Fillable Section 04 Capital Debt Online Version

Fill Online, Printable, Fillable, Blank Section 04 Capital Debt Online Version Form

Use Fill to complete blank online OTHERS pdf forms for free. Once completed you can sign your fillable form or send for signing. All forms are printable and downloadable.

Section 04 Capital Debt Online Version

On average this form takes 26 minutes to complete

The Section 04 Capital Debt Online Version form is 25 pages long and contains:

  • 0 signatures
  • 0 check-boxes
  • 102 other fields

Country of origin: OTHERS
File type: PDF

BROWSE OTHERS FORMS

Related forms
Fill has a huge library of thousands of forms all set up to be filled in easily and signed.
Fill in your chosen form
Sign the form using our drawing tool
Send to someone else to fill in and sign.
find another form
 
Fund / Project CIP # Amount
General Fund
City Hall G-016 270,000
Total General Fund 270,000
Sewer Fund
Upper Flat Branch Interceptor Replacement S-016
435,000
Buckner Road Sewer Main Replacement S-020
450,000
Ellicott Lane Sewer Main Replacement S-021
400,000
Total Sewer Fund 1,285,000
Water Fund
Buckner Road Sewer Main Replacement S-020 70,000
Total Water Fund 70,000
Electric Fund
Grant Avenue (Lee Avenue to Wellington Road)
T-021
250,000
Quarry Streetscape
T-087
200,000
New Fiber Optic Loop/Ring
E-032
150,000
LED Streetlight Replacement
E-034
100,000
Manassas Airport Distribution Improvements
E-035
400,000
Point of Woods Substation Circuit Tie-Point
E-036
200,000
Total Electric Fund 1,300,000
Stormwater Fund
Alternative Stormwater BMPs D-033 61,000
Public Works & Utilities Facility Retrofit D-034 250,000
Total Stormwater Fund 311,000
Airport Fund
Rehabilitate and Widen Taxiway B A-074
8,000
West Corporate Development Site/Drainage Improvements A-087
300,000
Taxiway B Lighting System Upgrades A-095
1,000
Total Airport Fund 309,000
Total Local Share - FY 2021 Capital Projects Pay-Go 3,545,000
The Five-Year Capital Improvement program includes projects that the City has identified that meet the definition
of a capital project. A capital project is a project with a total cost in excess of $100,000 and
a useful life of at
least 10 years. Projects that are capital in nature but do not meet this criteria are considered maintenance capital
projects.
CAPITAL PROGRAM
FY2021CapitalProjectsPay‐Go
99
Fund / Project CIP # Amount
General Fund
School Playground Equipment Replacement
C-007
60,000
Harris Pavilion Improvements
C-044
100,000
Stonewall Pool Improvements
C-046
35,000
911 Calling System
P-026
235,000
Supplemental Street Paving
T-066
300,000
Total General Fund 730,000
Sewer Fund
Sewer Main Replacement S-023 40,000
Total Sewer Fund 40,000
Water Fund
Main Replacement/Looping
W-050 495,000
Water Plant Improvements
W-070
200,000
Total Water Fund 695,000
Electric Fund
Underground Cable and Termination Replacement E-030 400,000
Alternative Generation Initiatives E-031 300,000
Place Overhead Lines Underground (Non-Transportation) E-033 500,000
Substation Capacity and Reliability Improvements E-037 325,000
Total Electric Fund 1,525,000
Stormwater Fund
Stormwater/Drainage Maintenance Program D-029 35,000
Floodplain Mapping Update Program
D-030 65,000
Drainage Maintenance & Construction
D-035 163,000
Total Stormwater Fund 263,000
CAPITAL PROGRAM
FY2021MaintenanceCapitalProjectsPay‐G
o
A capital project is a project with a total cost in excess of $100,000 and a useful life of at least 10 years. Projects
that are capital in nature but do not meet this criteria are considered maintenance capital projects. While not part
of the Five-Year Capital Improvement Program (CIP), summary schedules of these projects are included in the
CIP for informational purposes.
100
Fund / Project CIP # Amount
CAPITAL PROGRAM
FY2021MaintenanceCapitalProjectsPay‐G
o
A capital project is a project with a total cost in excess of $100,000 and a useful life of at least 10 years. Projects
that are capital in nature but do not meet this criteria are considered maintenance capital projects. While not part
of the Five-Year Capital Improvement Program (CIP), summary schedules of these projects are included in the
CIP for informational purposes.
Airport Fund
Airport Paving Program (Outside Airfield) A-058 23,000
Master Plan Study A-059 12,000
Airfield Paving Program A-084 7,000
Air Traffic Control Tower Repairs A-088 50,000
Terminal Elevator Pump Control Replacement A-089 45,000
Total Airport Fund 137,000
School Fund
School Playground Equipment Replacement
C-007
60,000
60,000
Total Local Share - FY 2021 Maintenance Capital Projects Pay-Go 3,450,000
101
Street Name and Section Rating Sq. Yards Amount
Wellington Road (Dean Drive to Amaryllis Avenue) 15 11,556 139,799
Wellington Road (Berkshire Street to Dean Drive) 15 11,556 139,799
Wellington Road (Turn Lanes) NA 3,467 41,940
Rolling Road (Sudley Road to Country Lane) 20 7,822 94,633
Rolling Road (Country Lane to Ashton Avenue) 20 10,267 124,206
Godwin Drive (Nokesville Road to Wellington Road) 21 18,778 271,790
Godwin Drive (Wellington Road to Sudley Road) 21 18,800 272,111
Godwin Drive (Turn Lanes) NA 6,013 87,037
Concrete (associated with paving above streets) NA NA 128,685
Total Local Share - FY 2021 Street Paving Program 1,300,000
CAPITAL PROGRAM
FY2021StreetPaving
VDOT PAVEMENT RATINGS - CCI INDEX
The City has $1.3 million in funding for street paving/resurfacing including $1 million in the Public Works General
Fund operating budget and $300,000 in the Supplemental Street Paving maintenance capital project.
The industry standard for paving roads is every 15-20 years. The City has advanced its efforts to achieve a
targeted 16.2 year paving cycle goal. The City aims to achieve an average paving rate of 60. Several factors are
taken into consideration when scheduling paving including pavement ratings as determined by the CCI (Critical
Condition Index).
0 102030405060708090100
VeryPoor(0‐49)
Poor
(50‐59)
Fair
(60‐69)
Good(70‐89)
Excellent
(90+)
102
Description (Vehicle #) Quantity Unit Cost Amount
Police Sedan (PD26)
1
35,000
35,000
Police Utility (PD 30, 32, 62, 63, 68)
5
50,000
250,000
Police F250 4X4 Ext Cab (PD 10)
1
35,000
35,000
Police Chevy Spark (PD 24, 25, 71, 72)
4
15,000
60,000
Public Works Ford Ranger Crew Cab (A6)
1
30,000
30,000
Buildings F250 Ext Cab Utility (A12)
1
45,000
45,000
Parks Tractor (R9)
1
38,000
38,000
Streets Dump Truck/Plow/Spreader (S11)
1
155,000
155,000
Streets F450 4X4 Dump Truck/Plow/Spreader (S59)
1
65,600
65,600
Total Vehicle Maintenance Fund 16 713,600
Water Dosan Light Tower (W40)
1 9,000 9,000
Water F150 4X4 Reg Cab (W36)
1 28,000 28,000
Water F150 2WD Reg Cab (W42)
1 25,000 25,000
Electric F250 4X4 Ext Cab Plow (E45)
1 38,000 38,000
Electric 2WD Ranger (E33)
1 27,000 27,000
Electric F250 4X4 Ext Cab Long Bed Utility (E31)
1 49,000 49,000
Electric Derrik Digger Truck (E7)
1 300,000 300,000
Total Utility Funds 7 476,000
Total Local Share - FY 2021 Vehicles 23 1,189,600
CAPITAL PROGRAM
FY2021Vehicles
The Vehicle Maintenance Fund purchases all vehicles for the City of Manassas with the exception of fire
engines and ambulances (apparatus). Factors taken into consideration for determining replacement are age,
mileage, and general vehicle condition. Utility and Airport funds reimburse the Vehicle Maintenance Fund for
vehicle replacements directly whereas other departments pay higher support costs to fund future vehicle
replacements. The Fire and Rescue Fund fully funds the replacement of apparatus.
103
Fund / Equipment Description Amount
Fire and Rescue Fund
EMS Equipment Replacement 30,000
Total Fire and Rescue Fund 30,000
PEG Fund
PEG Channel Broadcasting Equipment 150,000
Total PEG Fund 150,000
Water Fund
Source Water Protection Sampling Equipment 40,000
Total Water Fund 40,000
Electric Fund
Vehicle Charging Station Upgrades (2)
15,000
Prince William Water Tower Generator Replacement 50,000
Smoke Stacks Replacement (2 per year) 40,000
SQL Server Replacement 12,000
Total Electric Fund 117,000
Airport Fund
Lighted X for Runway and Taxiway Closures 25,000
Total Airport Fund 25,000
Solid Waste Fund
Leaf Box Replacement 7,000
Total Solid Waste Fund 7,000
Building Maintenance Fund
City Hall Mechanical Room HVAC Replacement 40,000
City Hall Exterior Lighting Replacement (LED) 25,000
PW&UT Exterior Lighting Replacement (LED) 25,000
Harris Pavilion Exterior Lighting Replacement (LED) 10,000
Total Building Maintenance Fund 100,000
CAPITAL PROGRAM
FY2021Equipment(Purchases)
The City identifies a capital asset as a tangible or intangible asset that has an initial useful life of more than one
year and has an initial cost of $5,000 or more. The cost of a capital asset includes all necessary charges
incurred to acquire or construct an asset. In the case of computers, these devices are not capitalized individually;
instead the entire computer system is treated as a single capital asset.
104
Fund / Equipment Description Amount
CAPITAL PROGRAM
FY2021Equipment(Purchases)
The City identifies a capital asset as a tangible or intangible asset that has an initial useful life of more than one
year and has an initial cost of $5,000 or more. The cost of a capital asset includes all necessary charges
incurred to acquire or construct an asset. In the case of computers, these devices are not capitalized individually;
instead the entire computer system is treated as a single capital asset.
Vehicle Maintenance Fund
Bay 4 Vehicle Lift Replacement
20,000
Total Vehicle Maintenance Fund 20,000
Information Technology Fund
Servers 30,000
Anticipated Mid-Year Purchase Requests 50,000
Utility Billing Upgrade 40,000
Total Information Technology Fund 120,000
Total Local Share - FY 2021 Capital Equipment (Purchases) 609,000
Capital Projects Pay-Go 3,545,000
Maintenance Capital Projects Pay-Go 3,150,000
Street Paving 1,300,000
Vehicles 1,189,600
Equipment Purchases 609,000
Total Local Share 9,793,600
Other Sources for Capital Projects 56,420,000
Other Sources for Maintenance Capital Projects 1,438,000
Virginia Railway Express 320,000
Total Other Sources 58,178,000
TOTAL 67,971,600
FY 2021 Capital Program Expenditure Summary
LocalShare
forallCapital
15%
OtherSources
forCIP
83%
OtherSources
for
Maintenance
CIP
2%
105
Aaa
ObligationsratedAaaare
j
udgedtobeofthehighest
quality,subjecttothelowestlevelofcreditrisk
Aa
ObligationsratedAaare
j
udgedtobeofhighqualityand
aresubjecttoverylowcreditrisk
A
ObligationsratedAare
j
udged tobeupper‐mediumgrade
andaresubjecttolowcreditrisk
ObligationsratedBaaare
j
udgedtobemedium‐grade and
subjecttomoderatecreditriskandassuchmaypossess
Baa
certainspeculativecharacteristics
Ba
ObligationsratedBaarejudgedtobespeculativeandare
subjecttosubstantialcreditrisk
B
ObligationsratedBareconsideredspeculativeandare
subjecttohighcreditrisk
Caa
ObligationsratedCaaare
j
udgedtobespeculativeofpoor
standingandaresubjecttoveryhighcreditrisk
ObligationsratedCaarehighlyspeculativeandarelikely
in,orverynear,default,withsomeprospectofrecovery
Ca
ofprincipalandinterest
ObligationsratedCarethelowestratedandaretypically
indefault,withlittleprospectforrecoveryofprincipalor
C
interest
DEBT MANAGEMENT
BondRatings
The City’s General Obligation Debt ratings with Moody's Investors Service and Standard and Poor's Rating Services
are Aa1 (Moody’s Investor Services) and AAA (Standard & Poor’s).
The ratings were affirmed in April 2019. Remarks from the ratings include:
•
Strong economy, with access to a broad and diverse metropolitan statistical area
•
Very strong management, with strong financial policies and practices
•
Strong budgetary performance, with operating surpluses in the general fund and at the total governmental
fund level in fiscal 2018
•
Very strong budgetary flexibility, with an available fund balance in fiscal 2018 of 29% of operating
expenditures
•
Very strong liquidity, with total government available cash at 96.5% of total governmental fund expenditures
and 12.4% governmental debt service, and access to external liquidity considered strong
•
Very strong institutional framework score
•
Ongoing economic expansion driving moderate growth in taxable values
•
Improving financial position supported by formal fiscal policies and improved revenue growth trends
Moody’s Investor Services Rating Scales Standard & Poor’s Rating Scale
City’s S&P
Rating
AAA
City’s Moody's
Rating
Aa1
AAA
AA
•
Extremelystrongcapacitytomeetfinancialcommitments.
HighestRating
•
Verystrongcapacitytomeetfinancialcommitments
•
Strongcapacitytomeetfinancialcommitments,but
somewhatsusceptibletoadverseeconomicconditionsand
A
changesincircumstance
BBB
•
Adequatecapacitytomeetfinancialcommitments,butmore
subjecttoadverseeconomicconditions
•
Lessvulnerableinthenear‐termbutfacesmajorongoing
uncertaintiestoadversebusiness,financialandeconomic
BB
conditions
CCC
•
Currentlyvulnerableanddependentonfavorablebusiness,
financialandeconomicconditionstomeetfinancial
commitments
•
Highlyvulnerable;defaulthasnotyetoccurred,butitis
CC
expectedtobeavirtualcertainty
•
Currentlyhighlyvulnerabletonon‐payment,andultimate
recoveryisexpectedtobelowerthanthatofhigherrates
C
obligations
S& P ratings may be modified by the addition of
a plus (+) or minus (-) sign to show relative
standing within the major category rating.
Moody's appends numerical modifiers 1, 2, and
3 to each generic rating classification from Aa
through Caa. Modifier 1 indicates that the
obligation ranks in the higher end of its generic
rating category.
106
STATE DEBT LIMITS
Legal Debt Margin Calculation for June 30, 2020
Assessed value of taxable real property as of January 1, 2019
Debt Limit - 10% of assessed valuation
Direct Debt outstanding chargeable to debt limit at June 30, 2020
Legal Debt Margin Remaining
Total Net Debt Applicable to Limit as a Percent of Debt Limit
2015
2016 2017 2018 2019 2020
24.26% 21.54% 23.97% 21.60% 21.60% 27.28%
CITY DEBT LIMITS (PER POLICY)
• Net debt as a percentage of estimated market value of taxable real property shall not exceed 3.0%. Net debt is
defined as any and all debt that is tax-supported. Should this ratio exceed 3%, staff must request an exception
from the City Council stating the justification and expected duration of the policy exemption.
As of August 31, 2016, this ratio was 1.90%, which is within the policy limit.
• Debt service expenditures a percentage of total governmental fund expenditures shall not exceed 15.0%.
Should this ratio exceed 15%, staff must request an exception from the City Council stating the justification and
expected duration of the policy exception.
As of August 31, 2016, this ratio was 7.0%, which is within the policy limit.
• Payout of aggregate outstanding tax-supported debt principal shall be no less than 50% repaid in 10 years.
Should this ratio fall below 50%, staff must request an exception from the City Council stating the justification
and expected duration of the policy exception.
As of August 31, 2016, the 10-year payout ratio was 62.1%, which is within the policy limit.
DEBT MANAGEMENT
DebtLimits
Pursuant to the Constitution of Virginia and the Public Finance Act of 1991, a City in Virginia is authorized to issue
bonds and notes secured by the pledge of its full faith and credit. The Constitution and the Public Finance Act
limit the indebtedness which may be incurred by cities to 10% of the assessed valuation of real estate subject to
local taxation.
5,063,746,000$
506,374,600
The City's Debt Policy is outlined as part of it's Financial Policies.
138,146,971
368,227,629$
2013
2014
18.51% 19.19%
107
DEBT MANAGEMENT
DebtLimits
OUTSTANDING DEBT SUPPORTED BY TAXPAYERS PER CAPITA
FY 12
FY 13
FY 14
FY 15
FY 16
FY 17
FY 18
FY 19
FY 20
FY 21
Debt per capita above reflects all general obligation bonds, both tax-supported and enterprise fund supported in
accordance with the reporting requirements of the Comprehensive Annual Financial Report (CAFR).
2,595$
1,909$
2,783$
2,986$
2,523$
Source: 2019 Comprehensive Annual Financial Report (FY12-18)
Estimated by Budget Office (FY19-21)
3,509$
3,332$
2,736$
1,821$
1,967$
Year Begin. Amount
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
108
DEBT OVERVIEW
OUTSTANDING DEBT
Principal Interest Total
FY 2021 9,260,558 5,509,641 14,770,199
FY 2022 9,481,029 5,100,958 14,581,987
FY 2023 9,546,507 4,634,146 14,180,653
FY 2024 9,851,992 4,158,270 14,010,262
FY 2025 10,157,485 3,662,352 13,819,837
FY 2026 8,922,985 3,203,310 12,126,295
FY 2027 7,653,493 2,803,601 10,457,094
FY 2028 7,924,009 2,438,367 10,362,376
FY 2029 6,944,533 2,113,476 9,058,009
FY 2030 7,125,065 1,826,384 8,951,449
FY 2031 6,955,605 1,536,386 8,491,991
FY 2032 6,843,710 1,278,582 8,122,292
FY 2033 7,000,000 1,042,328 8,042,328
FY 2034 7,165,000 810,031 7,975,031
FY 2035 6,395,000 583,925 6,978,925
FY 2036 4,040,000 438,463 4,478,463
FY 2037 4,100,000 327,537 4,427,537
FY 2038 2,875,000 227,657 3,102,657
FY 2039 2,930,000 138,750 3,068,750
FY 2040 2,975,000 46,484 3,021,484
$138,146,971 $41,880,649 $180,027,620
The City will have $138,146,971 (principal only) of outstanding bonded debt as of June 30, 2020. The Enterprise
Funds (Sewer, Water, Electric, Airport, and Stormwater) pay the debt service on the bonds related to their
function. Of the total debt principal, $45,193,931, or 33%, is enterprise debt. The remaining debt principal of
$92,953,040 is supported by the taxpayers via the General Fund, Fire and Rescue Fund and School Funds. This
tax-supported debt is paid out of the Debt Service Fund through transfers from the respective governmental funds
and enterprise debt is paid directly from the appropriate enterprise funds. The per capita outstanding bond
principal supported by taxpayers as of June 30, 2020 will be $3,332 - of this only $2,242 is related to the tax-
supported debt of governmental funds.
DebtService
DEBT MANAGEMENT
DebtService
Fund
$11,132,360
General
Fund
Transfer
$4,609,520
Fireand
RescueFund
Transfer
$770,000
Schools
Fund
Transfer
$5,752,840
SewerFund
Debt
$1,737,010
WaterFund
Debt
$1,964,610
ElectricFund
Debt
$333,840
Stormwater
FundDebt
$181,410
AirportFund
Debt
$240,420
Enterprise
Funds
33%
Schools
32%
PublicImp.
(General)
27%
PublicImp.
(Fire)
7%
FY2021Budget
DebtServicebyFund
109
DebtService
DEBT MANAGEMENT
Public Improvement Bonds - General Fund Debt Service
Amount Pay Off Year
Series 2010 D 174,930$ FY 2025
Series 2016 Refunding 812,520$ FY 2026
Series 2010 VML/VACO 187,828$ FY 2030
Series 2014 C Refunding 41,049$ FY 2031
Series 2014 A 268,564$ FY 2034
Series 2016 285,131$ FY 2037
Series 2019 2,180,513$ FY 2040
Year Principal Interest Total Year Principal Interest Total
FY 2021 2,429,860 1,520,675 3,950,535 FY 2031 1,750,720 450,713 2,201,433
FY 2022 2,458,250 1,413,581 3,871,831 FY 2032 1,617,520 383,005 2,000,525
FY 2023 2,504,010 1,290,908 3,794,918 FY 2033 1,625,980 323,404 1,949,384
FY 2024 2,554,180 1,165,910 3,720,090 FY 2034 1,634,440 263,287 1,897,727
FY 2025 2,599,940 1,036,561 3,636,501 FY 2035 1,380,000 208,319 1,588,319
FY 2026 2,648,880 908,706 3,557,586 FY 2036 1,375,000 169,125 1,544,125
FY 2027 1,871,230 798,439 2,669,669 FY 2037 1,375,000 130,006 1,505,006
FY 2028 1,883,320 709,270 2,592,590 FY 2038 1,190,000 92,225 1,282,225
FY 2029 1,894,670 622,099 2,516,769 FY 2039 1,190,000 55,781 1,245,781
FY 2030 1,900,160 536,214 2,436,374 FY 2040 1,190,000 18,594 1,208,594
22,744,500 10,002,363 32,746,863 14,328,660 2,094,458 16,423,118
Total 37,073,160$ 12,096,821$ 49,169,981$
The General Fund Debt Service for FY 2021 will be $3,950,535 reflecting an increase of $1,487,895 or 60.4%
from prior year debt service. This increase is due to this being the first full year of payments on the May, 2019
Series 2019 bond issue. General Fund debt service is tax-supported debt. The General Fund will transfer
$4,609,520 to the Debt Service Fund in FY 2021, approximately $600K above current debt service to build future
debt capacity.
FY 2021 General Fund debt issue payments are as follows:
‐
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
FY21 FY23 FY25 FY27 FY29 FY31 FY33 FY35 FY37 FY39
GeneralFundDebtServicePayments
Principal Interest
110
DebtService
DEBT MANAGEMENT
Public Improvement Bonds - Fire and Rescue Fund Debt Service
Amount Pay Off Year
Series 2016 522,200$ FY 2037
Series 2019 246,544$ FY 2040
Year Principal Interest Total Year Principal Interest Total
FY 2021 440,000 328,744 768,744 FY 2031 585,000 112,394 697,394
FY 2022 450,000 311,069 761,069 FY 2032 595,000 97,219 692,219
FY 2023 465,000 288,194 753,194 FY 2033 605,000 82,225 687,225
FY 2024 480,000 264,569 744,569 FY 2034 615,000 66,431 681,431
FY 2025 500,000 240,069 740,069 FY 2035 625,000 50,794 675,794
FY 2026 520,000 214,569 734,569 FY 2036 635,000 35,691 670,691
FY 2027 535,000 188,194 723,194 FY 2037 650,000 20,306 670,306
FY 2028 555,000 165,144 720,144 FY 2038 135,000 10,463 145,463
FY 2029 565,000 145,644 710,644 FY 2039 135,000 6,328 141,328
FY 2030 575,000 128,044 703,044 FY 2040 135,000 2,109 137,109
5,085,000 2,274,240 7,359,240 4,715,000 483,960 5,198,960
Total 9,800,000$ 2,758,200$ 12,558,200$
The Fire and Rescue Fund Debt Service for FY 2021 will be $768,744, reflecting an increase of $173,931 or
22.6% from prior year debt service. This increase is due to this being the first full year of payments on the May,
2019 Series 2019 bond issue. Fire and Rescue Fund debt service is tax-supported debt.
FY 2021 Fire and Rescue Fund debt issue payments are as follows:
‐
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
FY21 FY23 FY25 FY27 FY29 FY31 FY33 FY35 FY37 FY39
FireandRescueFundDebtService
Principal Interest
111
DebtService
DEBT MANAGEMENT
School Bonds - Schools Funds
Amount Pay Off Year
Series 2010 D - Refunding 1,910,250$ FY 2025
Series 2016 - Refunding 284,475$ FY 2026
Series 2014 A 410,466$ FY 2034
Series 2014 C 2,446,800$ FY 2035
Series 2016 541,680$ FY 2037
Year Principal Interest Total Year Principal Interest Total
FY 2021 3,732,980 1,860,691 5,593,671 FY 2030 2,556,955 513,948 3,070,903
FY 2022 3,810,600 1,693,761 5,504,361 FY 2031 2,649,885 416,805 3,066,690
FY 2023 3,910,530 1,501,056 5,411,586 FY 2032 2,740,660 315,559 3,056,219
FY 2024 4,024,615 1,303,055 5,327,670 FY 2033 2,833,590 221,487 3,055,077
FY 2025 4,139,545 1,099,274 5,238,819 FY 2034 2,916,520 135,453 3,051,973
FY 2026 2,699,165 934,513 3,633,678 FY 2035 2,590,000 46,275 2,636,275
FY 2027 2,273,940 816,618 3,090,558 FY 2036 180,000 6,075 186,075
FY 2028 2,372,560 708,900 3,081,460 FY 2037 180,000 2,025 182,025
FY 2029 2,468,335 608,123 3,076,458
29,432,270 10,525,991 39,958,261 16,647,610 1,657,627 18,305,237
Total 46,079,880$ 12,183,618$ 58,263,498$
The Schools Debt Service for FY 2021 will be $5,593,671, reflecting a decrease of $86,138 or 1.5% from prior
year debt service. This decrease is due annual roll-off. Schools debt service is tax-supported debt. The Schools
will transfer $5,752,840 to the Debt Service Fund in FY 2021, approximately $159K above current debt service to
build future debt capacity.
FY 2021 Schools debt issue payments are as follows:
‐
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
FY21 FY23 FY25 FY27 FY29 FY31 FY33 FY35 FY37
SchoolFundDebtService
Principal Interest
112
DebtService
DEBT MANAGEMENT
Sewer Bonds - Sewer Fund Debt Service
Amount Pay Off Year
Series 2014 C - Refunding 1,202,863$ FY 2028
Series 2019 534,138$ FY 2040
Year Principal Interest Total Year Principal Interest Total
FY 2021 1,070,000 667,000 1,737,000 FY 2031 385,000 148,138 533,138
FY 2022 1,115,000 618,638 1,733,638 FY 2032 400,000 130,513 530,513
FY 2023 1,165,000 561,638 1,726,638 FY 2033 420,000 114,113 534,113
FY 2024 1,225,000 501,888 1,726,888 FY 2034 435,000 97,013 532,013
FY 2025 1,285,000 439,138 1,724,138 FY 2035 450,000 81,563 531,563
FY 2026 1,355,000 373,138 1,728,138 FY 2036 465,000 68,128 533,128
FY 2027 1,425,000 303,638 1,728,638 FY 2037 480,000 54,244 534,244
FY 2028 1,495,000 230,638 1,725,638 FY 2038 490,000 39,694 529,694
FY 2029 345,000 184,638 529,638 FY 2039 510,000 24,375 534,375
FY 2030 365,000 166,888 531,888 FY 2040 525,000 8,203 533,203
10,845,000 4,047,238 14,892,238 4,560,000 765,981 5,325,981
Total 15,405,000$ 4,813,219$ 20,218,219$
The Sewer Fund Debt Service for FY 2021 will be $1,737,000, reflecting an increase of $332,096 or 23.6% from
prior year debt service. This increase is due to this being the first full year of payments on the May, 2019 Series
2019 bond issue. Sewer Fund debt service is supported by sewer utility rates. The debt service schedule for the
Sewer Fund does not include UOSA Debt.
FY 2021 Sewer Fund debt issue payments are as follows:
‐
500,000
1,000,000
1,500,000
2,000,000
FY21 FY23 FY25 FY27 FY29 FY31 FY33 FY35 FY37 FY39
SewerFundDebtService
Principal Interest
113
DebtService
DEBT MANAGEMENT
Water Bonds - Water Fund Debt Service
Amount Pay Off Year
Series 2009 VRA - Refunding 210,759$ FY 2022
Series 2010 D 168,070$ FY 2025
Series 2010 VML/VACO 248,981$ FY 2030
Series 2014 C - Refunding 39,439$ FY 2031
Series 2016 153,675$ FY 2037
Series 2019 1,143,675$ FY 2040
Year Principal Interest Total Year Principal Interest Total
FY 2021 1,075,700 888,900 1,964,600 FY 2031 1,094,750 341,320 1,436,070
FY 2022 1,118,950 836,651 1,955,601 FY 2032 1,000,000 298,000 1,298,000
FY 2023 949,650 786,358 1,736,008 FY 2033 1,040,000 259,863 1,299,863
FY 2024 990,350 739,462 1,729,812 FY 2034 1,075,000 220,100 1,295,100
FY 2025 1,026,050 688,114 1,714,164 FY 2035 1,115,000 183,644 1,298,644
FY 2026 1,076,750 634,623 1,711,373 FY 2036 1,150,000 151,400 1,301,400
FY 2027 1,117,450 577,815 1,695,265 FY 2037 1,175,000 118,256 1,293,256
FY 2028 1,166,000 520,030 1,686,030 FY 2038 1,060,000 85,275 1,145,275
FY 2029 1,211,700 461,655 1,673,355 FY 2039 1,095,000 52,266 1,147,266
FY 2030 1,256,850 402,314 1,659,164 FY 2040 1,125,000 17,578 1,142,578
10,989,450 6,535,920 17,525,370 10,929,750 1,727,701 12,657,451
Total 21,919,200$ 8,263,622$ 30,182,822$
The Water Fund Debt Service for FY 2021 will be $1,964,600, reflecting an increase of $692,655 or 54.5% from
prior year debt service. This increase is due to this being the first full year of payments on the May, 2019 Series
2019 bond issue. Water Fund debt service is supported by water utility rates.
FY 2021 Water Fund debt issue payments are as follows:
‐
500,000
1,000,000
1,500,000
2,000,000
2,500,000
FY21 FY23 FY25 FY27 FY29 FY31 FY33 FY35 FY37 FY39
WaterFundDebtService
Principal Interest
114
DebtService
DEBT MANAGEMENT
Electric Bonds - Electric Fund Debt Service
Amount Pay Off Year
Series 2014 A 273,326$ FY 2034
Series 2016 60,506$ FY 2037
Year Principal Interest Total Year Principal Interest Total
FY 2021 201,460 132,373 333,833 FY 2030 281,035 50,357 331,392
FY 2022 207,200 124,489 331,689 FY 2031 294,645 42,087 336,732
FY 2023 220,810 114,004 334,814 FY 2032 301,820 33,199 335,019
FY 2024 230,855 102,964 333,819 FY 2033 310,430 23,734 334,164
FY 2025 244,465 91,296 335,761 FY 2034 319,040 13,910 332,950
FY 2026 250,205 83,062 333,267 FY 2035 60,000 3,375 63,375
FY 2027 257,380 74,656 332,036 FY 2036 60,000 2,025 62,025
FY 2028 268,120 66,409 334,529 FY 2037 60,000 675 60,675
FY 2029 275,295 58,366 333,661
2,155,790 847,619 3,003,409 1,686,970 169,362 1,856,332
Total 3,842,760$ 1,016,981$ 4,859,741$
The Electric Fund Debt Service for FY 2021 will be $333,833, reflecting a minor increase of $219 or 0.1% from
the prior year debt service. Electric Fund debt service is supported by electric utility rates.
FY 2021 Electric Fund debt issue payments are as follows:
‐
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
FY21 FY23 FY25 FY27 FY29 FY31 FY33 FY35 FY37
ElectricFundDebtService
Principal Interest
115
DebtService
DEBT MANAGEMENT
Stormwater Bonds - Stormwater Fund Debt Service
Amount Pay Off Year
Series 2016 181,406$ FY 2037
Year Principal Interest Total Year Principal Interest Total
FY 2021 105,000 76,406 181,406 FY 2030 155,000 27,306 182,306
FY 2022 110,000 72,606 182,606 FY 2031 160,000 24,156 184,156
FY 2023 115,000 66,981 181,981 FY 2032 165,000 20,906 185,906
FY 2024 120,000 61,106 181,106 FY 2033 165,000 17,503 182,503
FY 2025 130,000 54,856 184,856 FY 2034 170,000 13,838 183,838
FY 2026 135,000 48,231 183,231 FY 2035 175,000 9,956 184,956
FY 2027 140,000 41,356 181,356 FY 2036 175,000 6,019 181,019
FY 2028 150,000 35,606 185,606 FY 2037 180,000 2,025 182,025
FY 2029 150,000 31,106 181,106
1,155,000 488,254 1,643,254 1,345,000 121,709 1,466,709
Total 2,500,000$ 609,963$ 3,109,963$
The Stormwater Fund Debt Service for FY 2021 will be $181,406, reflecting an a minor decrease of $2,100 or
1.1% from prior year debt service. Stormwater Fund debt service is supported by stormwater utility fees.
FY 2021 Stormwater Fund debt issue payments are as follows:
‐
50,000
100,000
150,000
200,000
FY21 FY23 FY25 FY27 FY29 FY31 FY33 FY35 FY37
StormwaterFundDebtService
Principal Interest
116
DebtService
DEBT MANAGEMENT
Airport Bonds - Airport Fund Debt Service
Amount Pay Off Year
Series 2014 D - Refunding 204,033$ FY 2026
Series 2016 VRA 36,379$ FY 2032
Year Principal Interest Total Year Principal Interest Total
FY 2021 205,558 34,853 240,411 FY 2027 33,493 2,886 36,379
FY 2022 211,029 30,164 241,193 FY 2028 34,009 2,370 36,379
FY 2023 216,507 25,008 241,515 FY 2029 34,533 1,846 36,379
FY 2024 226,992 19,316 246,308 FY 2030 35,065 1,314 36,379
FY 2025 232,485 13,044 245,529 FY 2031 35,605 774 36,379
FY 2026 237,985 6,469 244,454 FY 2032 23,710 182 23,892
1,330,556 128,854 1,459,410 196,415 9,372 205,787
Total 1,526,971$ 138,226$ 1,665,197$
The Airport Fund Debt Service for FY 2021 will be $240,411, reflecting a minor increase of $1,331 or 0.6% from
the prior year debt service. Airport Fund debt services is supported by Airport rentals and leases.
FY 2021 Airport Fund debt issue payments are as follows:
‐
50,000
100,000
150,000
200,000
250,000
300,000
FY21 FY23 FY25 FY27 FY29 FY31
AirportFundDebtService
Principal Interest
117
DEBT MANAGEMENT
BondDescriptions
BOND SERIES 2009 VRA REFUNDING - RATE: 4.13 – 5.13%; ISSUED: $1,850,000
General Obligation Bonds - the proceeds were issued to refund the Bond Series 2002 VRA obligations of the City.
BOND SERIES 2010 VML/VACO - RATE: 2.00 – 6.067%; ISSUED: $5,115,000
General Obligation Recovery Zone Economic Development Bonds - the proceeds were issued to finance
transportation projects including the VRE Parking Garage and Wellington Road; General Obligation Build America
Bonds - the proceeds were issued to finance improvements to the Water Treatment Plant; General Obligation
Bonds - the proceeds were issued to finance improvements to the Water Treatment Plant.
BOND SERIES 2010 D & D REFUNDING -
RATE: 2.00 – 5.00%; ISSUED: $21,545,000
General Obligation Bonds – the proceeds were issued to finance improvements of roads, public safety, and the
City’s Water System and to refund the Bond Series 2004 obligations of the City.
BOND SERIES 2014 A - RATE: 3.00 – 5.00%; ISSUED: $13,525,000
General Obligation Bonds – the proceeds were issued to finance capital improvements for the City including
transportation and drainage projects, School capital improvements, and Electric capital improvements including
expansion of the Airport substation.
BOND SERIES 2014 C & C REFUNDING -
RATE: 2.00 - 5.00%; ISSUED: $46,895,000
General Obligation Bonds – the proceeds were issued to finance the construction of a new elementary school and
to refund a portion of the Bond Series 2005 B, 2007 VML/VACO, and 2010 D obligations of the City.
BOND SERIES 2014 D REFUNDING - RATE: 0.50 – 3.00%; ISSUED: $1,700,000
Taxable General Obligation Bonds – the proceeds were issued to refund a portion of the Bond Series 2005 C
obligations of the City.
BOND SERIES 2016 & REFUNDING - RATE: 2.00 - 5.00%; ISSUED: $29,495,000
General Obligation Bonds – the proceeds were issued to finance the acquisition, construction, extension,
renovation and equipping of public school, public safety, utility and general governmental improvements and to
refund a portion of the Bond Series 2014 A and 2014 B.
BOND SERIES 2016 VRA - RATE: 1.5344%; ISSUED: $2,010,000
General Obligation Bonds – the proceeds were issued to finance improvements at the City’s Airport.
BOND SERIES 2019 - RATE: 2.875 - 5.00%; ISSUED: $50,200,000
General Obligation Bonds – the proceeds were issued to finance the acquisition, construction, extension,
replacement, renovation and equipping of public safety, parks, culture and recreation, transportation, utility and
general governmental improvements.
118
Download
Save PDF to desktop
Email
Email completed PDF
Send for Signing
Email for others to sign
Print
Print document
Choose a Field
Click on a field and
select the person that should complete it
Want to add a signature?
You can add a signature field
and assign it to someone else
to sign
Choose a Field
Click on a field and
select the person that should complete it

Section 04 Capital Debt Online Version

This document is locked as it has been sent for signing.

You have successfully completed this document.

Other parties need to complete fields in the document. You will recieve an email notification when the document has been completed by all parties.

This document has been signed by all parties.

Completed 14 July 2020

Message

View Audit Log
Print With Audit Log
Duplicate Document