2009-10 Adopted Budget - City of Hoquiam

VIII. DEBT SERVICE BUDGETThe following pages provide a comprehensive overview of the City’s debt servicebudget.Hoquiam’s debt service appropriations can be divided into four categories:• Limited general obligation debt, approved without a vote of the people,• Unlimited general obligation debt, approved with a vote of the people,• Revenue supported debt, usually debt issued without a vote of the people, andsupported by the revenue stream generated by the utility, and• Assessment debt, including local improvement district (LID) debt, which constitutes aspecial limited obligation of the City of Hoquiam.The following debt summary page summarizes all debt service appropriations for 2009and 2010, and indicates ending balances for each debt issue and type. In all, debtservice appropriations total $171,242 for the 2009-2010 Biennium. Remainingindebtedness at the end of 2010 totals $404,970.The subsequent graphs illustrate the makeup of the City’s indebtedness and comparestotal general obligation indebtedness to statutory limits.The second graph entitled “2010 Remaining Debt by Type” illustrates the largepercentage of the City’s debt that takes the form limited tax general obligation debt at79% of the total debt. Revenue debt constitutes the remaining debt and is due in largepart to the 1988 CERB loan that financed the 5 th Street Extension sewer project.The third graph compares actual general obligation indebtedness, both non-voted or“councilmatic” debt and total indebtedness, to the statutory limits on indebtedness of1.5% for councilmatic and 2.5% for all general obligation debt respectively. The chartillustrates that the City is well within its statutory limits in both cases.Following these graphs, the remaining pages provide detailed descriptions of each debtservice fund of the city, with project and activity explanations and descriptions,comprehensive debt service schedules and appropriation histories, and projectedbudgets through 2010 at current indebtedness levels.225