2012 Budget - South Suburban Parks and Recreation
2012 Budget - South Suburban Parks and Recreation 2012 Budget - South Suburban Parks and Recreation
South Suburban Park and Recreation District Debt Service Fund Budget Overview Debt Service Fund This fund is used to account for the accumulation of resources for, and the payment of general long-term obligation principal, interest and related costs. Property Taxes are assessed to cover the annual debt service payments for all voter approved General Obligation Debt. The major revenue source in this fund is property taxes. Expenditures are for principal and interest payments, collection fees, and paying agent fees. The annual budget for Property taxes is based on the assessed valuation received from each county and the historical collection rate. Below is a table showing the tax levy and taxes collected for the last twelve years for the payment of general long-term obligation bonds: GO Bond Property Taxes Est. Outstanding Percentage Collection GO Debt Tax Delinquent Collected Year Levy Collection Taxes to Levy 2001 $ 4,407,694 $ 4,347,309 $ 60,385 98.63% 2002 4,210,988 4,168,457 42,531 98.99% 2003 3,901,230 3,874,702 26,528 99.32% 2004 3,812,193 3,790,082 22,111 99.42% 2005 3,733,207 3,693,262 39,945 98.93% 2006 3,735,067 3,726,850 8,217 99.78% 2007 3,612,687 3,574,754 37,933 98.95% 2008 3,607,014 3,569,501 37,513 98.96% 2009 3,505,560 3,485,576 19,984 99.43% 2010 3,692,505 3,625,513 66,992 98.19% 2011 Estimate 3,694,007 3,657,067 36,940 99.00% 2012 Budget 3,702,204 3,665,182 37,022 99.00% 252
South Suburban Park and Recreation District Debt Service Fund Budget Overview The principal and interest payment budgets are calculated using the debt service schedules on the outstanding bonds. Below is a listing of the current outstanding general obligation bonds and the payments due for 2012. Other expenditures are budgeted using historical information. Current outstanding General Obligation debt is as follows: Balance as of December 31, Moody's Description 2011 Debt Type Rating (2006) - $19,805,000 General Obligation $ 18,925,000 GO Debt Aaa, Aa3 Refunding Bonds (2008) - $10,000,000 General Obligation Refunding Bonds Total General Obligation Bonds Outstanding $ 23,505,000 4,580,000 GO Debt not rated, private sale General Obligation Bond Payments Debt Issuance Total 2006 General Obligation Refunding Bonds - Principal $ 225,000 2008 General Obligation Refunding Bonds - Principal 2,255,000 Total General Obligation Principal Payments $ 2,480,000 2006 General Obligation Refunding Bonds - Interest $ 889,487 2008 General Obligation Refunding Bonds - Interest 142,896 Total General Obligation Interest Payments $ 1,032,383 Total General Obligation Bond Payments $ 3,512,383 253
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<strong>South</strong> <strong>Suburban</strong> Park <strong>and</strong> <strong>Recreation</strong> District<br />
Debt Service Fund <strong>Budget</strong> Overview<br />
Debt Service Fund<br />
This fund is used to account for the accumulation of resources for, <strong>and</strong> the payment of<br />
general long-term obligation principal, interest <strong>and</strong> related costs. Property Taxes are<br />
assessed to cover the annual debt service payments for all voter approved General Obligation<br />
Debt. The major revenue source in this fund is property taxes. Expenditures are for principal<br />
<strong>and</strong> interest payments, collection fees, <strong>and</strong> paying agent fees.<br />
The annual budget for Property taxes is based on the assessed valuation received from each<br />
county <strong>and</strong> the historical collection rate. Below is a table showing the tax levy <strong>and</strong> taxes<br />
collected for the last twelve years for the payment of general long-term obligation bonds:<br />
GO Bond Property Taxes<br />
Est. Outst<strong>and</strong>ing Percentage<br />
Collection GO Debt Tax Delinquent Collected<br />
Year Levy Collection Taxes to Levy<br />
2001 $ 4,407,694 $ 4,347,309 $ 60,385 98.63%<br />
2002 4,210,988 4,168,457 42,531 98.99%<br />
2003 3,901,230 3,874,702 26,528 99.32%<br />
2004 3,812,193 3,790,082 22,111 99.42%<br />
2005 3,733,207 3,693,262 39,945 98.93%<br />
2006 3,735,067 3,726,850 8,217 99.78%<br />
2007 3,612,687 3,574,754 37,933 98.95%<br />
2008 3,607,014 3,569,501 37,513 98.96%<br />
2009 3,505,560 3,485,576 19,984 99.43%<br />
2010 3,692,505 3,625,513 66,992 98.19%<br />
2011 Estimate 3,694,007 3,657,067 36,940 99.00%<br />
<strong>2012</strong> <strong>Budget</strong> 3,702,204 3,665,182 37,022 99.00%<br />
252
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