FY 17 Annual Report

Business Type Activities Funds

2017

CITY OF SPENCER, IOWA

SEWER REVENUE BOND SINKING FUND

FUND #635

FUND INFORMATION

The Sewer Revenue Bond Sinking Fund accounts for the Principal and Interest payments for all sewer related debt that is back by sewer revenues. General tax revenue is not pledged as collateral for the payment of these debts, and as such does not count against the City's constitutional debt limit. Currently, the City has three outstanding sewer revenue loans. The 2008 State Revolving Loan covering improvements made at the wastewater treatment plant, the 2010 State Revolving Loan covering improvements made during the 2010 CSO project and the 2016 State Revolving Loan covering the 2016 WTP project. The City is currently still drawing on the 2016 SRF Loan and final amount swill be determined in FY 18. In FY17, the City called early the 2007 WTP GO Land note and utilized $215,000 of the available fund balance in this fund to pay those notes early. This is the cause of the decrease in fund balance. For more information as to the amount of debt outstanding on these two notes, please refer to the Debt Service section of this report.

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

USE OF MONEY MISCELLANEOUS OTHER FINANCING

2,000.00 53,789.00 570,441.00

3,298.09 62,152.62 570,441.00

164.90 115.55 100.00

65,145.40 3,987.18

568,985.00 638,117.58

TOTAL REVENUES

626,230.00

635,891.71

101.54

EXPENDITURES PRINCIPAL PAYMENTS INTEREST PAYMENTS

234,450.00 365,000.00 19,537.50 - 618,987.50

378,000.00 226,230.00 20,000.00

378,000.00 238,161.16 18,625.00 215,000.00

100.00 105.27

SERVICE FEES TRANSFERS

93.13

-

-

624,230.00

849,786.16

136.13

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2015

JUNE 30, 2016

416,387.44

635,891.71

849,786.16

202,492.99

(213,894.45)

BUSINESS TYPE ACTIVITIES