 93,903 75,153 55,633 55,633 34,581 34,581 6621 PAYING AGENT/OTHER FEES 3,381 756 1,500 756 1,500 1,500 6600 DEBT SERVICE 707,284 715,909 697,133 696,389 721,081 721,081 6001 EXPENDITURES/EXPENSES 707,284 715,909 697,133 696,389 721,081 721,081 4000 REVENUES AND EXPENSES 6,479- 8,598 501 342,715 10,500 10,500 47523 2004A-GO BLDG BONDS REFUNDING 6,479- 8,598 501 342,715 10,500 10,500 31300 GO BLDG BONDS REFINANCE-2004A 6,479- 8,598 501 342,715 10,500 10,500 274 City of Brook& Center 2012 Budget FUND: 2006A G.O. Improvements Bonds—31400 DEPT/ACTIVITY/PROJECT: Debt Service—47524 PROFILE Provides for revenues from special assessments against benefited property owners for public improvements as part of the neighborhood street projects program. Expenditures from this fund are for principal and interest on the bonds and agent fees for bond servicing. This debt will be fully retired on February 1, 2017. REVENUES Special Assessments $185,082.00 Interest Allocation $1,000.00 EXPENDITURES Principal $145,000.00 Interest $25,200.00 Agent Fees: $1,500.00 275 CITY OF BROOKLYN CENTER Budget Report 2009 2010 2011 11/30/2011 2012 2012 Actual Actual Final YTD Recommended Approved Object Code/Description Amount Amount Budget Actual Budget Budget 31400 GO IMPROVEMENT BONDS-2006A 47524 2006A-GO IMPROVEMENT BONDS 4000 REVENUES AND EXPENSES 4001 REVENUES 4050 TAXES 4100 AD VALOREM TAXES 4599 MISCELLANEOUS REVENUE 4600 MISCELLANEOUS REVENUE 4601 SPECIAL ASSESSMENTS 203,753- 156,347- 185,083- 92,305- 185,082- 185,082- 4603 INTEREST EARNINGS 3,056- 1,340- 1,000- 1,296- 1,000- 1,000- 4605 UNREALIZED INVESTMENT GAIN/LOS 147- 1,057 4600 MISCELLANEOUS REVENUE 206,956- 156,630- 186,083- 93,601- 186,082- 186,082- 4599 MISCELLANEOUS REVENUE 206,956- 156,630- 186,083- 93,601- 186,082- 186,082- 4900 OTHER FINANCING SOURCES 4001 REVENUES 206,956- 156,630- 186,083- 93,601- 186,082- 186,082- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 150,000 150,000 145,000 145,000 145,000 145,000 6611 BOND INTEREST 40,945 35,620 30,384 30,384 25,200 25,200 6621 PAYING AGENT/OTHER FEES 1,246 1,298 1,500 1,280 1,500 1,500 6600 DEBT SERVICE 192,191 186,918 176,884 176,664 171,700 171,700 6001 EXPENDITURES/EXPENSES 192,191 186,918 176,884 176,664 171,700 171,700 4000 REVENUES AND EXPENSES 14,765- 30,287 9,199- 83,062 14,382- 14,382- 47524 2006A-GO IMPROVEMENT BONDS 14,765- 30,287 9,199- 83,062 14,382- 14,382- 31400 GO IMPROVEMENT BONDS-2006A 14,765- 30,287 9,199- 83,062 14,382- 14,382- 276 City of Oroo� Center 2012 Budget FUND: 2008B G.O. Improvements Bonds—31500 DEPT/ACTIVITY/PROJECT: Debt Service—47525 PROFILE Provides for revenues from special assessments against benefited property owners for public improvements as part of the neighborhood street projects program. Expenditures from this fund are for principal and interest on the bonds and agent fees for bond servicing. This debt will be fully retired on February 1, 2019. REVENUES Special Assessments $352,116.00 Interest Allocation $500.00 EXPENDITURES Principal $255,000.00 Interest $66,997.00 Agent Fees: $1,500.00 277 CITY OF BROOKLYN CENTER Budget Report 2009 2010 2011 11/30/2011 2012 2012 Actual Actual Final YTD Recommended Approved Object Code/Description Amount Amount Budget Actual Budget Budget 31500 GO IMPROVEMENT BONDS-20086 47525 20088-GO IMPROVEMENT BONDS 4000 REVENUES AND EXPENSES 4001 REVENUES 4050 TAXES 4100 AD VALOREM TAXES 4599 MISCELLANEOUS REVENUE 4600 MISCELLANEOUS REVENUE 4601 SPECIAL ASSESSMENTS 587,460- 353,935- 366,552- 254,386- 352,116- 352,116- 4603 INTEREST EARNINGS 3,339- 2,090- 500- 2,302- 1,500- 1,500- 4605 UNREALIZED INVESTMENT GAIN/LOS 235- 1,782 4600 MISCELLANEOUS REVENUE 591,034- 354,243- 367,052- 256,687- 353,616- 353,616- 4599 MISCELLANEOUS REVENUE 591,034- 354,243- 367,052- 256,687- 353,616- 353,616- 4900 OTHER FINANCING SOURCES 4915 TRANSFERS IN 6,349- 4900 OTHER FINANCING SOURCES 6,349- 4001 REVENUES 597,384- 354,243- 367,052- 256,687- 353,616- 353,616- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 275,000 260,000 260,000 255,000 255,000 6611 BOND INTEREST 55,594 84,089 75,395 75,395 66,997 66,997 6621 PAYING AGENT/OTHER FEES 876 2,000 1,500 1,107 1,500 1,500 6600 DEBT SERVICE 56,470 361,089 336,895 336,502 323,497 323,497 6001 EXPENDITURES/EXPENSES 56,470 361,089 336,895 336,502 323,497 323,497 4000 REVENUES AND EXPENSES 540,913- 6,845 30,157- 79,814 30,119- 30,119- 47525 20088-GO IMPROVEMENT BONDS 540,913- 6,845 30,157- 79,814 30,119- 30,119- 31500 GO IMPROVEMENT BONDS-2008B 540,913- 6,845 30,157- 79,814 30,119- 30,119- 278 City of Brook& Center 2012 Budget FUND: 2008A G.O. Tax Increment Bonds—37600 DEPT/ACTIVITY/PROJECT: Debt Service—47611 PROFILE Proceeds from this bond issue are being used to make qualified improvements in the Tax Increment Financing District # 3. These include acquisition and demolition of existing buildings and installation of new infrastructure. Revenues for payment of this bond issue come from tax increments generated by TIF District#3. Expenditures from this fund are for principal and interest on the bonds and agent fees for bond servicing. This debt will be fully retired on February 1, 2018. REVENUES Transfer from Tax Increment $166,031.00 EXPENDITURES Principal $125,000.00 Interest $39,531.00 Agent Fees: $1,500.00 279 CITY OF BROOKLYN CENTER Budget Report 2009 2010 2011 11/3012011 2012 2012 Actual Actual Final YTD Recommended Approved Object Code/Description Amount Amount Budget Actual Budget Budget 37600 TAX INCREMENT BONDS-2008A 47611 2008A-GO TIF BONDS 4000 REVENUES AND EXPENSES 4001 REVENUES 4050 TAXES 4100 AD VALOREM TAXES 4599 MISCELLANEOUS REVENUE 4600 MISCELLANEOUS REVENUE 4900 OTHER FINANCING SOURCES 4915.5 TRANSFERS IN FROM TIF#3 FUND 1,833,922- 1,739,431- 170,875- 170,125- 166,031- 166,031- 4900 OTHER FINANCING SOURCES 1,833,922- 1,739,431- 170,875- 170,125- 166,031- 166,031- 4001 REVENUES 1,833,922- 1,739,431- 170,875- 170,125- 166,031- 166,031- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 1,670,000 1,665,000 125,000 125,000 125,000 125,000 6611 BOND INTEREST 163,497 73,681 44,375 44,375 39,531 39,531 6621 PAYING AGENT/OTHER FEES 425 750 1,500 750 1,500 1,500 6600 DEBT SERVICE 1,833,922 1,739,431 170,875 170,125 166,031 166,031 6001 EXPENDITURES/EXPENSES 1,833,922 1,739,431 170,875 170,125 166,031 166,031 280 City of Brook&n Center 2012 Budget FUND: 2004D G.O. Tax Increment Bonds—38000 DEPT/ACTIVITY/PROJECT: Debt Service—47615 PROFILE Proceeds from this bond issue are being used to make qualified improvements in the Tax Increment Financing District # 3. These include acquisition and demolition of existing buildings and installation of new infrastructure. Revenues for payment of this bond issue come from tax increments generated by TIF District #3. Expenditures from this fund are for principal and interest on the bonds and agent fees for bond servicing. This debt will be fully retired on February 1, 2020. REVENUES Tax Increment Collections Transfer $1,413,712.00 EXPENDITURES Principal $800,000.00 Interest $612,212.00 Agent Fees $1,500.00 281 CITY OF BROOKLYN CENTER Budget Report 2009 2010 2011 11/30/2011 2012 2012 Actual Actual Final YTD Recommended Approved Object Code/Description Amount Amount Budget Actual Budget Budget 38000 GO TAX INCREMENT BONDS-2004D 47615 2004D-GO TAX INCREMENT BONDS 4000 REVENUES AND EXPENSES 4001 REVENUES 4050 TAXES 4100 AD VALOREM TAXES 4599 MISCELLANEOUS REVENUE 4600 MISCELLANEOUS REVENUE 4603 INTEREST EARNINGS 401- 4600 MISCELLANEOUS REVENUE 401- 4599 MISCELLANEOUS REVENUE 401- 4900 OTHER FINANCING SOURCES 4915.5 TRANSFERS IN FROM TIF#3 FUND 206,356- 1,399,575- 1,400,525- 1,399,781- 1,413,712- 1,413,712- 4900 OTHER FINANCING SOURCES 206,356- 1,399,575- 1,400,525- 1,399,781- 1,413,712- 1,413,712- 4001 REVENUES 206,757- 1,399,575- 1,400,525- 1,399,781- 1,413,712- 1,413,712- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 685,000 715,000 750,000 750,000 800,000 800,000 6611 BOND INTEREST 717,069 683,819 649,025 649,025 612,212 612,212 6621 PAYING AGENT/OTHER FEES 631 756 1,500 756 1,500 1,500 6600 DEBT SERVICE 1,402,700 1,399,575 1,400,525 1,399,781 1,413,712 1,413,712 6001 EXPENDITURES/EXPENSES 1,402,700 1,399,575 1,400,525 1,399,781 1,413,712 1,413,712 4000 REVENUES AND EXPENSES 1,195,943 47615 2004D-GO TAX INCREMENT BONDS 1,195,943 38000 GO TAX INCREMENT BONDS-2004D 1,195,943 282