FY2014 Recommended Budget - City of Surprise

Debt Service Funds
Description
Municipal property corporation (MPC) debt service funds:
The MPC governmental debt service 2000-03 fund, MPC proprietary debt service 2000-03 fund and MPC
proprietary debt service 2007 fund were established to account for projects funded through the proceeds
of the municipal property corporation (MPC) bond sales of 2000, 2003 (2000 refunding), and 2007. Bond
proceeds are to be used for the acquisition or construction of capital assets for general government,
public safety facilities, sewer facilities, and recreation facilities.
Debt service funds have been created for each municipal property corporation issue. The charts below
summarize each fund.
MPC Governmental Debt Service 2000-03 Fund
FY2014 FY2015 FY2016 FY2017 FY2018
Beginning Cash Balance $ 2,825,823 $ 2,837,323 $ 2,856,623 $ 2,868,523 $ 2,876,423
Sources
Rental payments $ 3,364,300 $ 3,364,300 $ 3,364,300 $ 3,364,300 $ 3,364,300
Interest Earnings 10,200 10,500 10,800 11,100 11,400
Total Sources $ 3,374,500 $ 3,374,800 $ 3,375,100 $ 3,375,400 $ 3,375,700
Uses
Agency fees
Debt:
$ (1,800) $ (1,800) $ (1,800) $ (1,800) $ (1,800)
MPC Payment (3,361,200) (3,353,700) (3,361,400) (3,365,700) (3,366,600)
Total Uses $ (3,363,000) $ (3,355,500) $ (3,363,200) $ (3,367,500) $ (3,368,400)
Ending Cash Balance $ 2,837,323 $ 2,856,623 $ 2,868,523 $ 2,876,423 $ 2,883,723
MPC Proprietary Debt Service 2000-03 Fund
FY2014 FY2015 FY2016 FY2017 FY2018
Beginning Cash Balance $ 1,226,112 $ 1,231,712 $ 1,240,712 $ 1,246,612 $ 1,250,812
Sources
Rental payments $ 1,459,000 $ 1,459,000 $ 1,459,000 $ 1,459,000 $ 1,459,000
Interest Earnings 5,100 5,300 5,500 5,700 5,900
Total Sources $ 1,464,100 $ 1,464,300 $ 1,464,500 $ 1,464,700 $ 1,464,900
Uses
Agency fees
Debt:
$ (800) $ (800) $ (800) $ (800) $ (800)
MPC Payment (1,457,700) (1,454,500) (1,457,800) (1,459,700) (1,460,100)
Total Uses $ (1,458,500) $ (1,455,300) $ (1,458,600) $ (1,460,500) $ (1,460,900)
Ending Cash Balance $ 1,231,712 $ 1,240,712 $ 1,246,612 $ 1,250,812 $ 1,254,812
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