2009-10 Adopted Budget - City of Hoquiam

CITY OF HOQUIAM2009-2010 BudgetDEBT SERVICE FUNDSFUND NUMBER: 213DESCRIPTION:1989 Limited General Obligation Bond FundProgram Description:Fund 213 provides for principal and interest payments on the $400,000 1989 limited tax general obligation (LTGO) bonds. This issuefinanced a renovation of City Hall. Issuance terms include a 30 year level debt service maturity for the bonds. This bond issue, approvedper Ordinance 89-7, carries interest at 6% over the life of the bonds and constitutes a ful faith and credit indenture of the City.Ongoing Objectives/Major Issues:This bond was refunded with a bank loan in April of 2006. The new bank loan has an interest rate of 4.5% and continues for the rest of thelife of the bond, which matures in 2020. The new bank loan constitutes a full faith and credit indenture of the City and payments are throughan allocation of the City's general fund each year.2003 2004 2005 2006 2007 2008 2009 2010 2011REVENUES: Actual Actual Actual Actual Actual Forecast Budget Budget ProjectedBeginning Balance: $0 $0 $0 $0 $0 $4 $7 $7 $7Property Taxes (non-voted) $28,912 $28,912 $28,912 $28,912 $25,485 $25,485 $25,481 $25,481 $25,571Total Revenues: $28,912 $28,912 $28,912 $28,912 $25,485 $25,485 $25,481 $25,481 $25,571Total Resources: $28,912 $28,912 $28,912 $28,912 $25,485 $25,489 $25,489 $25,489 $25,579EXPENDITURES:Principal $11,457 $12,144 $12,873 $13,645 $11,712 $15,106 $15,794 $16,513 $17,264Interest $17,455 $16,768 $16,039 $15,267 $13,769 $10,375 $9,687 $8,969 $8,307Total Expenditures $28,912 $28,912 $28,912 $28,912 $25,481 $25,481 $25,481 $25,481 $25,571ENDING BALANCE: $0 $0 $0 $0 $4 $7 $7 $7 $7Remaining Debt ScheduleYear Principal Interest Total BalancePrevious: $0 $0 $0 $246,0002007 $11,712 $13,769 $25,481 $234,2882008 $15,106 $10,375 $25,481 $219,1812009 $15,794 $9,687 $25,481 $203,3882010 $16,513 $8,969 $25,481 $186,8752011 $17,264 $8,307 $25,571 $169,6112012 $18,050 $7,432 $25,481 $151,5622013 $18,871 $6,610 $25,481 $132,6912014 $19,730 $5,752 $25,481 $112,9612015 $20,627 $4,854 $25,481 $92,3342016 $21,566 $3,915 $25,481 $70,7672017 $22,548 $2,934 $25,481 $48,2202018 $23,574 $1,908 $25,481 $24,6462019 $24,646 $835 $25,481 $0Total: $246,000 $75,755 $229,421231