FY 17 Annual Report

Debt Service Financial Summary CITY OF SPENCER, IOWA

2017

FY 2016 ACTUAL

CURRENT BUDGET

YEAR TO DATE

% OF

ACTUAL

BUDGET

REVENUE SUMMARY

36,000.00 - 451,680.11 7,380.47

PROPERTY TAXES USE OF MONEY

453,230.00 2,000.00 54,533.00

531,866.13 5,907.26 57,620.98

117.35 295.36 105.66

SPECIAL ASSESSMENTS INTERGOVERNMENTAL

- - -

- - -

BOND PROCEEDS MISCELLANOUS

- -

76,000.00

TRANSFERS LANDFILL

480,265.00 284,300.00

480,265.00 284,300.00 215,000.00 218,301.00

100.00 100.00

717,258.00 - 282,550.00 54,845.00 1,549,713.58

T.I.F.

CAP. IMPR RES.

-

-

SEWER

53,301.00

409.56

TOTAL REVENUES

1,327,629.00 #

1,869,260.37 #

140.80

EXPENDITURE SUMMARY

PRINCIPAL PAID INTEREST PAID

1,644,000.00

1,700,000.00

103.41 100.00 100.00

1,447,000.00

61,596.00 1,500.00

61,596.50 1,500.00

95,147.49 2,500.00

ADMINISTRATIVE FEES BOND ISSUANCE FEES

-

100.00 300.00

-

-

LEGAL FEES TRANSFERS

1,000.00

30.00

300.00

-

76,000.00

-

360,000.00

1,708,096.00

1,839,496.50

107.69

1,904,947.49

TOTAL EXPENDITURES

** The above totals do not include the 2008 SRF and 2010 SRF Revenues or Expenditures as they are received and paid for in the Sewer Revenue Bond Sinking Fund.

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

446,851.57

1,869,260.37

1,839,496.50

476,615.44

29,763.87

The Debt Service Fund has advanced funds that will be repaid by special assessments against the adjacent property for certain projects. In FY15, the City paid off these advanced assessments with a transfer of funds from the Capital Improvement Fund. All advances have been repaid to the Street Improvement fund.

DEBT SERVICE