WS Materials 09-04-2012 - Laserfiche WebLink

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The following are additional and revised pages for the 2013 Budget book: 1. Page 16, Transfers Out This page has been revised to include a subtotal line for those transfers out for debt, $795,500. 2. Page 137, Combined Schedule of Indebtedness This replaces the previous page which had a formula error in a sub-total line. The replacement page is much more comprehensive than the previous one. This is the same schedule that is included in the Comprehensive Annual Financial Report (CAFR). This page is simply for information purposes only. It does not match or drive any budget appropriations requested in the 2013 Budget. 3. Page 138, Financing Matrix for the 2013 Budget This is a new page. The column entitled"City-wide Taxes"with a total of $795,500 drives the"Transfers Out" (page 16). As discussed above, it identifies the financing sources to be utilized in 2013 for debt service payments. The amounts included in the Community Reinvestment and Closed Bond columns are consistent with the City's Fund Balance Policy and its long-term financial plans. The review also involves the fund balance of each debt service fund including the ability to use it and the need to add to it. 4. Page 139, Scheduled tax Levies vs. Actual Comparison This is a new page. This schedule compares those levies scheduled or certified to the County resulting from the original approval of the bonds as discussed above. The Actual/Proposed City-wide Taxes column represents the proposed amount of the 2013 levy. The difference is $498,121 less than those scheduled. The majority of these reductions to our 2013 debt service tax levy are the result of the City's Fund Balance Policy and its long-term financial plans (Community Reinvestment and Closed Bond Funds). Without the foresight of the current and previous City Councils, the 2013 tax levy would be$498,121 higher than it is currently proposed. 5. Page 140, Reserves Used to Lower Debt Service Tax Levies This page is simply re-numbering the previously issued page 138. This schedule indicates the impact the City's long-term financial planning has had on the ability to reduce its debt service levies, over$11,500,000 since 2002. 6. Pages 141 through 147, Graphs of the Specific Debt Issue These are simply re-numbering the previously issued pages. These graphs compare the scheduled tax levies to the actual/proposed levies.