Page 148 - Saginaw FY21 Annual Budget

CITY OF SAGINAW
GENERAL LONG TERM DEBT REQUIREMENTS FUTURE YEARS

2020-2021

SEPTEMBER 30, PRINCIPAL INTEREST TOTAL

2021 2,725,000 1,402,319 4,127,319
2022 2,660,000 1,318,808 3,978,808
2023 2,705,000 1,261,943 3,966,943
2024 2,765,000 1,203,982 3,968,982
2025 2,850,000 1,141,903 3,991,903
2026 2,800,000 1,078,700 3,878,700
2027 2,535,000 1,006,351 3,541,351
2028 2,225,000 935,102 3,160,102
2029 2,285,000 867,170 3,152,170
2030 2,360,000 787,388 3,147,388
2031 2,325,000 701,776 3,026,776
2032 2,425,000 614,274 3,039,274
2033 2,505,000 525,549 3,030,549
2034 2,030,000 433,170 2,463,170
2035 2,100,000 360,750 2,460,750
2036 1,675,000 284,050 1,959,050
2037 1,730,000 222,050 1,952,050
2038 1,265,000 158,000 1,423,000
2039 1,320,000 107,400 1,427,400
2040 1,365,000 54,600 1,419,600
TOTALS $ 44,650,000 $ 14,465,286 $ 59,115,286

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.

148