adopted operating & capital improvement budget - City of St ...

City of St. Petersburg, Florida
FY 2010 Adopted Fiscal Plan Fund Budget Summary
Excise Tax Debt Service Fund
This fund was established in the Series 1984 Bonds. Excise Tax Secured Revenue Bonds ($85 million) were issued in 1987 to
construct a multi-purpose domed stadium (Tropicana Field) in St. Petersburg. $114 million of refunding excise tax bonds were
issued in October 1993 to refund the remaining outstanding 1984 Excise Tax Secured Revenue Bonds and the 1989B Public
Improvement Revenue Bond issue. The 1993 refunding Excise Tax Bonds are secured by a pledge of the City’s guaranteed
entitlement of Municipal Revenue Sharing, the City’s Half-Cent Sales Tax, and a portion of Pinellas County Tourist Development
Taxes. This debt was remarketed in 2003 to yield a net savings to the City of $3.544 million in FY04. Debt Service requirements
run through FY16.
Revenue Summary
FY 2007
Actual
FY 2008 FY 2009 FY 2009 FY 2009 FY 2010 FY 2010
Actual Adopted Amended Estimated Adopted Change
Miscellaneous Revenue
Interest Earnings
Transfers
Debt Proceeds
Excise Tax Revenue
156,971 61,343 550,000 550,000 555,812 550,407 0.1 %
Total Miscellaneous Revenue 156,971 61,343 550,000 550,000 555,812 550,407
0.1 %
- 8,995,565 - - - -
- %
8,391,805 8,654,347 8,400,000 8,400,000 8,535,489 8,400,000
- %
Total Transfers 8,391,805 17,649,912 8,400,000 8,400,000 8,535,489 8,400,000
Total Revenues 8,548,776 17,711,255 8,950,000 8,950,000 9,091,301 8,950,407
- %
- %
Appropriations
Services & Commodities
Debt
FY 2007
Actual
FY 2008 FY 2009 FY 2009 FY 2009 FY 2010 FY 2010
Actual Adopted Amended Estimated Adopted Change
- 7,500 - - - -
- %
8,425,875 8,417,556 8,408,000 8,408,000 8,407,496 8,397,032 (0.1)%
Transfers
Water Cost Stabilization - 154,611 405,000 549,385 549,887 405,000
- %
Total Transfers - 154,611 405,000 549,385 549,887 405,000
Total Appropriations 8,425,875 8,579,667 8,813,000 8,957,385 8,957,383 8,802,032 (0.1)%
- %
Increase/(Decrease) in Fund Balance 122,901 9,131,588 137,000 (7,385) 133,918 148,375
Beginning Balance 3,913,987 4,036,888 7,172,911 7,172,911 7,172,911 7,306,829
Adjustments
- (5,995,565) - - - -
Ending Balance 4,036,888 7,172,911 7,309,911 7,165,526 7,306,829 7,455,204
$9 million was transferred into this fund from the Water Cost Stabilization Fund as a reserve for the Excise Tax Debt as a result of
the bond surety being downgraded in FY08. The interest on these funds will be transferred back into the Water Cost Stabilization
Fund for eventual transfer to Water Resources operations.
Fiscal Year 2010 Budget Development K - 8
Summary Reports