Page 269 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 7 Debt Service Funds
Debt Service Fund 300 Overview

This Debt Service Fund is used to manage payments on all general government related debt
except for property tax supported debt which is paid through Fund 301. Town Council and staff
are dedicated to a conservative pattern of debt issuance that ensures property tax rates remain
among the lowest in the region and attractive to prospective businesses and residents.

Recognizing long-term debt is usually a more expensive financing method, alternative financing
sources are explored before debt is issued. When debt is issued, it will be used to acquire major
assets with expected lives which equal or exceed the average life of the debt issue. Transfers from
4B Economic Development Fund and the General Fund comprise the bulk of this debt service fund
revenues.

In FY17/ 18 the series 2013 refunding debt payments ( originally series 2008 noted below) for the
Westlake Academy Arts and Sciences building has been moved to Debt Service Fund 301 to be
covered by property tax revenues as these bonds are tax supported.

Revenues and Other Sources
Total Transfers In are budgeted to be $2,405,901,
This represents a .26% decrease of $6,268 from prior year estimated.

Expenditures and Other Uses
Debt service expenditures are budgeted to be $2,405,901
This represents a .26% decrease of $6,268 from prior year estimated.
This is comprised of a payment reduction to Series 2011 GO-Refunding of $6,225; a payment
reduction to Series 2016 CO of $1,075; an increase of $990 increase to bank service charges.

Bond Issuances for Westlake Academy
8,500,000 Series 2013 Certificates of Obligation for WA expansion of 3 Buildings

Bond Refundings for Westlake Academy
7,375,000 Series 2011 General Obligation Refunding Bonds
o Refunding of Series 2002 and 2003 ( Phase 1 and 2 construction)

1,980,000 Series 2014 General Obligation Refunding Bonds
o Refunding of Series 2003 ( phase 2 construction)

5,795,000 Series 2017 General Obligation Refunding Bonds
o Refunding of Series 2007 ( a refunding of series 2002)

Bond Issuances for the Fire Station/ EMS Complex
9,204,000 Series 2016 Certificates of Obligation
1,530,000 Series 2017 Tax Note

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