Page 104 - FY 2021-22 ADOPTED BUDGET

DEBT SERVICE

The 2025-26 Budget includes Debt Service expenditures of $1,268,338. These costs are $265,525 less than the
2024-25 re-estimate of $1,533,863. Principal expenditures for 2025-26 are $745,000; this total is $240,000 less
than the 2024-25 re-estimate of $985,000. Interest expenses for 2025-26 are $519,238 for a net decrease of
$25,525 compared to the 2024-25 re-estimate of $544,763. Fiscal charges for 2024-25 and for 2025-26 are $4,100.

In 2020-21 the City issued $22,000,000 in General Obligation bonds for the construction of a new municipal
complex.

The City issued certificates of obligation in the summer of 2007; this debt has no financial impact on the City. A
transfer to the Debt Service Fund from the Stormwater Utility Fund is made to cover the payment of this debt.

APPROVED CAPITAL EXPENDITURES

GENERAL FUND

N/A $ -

TOTAL $ -

FUTURE CAPITAL AND DEBT

In fiscal year 2019-20 City Council approved moving forward with the design of a new municipal complex that would
be an anchor to a new downtown. The municipal complex would house City Hall, Police Department and the Senior
Center and be located next to the current City Hall. The estimated cost is $22.0 million. The voters approved the
bond at the May 21, 2021 election and the debt was issued. Construction and debt payments began in fiscal year

2021-22. The TIF expired in November 2022 and the City no longer has to contribute to the TIF. The funds that
were paid to the TIF annually will now be used for debt service payments for the new municipal complex. There is
little impact to the City’s operating funds.

Other future capital projects and capital outlays are paid for out of the Capital Projects and Asset Replacement
funds. Purchases are on a “Pay-As-You-Go” basis, where the City saves each year for these planned capital projects
and outlays. In 2025-26 $600,000 is transferred to the Capital Projects and Asset Replacement Funds. Various

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