2012 Comprehensive Annual Financial Report - the City of Tukwila

CITY OF TUKWILA: 2012 CAFRNOTES TO THE FINANCIAL STATEMENTSDue to Other GovernmentsValley Communication Center Public Development Authority issued General Obligation bonds in 2000 fora new dispatch facility and refunded the debt in April 2010. The City is contracted to pay 20% of the debtservice of these 15-year bonds that mature in 2015. This debt is paid from the General fund.SCORE Public Development Authority issued General Obligation bonds in 2009 to acquire, construct,improve, and equip a consolidated correctional facility to be located in Des Moines, Washington. The Cityis contracted to pay 8% of the debt service of these 30 year bonds that mature in 2039. This debt is paidfrom the General fund.LONG-TERM LIABILITIES RECONCILIATIONGovernmentFundsEnterpriseFundsBalance12-31-12General obligation bonds $ 18,360,000 $ - $ 18,360,000Revenue bonds 3,540,000 3,540,000Public Works Trust Fund loans 6,621,364 6,621,364Due to Other Governments 7,392,600 - 7,392,600Capital Leases - - -Employee leave benefits 3,144,413 308,530 3,452,943Net Premiums / Deferred charges 229,476 45,376 274,852Total long-term debt $ 29,126,489 $ 10,515,270 $ 39,641,758Debt Limit CapacitiesState law provides that debt cannot be incurred in excess of the following percentages of the value of thetaxable property of the City: 1.5% without a vote of the people; 2.5% with a vote of the people; 5.0% witha vote of the people, provided the indebtedness in excess of 2.5% is for utilities; 7.5% with a vote of thepeople, provided the indebtedness in excess of 5.0% is for parks or open space development.At December 31, 2012, the debt limits for the City were as follows:SUMMARY OF DEBT LIMIT CAPACITIESWithout a Vote -------With a Vote of the People-------Item 1.5% 2.5% 5.0% 7.5%Legal Limit $ 70,134,446 $ 116,890,744 $ 233,781,487 $ 350,672,231Outstanding NetIndebtedness 27,655,096 27,655,096 27,655,096 27,655,096Margin Available $ 42,479,350 $ 89,235,648 $ 206,126,391 $ 323,017,13599