2013 Annual Budget - City of Bremerton

Table 11
Computation of Legal Debt Margin
as of December 31, 2011
Total Taxable property Value 2,548,965,492 for collection in 2012
2.5% ($63,724,149) general purposes limit is allocated between:
Up to 1.5% debt without a vote (councilmanic) 38,234,482
Less: outstanding debt 29,226,239
Less: contracts payable 3,676,914
Less: excess of debt with a vote
Add: available assets 2,174,648
Equals: remaining debt capacity without a vote 7,505,977
1% general purposes debt with a vote 25,489,655
Less: outstanding debt 10,285,000
Less: contracts payable
Add: assets available 20,635
Equals: remaining debt capacity with a vote 15,225,290
2.5% utility purpose limit, voted 63,724,137
Less: outstanding debt
Less: contracts payable
Add: assets available
Equals: remaining debt capacity - utility purpose, voted 63,724,137
2.5% open space, park and capital facilities , voted 63,724,137
Less: outstanding debt
Less: contracts payable
Add: assets available
Equals remaing debt capacity - open space park and capital facilities, voted 63,724,137
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