Page 153 - Saginaw FY20 Annual Budget

CITY OF SAGINAW
GENERAL LONG TERM DEBT REQUIREMENTS FUTURE YEARS

2019-2020

SEPTEMBER 30, PRINCIPAL INTEREST TOTAL

2020 2,985,000 853,789 3,838,789
2021 2,660,000 787,097 3,447,097
2022 2,535,000 725,092 3,260,092
2023 2,590,000 662,506 3,252,506
2024 2,335,000 598,244 2,933,244
2025 2,045,000 539,037 2,584,037
2026 1,980,000 485,676 2,465,676
2027 1,695,000 434,928 2,129,928
2028 1,360,000 385,556 1,745,556
2029 1,400,000 340,106 1,740,106
2030 1,445,000 292,256 1,737,256
2031 1,365,000 239,776 1,604,776
2032 1,420,000 190,674 1,610,674
2033 1,465,000 142,149 1,607,149
2034 950,000 91,370 1,041,370
2035 975,000 62,150 1,037,150
2036 500,000 30,450 530,450
2037 515,000 15,450 530,450
TOTALS $ 30,220,000 $ 6,876,308 $ 37,096,308

The debt of the General Fund reflects a twenty-year payout with interest costs primarily
carried in the first half of the overall life of the debt. The major decline in debt service is
evident and reflects a point where a major issue is retired. The retirement may be looked
upon as an opportunity to issue new debt for the continuing infrastructure and capital needs
of the community while at the same time having little or no impact on the total tax rate.

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