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Home My WebLink About2011 Budget 04 - Debt Service Funds City ®f Brooklyn Center 2011 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 2011 those funds are: • 2000A GO Improvement Bonds • 2001A GO Improvement Bonds • 2003A GO Improvement Bonds • 2004C GO Improvement Bonds • 2004A GO Building Refunding Bonds • 2006A GO Improvement Bonds • 2008B GO Improvement Bonds • 2004B GO Tax Increment Refunding Bonds • 2004D GO Tax Increment Bonds • 2008A GO Tax Increment Bonds 273 3r This page has been left blank intentionally. 274 City of Brooklyn Center 2011 Debt Service Funds Debt Payment Revenues &Expenditures Assessment Property Tax Interest TOTAL Revenues Revenue Revenue Income BUDGET Improvement Bonds 2000 Street Improvement Bonds - - 800 800 2001 Street Improvement Bonds 79,800 - 1,500 81,300 2003 Street Improvement Bonds 131,550 - 100 131,650 2004 Street Improvement Bonds 129,383 - 1,000 130,383 2006 Street Improvement Bonds 185,083 - 1,000 186,083 2008 Street Improvement Bonds 366,552 - 500 367,052 892,368 - 4,900 897,268 General Obligation Bonds Police& Fire Building Refunding Bonds - 695,632 1,000 696,632 Tax Increment Bonds G.O. Tax Increment Refunding Bonds - 425,630 - 425,630 G.O. Tax Increment Bonds - 1,400,525 - 1,400,525 G.O. Tax Increment Bonds - 170,875 - 170,875 - 1,997,030 - 1,997,030 TOTAL DEBT SERVICE REVENUES 892,368 2,692,662 5,900 3,590,930 Principal Interest Agent Fees TOTAL Expenditures Payment Payments and Administration BUDGET Improvement Bonds 2000 Street Improvement Bonds 65,000 1,609 1,500 68,109 2001 Street Improvement Bonds 65,000 4,258 1,500 70,758 2003 Street Improvement Bonds 110,000 10,470 1,500 121,970 2004 Street Improvement Bonds 100,000 14,775 1,500 116,275 2006 Street Improvement Bonds 145,000 30,384 1,500 176,884 2008 Street Improvement Bonds 260,000 75,395 1,500 336,895 745,000 136,891 9,000 890,891 General Obligation Bonds Police& Fire Building Refunding Bonds 640,000 55,633 1,500 697,133 Tax Increment Bonds G.O. Tax Increment Refunding Bonds 415,000 9,130 1,500 425,630 G.O. Tax Increment Bonds 750,000 649,025 1,500 1,400,525 G.O. Tax Increment Bonds 125,000 44,375 1,500 170,875 1,290,000 702,530 4,500 1,997,030 TOTAL DEBT SERVICE EXPENDITURES 2,675,000 895,054 15,000 3,585,054 NET TOTAL DEBT SERVICE BUDGET 5,876 debt principal 5/5/2011 275 City of Brooklyn Center 2011 Debt Service Required Principal Payments Original Issue Prior Years 2011 Balance Due Final Maturity Issue Name Amount Payments Payment 12/31/2011 Date Improvement Bonds 2000 Street Improvement Bonds 735,000 670,000 65,000 - 2/1/2011 2001 Street Improvement Bonds 730,000 600,000 65,000 65,000 2/1/2012 2003 Street Improvement Bonds 1,205,000 880,000 110,000 215,000 2/1/2013 2004 Street Improvement Bonds 1,010,000 540,000 100,000 370,000 2/1/2015 2006 Street Improvement Bonds 1,460,000 560,000 145,000 755,000 2/1/2017 2008 Street Improvement Bonds 2,390,000 275,000 260,000 1,855,000 2/1/2019 7,530,000 3,525,000 745,000 3,260,000 General Obligation Bonds Police&Fire Building Refunding Bonds 5,045,000 3,020,000 640,000 1,385,000 2/1/2013 Tax Increment Bonds G.O.Tax Increment Refunding Bonds 2,470,000 2,055,000 415,000 - 2/1/2011 G.O.Tax Increment Bonds 17,245,000 3,650,000 750,000 12,845,000 2/1/2020 G.O.Tax Increment Bonds 4,335,000 3,335,000 125,000 875,000 2/1/2018 24,050,000 9,040,000 1,290,000 13,720,000 Utility Revenue Bonds G.O. Utility Revenue Bonds (BAB) 2,350,000 - 140,000 2,210,000 2/1/2025 TOTAL BONDED INDEBTEDNESS 38,975,000 15,585,000 2,815,000 20,575,000 debt principal 5/5/2011 276 City ®f Brooklyn Center 2011 Budget FUND: 2000A G.O. Improvement Bonds—30900 DEPT/ACTIVITY/PROJECT: Debt Service— 47519 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, 2011. REVENUES Special Assessments $0.00 Interest Allocation $800.00 EXPENDITURES Principal $65,000.00 Interest $1,609.00 Agent Fees: $1,500.00 277 CITY OF BROOKLYN CENTER Budget Report 2008 2009 2010 11/30/2010 2011 2011 Actual Actual Final YTD Recommended Approved Object Code/Description Amount Amount Budget Actual Budget Budget 30900 GO IMPROVEMENT BONDS-2000A 47519 2000A-GO IMPROVEMENT BONDS 4000 REVENUES AND EXPENSES 4001 REVENUES 4050 TAXES 4100 AD VALOREM TAXES 4599 MISCELLANEOUS REVENUE 4600 MISCELLANEOUS REVENUE 4601 SPECIAL ASSESSMENTS 45,608- 39,609- 78,645- 17,196- 4603 INTEREST EARNINGS 10,585- 3,847- 800- 1,338- 800- 800- 4605 UNREALIZED INVESTMENT GAIN/LOS 720- 150- 4600 MISCELLANEOUS REVENUE 56,914- 43,606- 79,445- 18,533- 800- 800- 4599 MISCELLANEOUS REVENUE 56,914- 43,606- 79,445- 18,533- 800- 800- 4900 OTHER FINANCING SOURCES 4001 REVENUES 56,914- 43,606- 79,445- 18,533- 800- 800- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 70,000 70,000 65,000 65,000 65,000 65,000 6611 BOND INTEREST 11,340 8,033 4,794 4,794 1,609 1,609 6621 PAYING AGENT/OTHER FEES 1,103 978 1,500 1,082 1,500 1,500 6600 DEBT SERVICE 82,443 79,010 71,294 70,876 68,109 68,109 6001 EXPENDITURES/EXPENSES 82,443 79,010 71,294 70,876 68,109 68,109 4000 REVENUES AND EXPENSES 25,530 35,404 8,151- 52,342 67,309 67,309 47519 2000A-GO IMPROVEMENT BONDS 25,530 35,404 8,151- 52,342 67,309 67,309 30900 GO IMPROVEMENT BONDS-2000A 25,530 35,404 8,151- 52,342 67,309 67,309 278 City ®f Brooklyn Center 2011 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 $79,800.00 Interest Allocation $1,500.00 EXPENDITURES Principal $65,000.00 Interest $4,258.00 Agent Fees: $1,500.00 279 CITY OF BROOKLYN CENTER Budget Report 2008 2009 2010 11/30/2010 2011 2011 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 41,487- 41,530- 84,700- 17,205- 79,800- 79,800- 4603 INTEREST EARNINGS 6,842- 2,345- 1,500- 762- 1,500- 1,500- 4605 UNREALIZED INVESTMENT GAIN/LOS 477- 95- 4600 MISCELLANEOUS REVENUE 48,806- 43,970- 86,200- 17,966- 81,300- 81,300- 4599 MISCELLANEOUS REVENUE 48,806- 43,970- 86,200- 17,966- 81,300- 81,300- 4900 OTHER FINANCING SOURCES 4001 REVENUES 48,806- 43,970- 86,200- 17,966- 81,300- 81,300- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 70,000 70,000 65,000 65,000 65,000 65,000 6611 BOND INTEREST 12,620 9,820 8,385 7,020 4,258 4,258 6621 PAYING AGENT/OTHER FEES 1,010 885 2,000 995 1,500 1,500 6600 DEBT SERVICE 83,630 80,705 75,385 73,015 70,758 70,758 6001 EXPENDITURES/EXPENSES 83,630 80,705 75,385 73,015 70,758 70,758 4000 REVENUES AND EXPENSES 34,824 36,735 10,815- 55,048 10,542- 10,542- 47520 2001A-GO IMPROVEMENT BONDS 34,824 36,735 10,815- 55,048 10,542- 10,542- 31000 GO IMPROVEMENT BONDS-2001A 34,824 36,735 10,815- 55,048 10,542- 10,542- 280 City ®f Brooklyn Center 2011 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 $10,470.00 Agent Fees: $1,500.00 281 CITY OF BROOKLYN CENTER Budget Report 2008 2009 2010 11/30/2010 2011 2011 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 112,475- 110,273- 139,117- 51,059- 131,550- 131,550- 4603 INTEREST EARNINGS 4,298- 1,502- 100- 451- 100- 100- 4605 UNREALIZED INVESTMENT GAIN/LOS 382- 76- 4606 OTHER REVENUE 4600 MISCELLANEOUS REVENUE 117,155- 111,852- 139,217- 51,510- 131,650- 131,650- 4599 MISCELLANEOUS REVENUE 117,155- 111,852- 139,217- 51,510- 131,650- 131,650- 4900 OTHER FINANCING SOURCES 4001 REVENUES 117,155- 111,852- 139,217- 51,510- 131,650- 131,650- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 120,000 120,000 115,000 115,000 110,000 110,000 6611 BOND INTEREST 22,083 18,393 14,489 14,489 10,470 10,470 6621 PAYING AGENT/OTHER FEES 1,319 1,170 1,500 1,272 1,500 1,500 6600 DEBT SERVICE 143,402 139,562 130,989 130,761 121,970 121,970 6001 EXPENDITURES/EXPENSES 143,402 139,562 130,989 130,761 121,970 121,970 4000 REVENUES AND EXPENSES 26,247 27,711 8,228- 79,251 9,680- 9,680- 47521 2003A-GO IMPROVEMENT BONDS 26,247 27,711 8,228- 79,251 9,680- 9,680- 31100 GO IMPROVEMENT BONDS-2003A 26,247 27,711 8,228- 79,251 9,680- 9,680- 282 City ®f Brooklyn Center 2011 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 $129,383.00 Interest Allocation $1,000.00 EXPENDITURES Principal $100,000.00 Interest $14,775.00 Agent Fees: $1,500.00 283 CITY OF BROOKLYN CENTER Budget Report 2008 2009 2010 11/30/2010 2011 2011 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 99,467- 81,053- 135,730- 44,354- 129,383- 129,383- 4603 INTEREST EARNINGS 7,927- 2,850- 1,000- 927- 1,000- 1,000- 4605 UNREALIZED INVESTMENT GAIN/LOS 596- 120- 4600 MISCELLANEOUS REVENUE 107,990- 84,024- 136,730- 45,281- 130,383- 130,383- 4599 MISCELLANEOUS REVENUE 107,990- 84,024- 136,730- 45,281- 130,383- 130,383- 4900 OTHER FINANCING SOURCES 4001 REVENUES 107,990- 84,024- 136,730- 45,281- 130,383- 130,383- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 105,000 105,000 100,000 100,000 100,000 100,000 6611 BOND INTEREST 23,651 20,869 17,925 17,925 14,775 14,775 6621 PAYING AGENT/OTHER FEES 1,193 1,047 1,500 1,148 1,500 1,500 6600 DEBT SERVICE 129,845 126,916 119,425 119,073 116,275 116,275 6001 EXPENDITURES/EXPENSES 129,845 126,916 119,425 119,073 116,275 116,275 4000 REVENUES AND EXPENSES 21,854 42,892 17,305- 73,792 14,108- 14,108- 47522 2004C-GO IMPROVEMENT BONDS 21,854 42,892 17,305- 73,792 14,108- 14,108- 31200 GO IMPROVEMENT BONDS-2004C 21,854 42,892 17,305- 73,792 14,108- 14,108- 284 City ®f Brooklyn Center 2011 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 $695,632.00 Interest Revenue $1,000.00 EXPENDITURES Principal $640,000.00 Interest $55,633.00 Agent Fees: $1,500.00 285 CITY OF BROOKLYN CENTER Budget Report 2008 2009 2010 11/30/2010 2011 2011 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 708,680- 685,696- 715,183- 352,379- 695,632- 695,632- 4120 DELINQUENTAD VALOREM TAXES 18,803- 20,300- 4,890- 4100 AD VALOREM TAXES 727,482- 705,997- 715,183- 357,270- 695,632- 695,632- 4050 TAXES 727,482- 705,997- 715,183- 357,270- 695,632- 695,632- 4599 MISCELLANEOUS REVENUE 4600 MISCELLANEOUS REVENUE 4603 INTEREST EARNINGS 16,944- 7,356- 1,000- 2,527- 1,000- 1,000- 4605 UNREALIZED INVESTMENT GAIN/LOS 1,805- 411- 4600 MISCELLANEOUS REVENUE 18,749- 7,767- 1,000- 2,527- 1,000- 1,000- 4599 MISCELLANEOUS REVENUE 18,749- 7,767- 1,000- 2,527- 1,000- 1,000- 4900 OTHER FINANCING SOURCES 4001 REVENUES 746,231- 713,763- 716,183- 359,797- 696,632- 696,632- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 600,000 610,000 640,000 640,000 640,000 640,000 6611 BOND INTEREST 110,553 93,903 75,153 75,153 55,633 55,633 6621 PAYING AGENT/OTHER FEES 751 3,381 1,500 756 1,500 1,500 6600 DEBT SERVICE 711,303 707,284 716,653 715,909 697,133 697,133 6001 EXPENDITURES/EXPENSES 711,303 707,284 716,653 715,909 697,133 697,133 4000 REVENUES AND EXPENSES 34,928- 6,479- 470 356,112 501 501 47523 2004A-GO BLDG BONDS REFUNDING 34,928- 6,479- 470 356,112 501 501 31300 GO BLDG BONDS REFINANCE-2004A 34,928- 6,479- 470 356,112 501 501 286 City ®f Brooklyn Center 2011 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 $185,083.00 Interest Allocation $1,000.00 EXPENDITURES Principal $145,000.00 Interest $30,384.00 Agent Fees: $1,500.00 287 CITY OF BROOKLYN CENTER Budget Report 2008 2009 2010 11/30/2010 2011 2011 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 221,776- 203,753- 192,894- 84,824- 185,083- 185,083- 4603 INTEREST EARNINGS 6,650- 3,056- 1,000- 1,077- 1,000- 1,000- 4605 UNREALIZED INVESTMENT GAIN/LOS 627- 147- 4606 OTHER REVENUE 4600 MISCELLANEOUS REVENUE 229,053- 206,956- 193,894- 85,902- 186,083- 186,083- 4599 MISCELLANEOUS REVENUE 229,053- 206,956- 193,894- 85,902- 186,083- 186,083- 4900 OTHER FINANCING SOURCES 4001 REVENUES 229,053- 206,956- 193,894- 85,902- 186,083- 186,083- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 260,000 150,000 150,000 150,000 145,000 145,000 6611 BOND INTEREST 48,223 40,945 35,620 35,620 30,384 30,384 6621 PAYING AGENT/OTHER FEES 1,403 1,246 1,500 1,298 1,500 1,500 6600 DEBT SERVICE 309,626 192,191 187,120 186,918 176,884 176,884 6001 EXPENDITURES/EXPENSES 309,626 192,191 187,120 186,918 176,884 176,884 4000 REVENUES AND EXPENSES 80,572 14,765- 6,774- 101,016 9,199- 9,199- 47524 2006A-GO IMPROVEMENT BONDS 80,572 14,765- 6,774- 101,016 9,199- 9,199- 31400 GO IMPROVEMENT BONDS-2006A 80,572 14,765- 6,774- 101,016 9,199- 9,199- 288 City ®f Brooklyn Center 2011 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 $366,552.00 Interest Allocation $500.00 EXPENDITURES Principal $260,000.00 Interest $75,395.00 Agent Fees: $1,500.00 289 CITY OF BROOKLYN CENTER Budget Report 2008 2009 2010 11/30/2010 2011 2011 Actual Actual Final YTD Recommended Approved Object Code/Description Amount Amount Budget Actual Budget Budget 31500 GO IMPROVEMENT BONDS-2008B 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 122,689- 587,460- 404,386- 192,335- 366,552- 366,552- 4603 INTEREST EARNINGS 4,661- 3,339- 500- 1,648- 500- 500- 4605 UNREALIZED INVESTMENT GAIN/LOS 266- 235- 4606 OTHER REVENUE 4607 SPEC ASSESS INTEREST 126- 4600 MISCELLANEOUS REVENUE 127,742- 591,034- 404,886- 193,983- 367,052- 367,052- 4599 MISCELLANEOUS REVENUE 127,742- 591,034- 404,886- 193,983- 367,052- 367,052- 4900 OTHER FINANCING SOURCES 4915 TRANSFERS IN 6,349- 4931 BOND SALES 50,068- 4932 PREMIUM ON BOND SALES 1,384- 4900 OTHER FINANCING SOURCES 51,451- 6,349- 4001 REVENUES 179,193- 597,384- 404,886- 193,983- 367,052- 367,052- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 275,000 275,000 260,000 260,000 6611 BOND INTEREST 55,594 84,089 84,089 75,395 75,395 6621 PAYING AGENT/OTHER FEES 29,324 876 1,500 1,575 1,500 1,500 6600 DEBT SERVICE 29,324 56,470 360,589 360,664 336,895 336,895 6001 EXPENDITURES/EXPENSES 29,324 56,470 360,589 360,664 336,895 336,895 4000 REVENUES AND EXPENSES 149,869- 540,913- 44,297- 166,681 30,157- 30,157- 47525 20088-GO IMPROVEMENT BONDS 149,869- 540,913- 44,297- 166,681 30,157- 30,157- 31500 GO IMPROVEMENT BONDS-2008B 149,869- 540,913- 44,297- 166,681 30,157- 30,157- 290 City ®f Brooklyn Center 2011 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 $170,875.00 EXPENDITURES Principal $125,000.00 Interest $44,375.00 Agent Fees: $1,500.00 291 CITY OF BROOKLYN CENTER Budget Report 2008 2009 2010 11/30/2010 2011 2011 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- 1,740,181- 1,739,431- 170,875- 170,875- 4900 OTHER FINANCING SOURCES 1,833,922- 1,740,181- 1,739,431- 170,875- 170,875- 4001 REVENUES 1,833,922- 1,740,181- 1,739,431- 170,875- 170,875- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 1,670,000 1,665,000 1,665,000 125,000 125,000 6611 BOND INTEREST 163,497 73,681 73,681 44,375 44,375 6621 PAYING AGENT/OTHER FEES 425 1,500 750 1,500 1,500 6600 DEBT SERVICE 1,833,922 1,740,181 1,739,431 170,875 170,875 6001 EXPENDITURES/EXPENSES 1,833,922 1,740,181 1,739,431 170,875 170,875 292 City ®f Brooklyn Center 2011 Budget FUND: 2004B G.O. TIF Refinancing Bonds—37900 DEPT/ACTIVITY/PROJECT: Debt Service— 47614 PROFILE Proceeds from this bond issue refinanced the 1995A G.O. TIF Revenue Bonds at a lower rate of interest. Revenues for payment of this bond 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, 2011. REVENUES Tax Increment Collections Transfer $425,630.00 from TIF District#3 EXPENDITURES Principal $415,000.00 Interest $9,130.00 Agent Fees $1,500.00 293 CITY OF BROOKLYN CENTER Budget Report 2008 2009 2010 11/30/2010 2011 2011 Actual Actual Final YTD Recommended Approved Object Code/Description Amount Amount Budget Actual Budget Budget 37900 GO TAX INCREMENT REFI-2004B 47614 20048-GO TAX INCREMENT REFI 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 462,061- 452,776- 432,962- 432,218- 425,630- 425,630- 4900 OTHER FINANCING SOURCES 462,061- 452,776- 432,962- 432,218- 425,630- 425,630- 4001 REVENUES 462,061- 452,776- 432,962- 432,218- 425,630- 425,630- 6001 EXPENDITURES/EXPENSES 6470 TRANSFERS AND OTHER USES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 405,000 410,000 405,000 405,000 415,000 415,000 6611 BOND INTEREST 56,310 42,145 26,462 26,461 9,130 9,130 6621 PAYING AGENT/OTHER FEES 751 631 1,500 756 1,500 1,500 6600 DEBT SERVICE 462,061 452,776 432,962 432,218 425,630 425,630 6001 EXPENDITURES/EXPENSES 462,061 452,776 432,962 432,218 425,630 425,630 294 City ®f Brooklyn Center 2011 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 $1,400,525.00 EXPENDITURES Principal $750,000.00 Interest $649,025.00 Agent Fees $1,500.00 295 CITY OF BROOKLYN CENTER Budget Report 2008 2009 2010 11/30/2010 2011 2011 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 33,252- 401- 4605 UNREALIZED INVESTMENT GAIN/LOS 1,815- 4600 MISCELLANEOUS REVENUE 35,066- 401- 4599 MISCELLANEOUS REVENUE 35,066- 401- 4900 OTHER FINANCING SOURCES 4915.5 TRANSFERS IN FROM TIF#3 FUND 206,356- 1,400,319- 1,399,575- 1,400,525- 1,400,525- 4900 OTHER FINANCING SOURCES 206,356- 1,400,319- 1,399,575- 1,400,525- 1,400,525- 4001 REVENUES 35,066- 206,757- 1,400,319- 1,399,575- 1,400,525- 1,400,525- 6001 EXPENDITURES/EXPENSES 6600 DEBT SERVICE 6601 BOND PRINCIPAL 625,000 685,000 715,000 715,000 750,000 750,000 6611 BOND INTEREST 748,181 717,069 683,819 683,819 649,025 649,025 6621 PAYING AGENT/OTHER FEES 751 631 1,500 756 1,500 1,500 6600 DEBT SERVICE 1,373,932 1,402,700 1,400,319 1,399,575 1,400,525 1,400,525 6001 EXPENDITURES/EXPENSES 1,373,932 1,402,700 1,400,319 1,399,575 1,400,525 1,400,525 4000 REVENUES AND EXPENSES 1,338,866 1,195,943 47615 2004D-GO TAX INCREMENT BONDS 1,338,866 1,195,943 38000 GO TAX INCREMENT BONDS-2004D 1,338,866 1,195,943 296