HomeMy WebLinkAboutHuntington Beach Public Facilities Corporation - Financial S � Huntington Beach
� Public Facilities
� Corporation
AM
HUNTWGTON BEACH
� Component Unit
1 Financial Statements
� June 30., 1985
' Account Group
Fund Types Lease Payments Totals
Administrative Capital Debt Receivable and (Memorandum
Expense Fund Projects Service Bonds Payable Only)
$ 11 ,776 $ 76,950 $ 52,506 $ - $ 141 ,232
653,965 4,456,551 - 5,110,516
27 5,767 64,132 - 69,926
- 40,014 - 80,028
15,885,451 15,885,451
(4,718,414) (4,718,414)
- - 272,963 272,963
$ 11 ,803 $ 736,682 $ 4,613,203 $ 11 ,440,000 $ 16,841-,702
$ - $ - $ 40,014 $ - $ 80,028
- 7,840-000 7,840,000
- 3,600,000 3,600,000
' - - 40,014 11 ,440,000 11 ,520,028
272,963 - 272,963
- - 1,253,900 _ 1,253,900
11 ,803 736,682 3,046,326 3,794,811
11 ,803 736,682 4.573,189 - 5,321 ,674
$ 11 ,803 $ 736,682 $ 4,613,203 $ 11 ,440,000 $ 16,841 ,702
1
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CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND '
CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
For the year ended June 30, 1985 '
Revenue
Fund
REVENUE: ,
Lease payments received - finance charge $ 647,283
Interest income -
i
TOTAL REVENUE 647,283
EXPENDITURES: '
Bond principal payment -
Interest expense -
Construction costs
Bond administration expense -
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 647,283 ,
OTHER FINANCING SOURCES (USES):
Lease payments received - principal 606,617 '•
Operating transfers in -
Operating transfers out (1 ,253,900)
TOTAL OTHER FINANCING SOURCES USES (647,283) '
( )
EXCESS OF REVENUE AND OTHER SOURCES OVER '
(UNDER) EXPENDITURES AND OTHER USES
FUND BALANCES - JULY 1 , 1984
FUND BALANCES - JUNE 30, 1985 $
See accountants' report and notes to financial statements.
-4-
Administrative Capital Debt
' Expense Fund Project Service Totals
$ - $ - $ - $ 642,283
1,257 63.,114 477,082 541 ,453
1,257 63,114 477,082 1 ,188,736
- - 560,000 560,000
- 647,282 647,282
' - 23,973 _ 23,973
7,035 7,035
7,035 23,973 1 ,207,282 1 ,238,290
(5,778) 39,141 (730,200) (49,554)
— — — 606,617
— — 1 ,414,128 10414,128
— — (160,228) (1 ,414,128)
— — 1 ,253,900 606,617
(5,778) 39,141 523,700 557,063
' 17,581 697,541 4,049,489 4,764,611
$. 11 ,803 $ 736,682 $ 4,573,189 $ 5,321 ,674
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CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
NOTES TO FINANCIAL STATEMENTS '
June 30, 1985 '
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: '
a. The financial statements have been prepared on the modified accrual
basis. Revenues are recognized when they become measurable and
available. Expenditures are recorded when the related liability is '
incurred, except that prepaid expenses are not recorded and interest
and principal on bonds payable are recorded as an expenditure when due.
b. The leases for the Civic Center and Library to the City. have been '
accounted for as direct financing leases, whereby the long-term leases
have been treated as a sale of the facilities to the City and the lease
payments receivable represent the selling price. Finance charges
included in the lease payments are taken into income each year as
earned on a declining balance method over the life of the lease.
c. Investments in U.S. Government securities are stated at amortized cost, ,
which approximates current market value.
d. The accounts of the Corporation are organized on the basis of funds and
account groups as follows:
Revenue Fund - accounts for lease payments received and transfers to
other funds in accordance with the various bond resolutions.
Administrative Expense Funds - accounts for the administrative expenses '
of each bond issue.
Capital Project Funds - accounts for all expenditures during
construction of the facilities. Revenue sources are bond proceeds and
interest earned on investments.
Debt Service Funds - These funds are used to account for the
accumulation and holding of resources for, and the payment of, bonds '.
and interest when due. Revenue sources are transfers from the Revenue
Funds and interest earned on investments.
Account Group —used to account for the balance due on lease payments
'
P Y
receivable and the outstanding principal of long term debt.
e. The total columns on the combined financial statement are captioned '
"Memorandum Only" to indicate that they are presented only to
facilitate financial analysis. Data in this column does not represent
consolidated financial information. '
See accompanying accountants' report.
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CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Continued)
' June 30, 1985
' 2. HISTORY AND ORGANIZATION:
The City of Huntington Beach Public Facilities Corporation is a non-profit
' non-stock corporation organized under the laws of the State of California
on November 25, 1970 for the purpose of financing and constructing a Civic
Center complex and Central Library for lease to the City of Huntington
Beach. All assets of the corporation, after providing for' all debts and obligations, are to be transferred to the City of Huntington Beach upon
termination of the property leases.
The Corporation has entered into two lease and sublease agreements with the
City. The Civic Center and Central Library sites were leased by the City
to the Corporation for advance rentals of $350 , 000 and $300 ,600 ,
respectively. The terms of the leases are from January 15 , 1972 and
September 1 , 1972, respectively, to one week after the termination of the
subleases.
The Corporation has subleased the sites and improvements to the City for
annual rentals of $854 ,900 and $399,000, respectively. The .subleases
commenced July 1 , 1974 and February 15, 1975, respectively, for a term of
thirty years or until all debts of the Corporaion have been paid, whichever
occurs first. Under both agreements, the City is required to pay all taxes
adminsitrative and maintenance costs associated with the leased facilities.
3. LONG-TERM DEBT:
The following is a.summary of bond transactions for the year ended June 30,
1985:
Civic Center Library
' Project Project Total
Bond payable at June 30, 1984 $ 8,220,000 $ 3,780,000 $ 12,000,000
Bonds retired during the year (380,000) (180,000) (560,000) .
' Bonds payable at June 30, 1985 $ 7,840,000 $ 3,600,000 $ 11 ,440,000
The bonds bear interest at rates ranging from 5$ to 5 .9% payable
semiannually and are secured by the Civic Center and Library buildings.
The Civic Center bonds mature annually on January 15 and are subject to
.call and redemption at the option of the Corporaton on any interest payment
' date. Call price of the bonds shall be an amount equal- to the principal
amount plus a premium equal to 1/4 of 1$ of the principal amount redeemed ,
plus 1/4 of 1$ percent for each year or fraction of a year from the
' redemption date to the maturity date of the bonds. The Library bonds
mature annually on September 1 , and are subject to call and redemption
under the same terms as the Civic Center bonds.
' See accountants' report.
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CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
NOTES TO FINANCIAL STATEMENTS ,
(Continued)
June 30, 1985 '
3. LONG-TERM DEBT (CONTINUED):
1 .
Future requirements to amortize all bonds outstanding at June 30, 1985 are
as follows:
Civic
Year Ending Center Library
June 30, Principal Principal Interest Total '
1986 $ 400,000 $ 190,000 $ 615,943 $. 1 ,205,943
1987 430,000 200,000 583,312 1,213,312
1988 450,000 210,000 548,388 1,208,388
1989 465,000 230,000 511 ,537 1 ,206,537
1990 530,000 240,000 472,918 1 ,242,918
1991 and after 5,565,000 2,530,000 1 ,986,616 10,081 ,616 '
$ 7,840,000 $ 3,600,000 $ 4,718,714 $ 16, 158,714 ,
4. RESERVES.OF FUND BALANCE:
Under the provisions of NCGA Statement 1 , the Corporation has set up ,
"reserves" of fund balance to segregate fund balances which are not
appropriable for expenditure in future periods, or which are legally set
aside for a specific future use. At June 30, 1985 certain reserves were '
established for debt service.
The required bond reserve for the library bonds is $399,000 and for thg
vic en er on s is $854,900. These amounts are equal to one yearT base '
rent under the lease agreement.
1
See accountants' report. ,
-8- ,
1
t CITY OF HUNTINGTON BEACH PUBLIC
FACILITIES CORPORATION
FINANCIAL STATEMENTS
WITH REPORT ON EXAMINATION BY
CERTIFIED PUBLIC ACCOUNTANTS
' JUNE 30, 1985
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CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
TABLE OF CONTENTS
.' June 30, 1985
Page
Number
Accountants' Report 1
Combined Balance Sheet — All Governmental Fund Types
and Account Groups 2 — 3
' Combined Statement of Revenues, Expenditures and Changes
in Fund Balances — All Governmental Fund Types 4 — 5
' Notes to Financial Statements 6 — 8
Supplementary Information:
' Combining Balance Sheet — All Revenue Funds 9
' Combining Statement of Revenues, Expenditures and
Changes in Fund Balances — All Revenue Funds 10
Combining Balance Sheet — All Administrative Expense Funds 11
Combining Statement of Revenues, Expenditures and Changes
.in Fund Balances — All Administrative Expense Funds. 12
Combining Balance Sheet — All Capital Project Funds 13
' Combining Statement of Revenues, Expenditures and
Changes in Fund Balances — All Capital Project Funds 14
Combining Balance Sheet - All Debt Service Funds 15 — 16
1 Combining Statement of Revenues, Expenditures and
Changes in Fund Balances — All Debt Service Funds 17 — 18
1
1
DIEHL, EVANS AND COMPANY
A PARTNERSHIP INCLUDING ACCOUNTANCY CORPORATIONS
'WIN G. PETERS. C.P.A. CERTIFIED PUBLIC ACCOUNTANTS OTHER OFFICES AT:
'DONALD H. PETERSON, C.P.A. - -
'DONALD E. CALLAHAN, C.P.A.
1910 NORTH BUSH STREET 2965 ROOSEVELT STREET
'L. PETER SCHERER. C.P.A. SANTA ANA, CALIFORNIA 92706-2894 CARLSBAD, CALIFORNIA 92008-2389
'RODNEY K. MCOANIEL, C.P.A. 1619) 729-2343
(714) 542-4453
'RALPH H. WEINTRAUB, C.P.A. 120 WEST WOODWARD AVENUE
:PHILIP H. HOLTIIAMP, C.P.A. - ESCONDIDO', CALIFORNIA 92025.9990
THOMAS M. PERLOWSNI,C.P.A. 16191 741-3141
EDWARD GROOSKY, C.P.A.
ONE CIVIC PLAZA, SUITE 265
ELLIS C. DIEHL, C.P.A.(RETIRED) - NEWPORT BEACH, CALIFORNIA 92660
BRYN B. EVANS.C.P.A.(RETIRED) October 12 1985 (714). 644-6156
'A PROFESSIONAL CORPORATION
I
ACCOUNTANTS' REPORT
I
Board of Directors
City of Huntington Beach Public
Facilities Corporation
Huntington Beach, California
We have examined the combined financial statements of the City of
Huntington Beach Public Facilities Corporation as of and for the year ended
June 30, 1985, as. listed in the table of contents. Our examination was made in
accordance with generally accepted auditing standards and, accordingly ,
included such tests of the accounting records and such other auditing
' procedures as we considered necessary in the circumstances.
In our opinion, the combined financial statements referred to above
present fairly the financial position of the City of Huntington Beach Public
Facilities Corporation at June 30, 1985 and the results of its operations for
the year then ended, in .conformity with generally accepted accounting
principles applied on a basis consistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the
combined financial statements taken as a whole. The combining financial
statements listed in the table of bontents are presented for purposes of
additional analysis and are not a required part of the combined financial
statements of the City of Huntington Beach Public Facilities Corporation. The
information has been subjected to the auditing procedures applied in the
examination of the combined financial statements and, in our opinion, is fairly
stated in all material respects in relation to the combined financial
statements taken as a whole.
CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
COMBINED BALANCE SHEET '
ALL GOVERNMENTAL FUND TYPES AND ACCOUNT GROUPS '
June 30, 1985
ASSETS '
Governmental
Revenue '
Fund
Time certificates of deposit $ -
U. S. Government securities, at amortized cost '
(Note 1c)
Accrued interest receivable -
Due from other funds 40,014
Lease payments receivable (Note 1b)
Unearned finance charges (Note 1b) -
Amount available in debt service fund
TOTAL ASSETS $ 40,014 '
LIABILITIES AND FUND EQUITY ,
LIABILITIES:
Due to other funds $ 40,014 '.
Bonds payable, Civic Center (Note 3) -
Bonds payable, Library (Note 3) ,
TOTAL LIABILITIES 40,014
FUND EQUITY:
Fund balance (Note 4): ,
Reserved for debt service -
Reserved for bond reserves
Unreserved
TOTAL FUND EQUITY
TOTAL LIABILITIES AND FUND EQUITY $ 40,014
See accountants' report and notes to financial statements.
-2- '
1
1
SUPPLEMENTARY INFORMATION
t
1
CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
0
tCOMBINING BALANCE SHEET
ALL REVENUE FUNDS
' June 30, 1985
' Civic
Center Library Totals
ASSETS
' Due from other funds $ 9,909 $ 30,105 $ 40,014
' LIABILITIES AND FUND BALANCES
' LIABILITIES:
Due to other funds $ 9,909 $ 30,105 $ 40,014
FUND BALANCES:
' Unreserved - - -
TOTAL LIABILITIES AND FUND BALANCES $ 9,909 $ 30, 105 $ 40,014
1
See accountants' report.
' —9—
1
CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND '
CHANGES IN FUND BALANCES - ALL REVENUE FUNDS
For the year ended June 30, 1985 '
1
Civic
Center Library Totals
REVENUES:
Lease payments received - finance charge $ 444, 125 $ 203, 158 $ 647,283
OTHER FINANCING SOURCES (USES) : '
Lease payment received - principal 410,775 195,842 606,617
Operating transfers out (854,900) (399,000) (1 ,253,900)
TOTAL OTHER FINANCING SOURCES (USES) (444,125) (203,158) (647,283) .
EXCESS OF REVENUES AND OTHER '
SOURCES OVER OTHER USES - - -
FUND BALANCES - JULY 1 , 1984
FUND BALANCES - JUNE 30, 1985
1
See accountants' report.
-10- '
1
1
CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
' COMBINING BALANCE SHEET
ALL ADMINISTRATIVE EXPENSE FUNDS
June 30, 1985
' Civic
Center Library Totals
ASSETS
Cash and savings held by trustee $ 7,475 $ 4,301 $ 11 ,776
Accrued interest receivable 17 10 27
' TOTAL ASSETS $ 7,492 $ 4,311 $ 11 ,803
' FUND BALANCES
FUND BALANCES:
tFund balances — unreserved $ 7,492 $ 4,311 $ 11 ,803
1
1
1
1
1
tSee accountants' report.
—11—
CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND ,
CHANGES IN FUND BALANCES - ALL ADMINISTRATIVE EXPENSE FUNDS
For the year ended June 30, 1985 '.
Civic '
Center Library Totals
REVENUES: '
Interest income $ 802 $ 455 . $ 1 ,257
EXPENDITURES:
Administration expense 4,614 2,421 7,035
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (3,812) (1 ,966) (5,778) '
FUND BALANCES - JULY 1 , 1984 11 ,304 6,277 17,581
FUND BALANCES - JUNE 30, 1985 $ 7,492 $ 4,311 $ 11 ,803 ,
1
1
1
See accountants' report.
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' CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
COMBINING BALANCE SHEET
ALL CAPITAL PROJECT FUNDS
' June 30, 1985
1
Civic
' Center Library
Construction Construction
Fund Fund Totals
' ASSETS
' Time certificates of deposit $ 1 ,290 $ 75,660 $ 76,950
U.S. Government securities, at
amortized cost 653,965 - 653,965
Accrued interest receivable 5,052 715 5,767
' TOTAL ASSETS $ 660,307 $ 76,375 $ 736,682
' FUND BALANCES
' Fund balances - reseved for construction $ 660,307 $ 76,375 $ 736,682
1
1
1
1
See accountants' report.
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CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
' COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - ALL CAPITAL PROJECT FUNDS
' For the year ended June 30, 1985
t
Civic
Center . Library
Construction Construction
Fund Fund Totals
' REVENUES:
Interest income $ 57,499 $ 5,615 $ 63, 114
' EXPENDITURES:
Construction costs 18,573 59400 23,973
EXCESS OF REVENUES OVER
EXPENDITURES 38,926 215 399141
FUND BALANCES - JULY 1 , 1984 621 ,381 76,160 697,541
' FUND BALANCES - JUNE 30, 1985 $ 660,307 $ 76,375 $ 736,682
1
1
1
See accountants' report.
' -14-
1
CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
COMBINING BALANCE SHEET ,
ALL DEBT SERVICE FUNDS
June 30, 1985 ,
Civic
Bond ,
Redemption
Fund
ASSETS '
Cash and savings held by .trustee $ 3,730
U.S. Government securities, at amortized cost 1 ,835,000 '
Accrued interest receivable 10,608
Due from other funds 91909
TOTAL ASSETS $ 1 ,859,247 ,
LIABILITIES AND FUND BALANCES '
LIABILITIES:
Due to other funds . $ '
FUND BALANCES:
Reserve for debt service 61 ,350 '
Reserve for bond reserves —
Unreserved 1 ,797,897
TOTAL FUND BALANCES 1 ,859,247 ,
TOTAL LIABILITIES .AND FUND BALANCES $ 1 ,859,247
1.
See accountants' report.
-15- '
Center Library
Debt Bond Debt
Service Reserve Redemption Service Reserve .
Fund Fund Fund Fund Fund Totals
$ 31 ,232 $ 4,900 $ 2,840 $ 9,804 $ - $ 52,506
211 ,096 850,930 1 ,160,000 - 399,525 4,456,551
1 ,255 8,979 13,453 257 29,580 64, 132
- - 30,105 - - 40,014
' $ 243,583 $ 864,809 $ 1 ,206,398 $ 10,061 $ 429,105 $ 4,613,203
' $ - $ 91909 $ - $ - $ 30,105 $ 40,014
211 ,613 - _ = 272,963
854,900 399,000 1 ,253,900
31 ,970 - 1 ,206,398 10,061 - 3,046,326
' 243,583 854,900 1,206,398 10,061 399,o00 4,573, 189
' $ 243,583 $ 864,809 $ 1 ,206,398 $ 10,061 $ 429,105 $ 4,613,203 .
0a
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1
CITY OF HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND ,
CHANGES IN FUND BALANCES - ALL DEBT SERVICE FUNDS
For the year ended June 30, 1985 ,
Civic t .
Bond
Redemption ,
Fund
REVENUE:
Interest income $ 162,322 '
EXPENDITURES:
Bond principal payment '
Interest expense -
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 162,322
OTHER FINANCING SOURCES (USES): '
Operating transfers in 216,548
Operating transfers out - -
TOTAL OTHER FINANCING SOURCES (USES) 216,548 I.
EXCESS OF REVENUES AND OTHER SOURCES OVER
(UNDER) EXPENDITURES AND OTHER USES 378,870 '
FUND BALANCES - JULY 1 , 1984 1 ,480,377
FUND BALANCES — JUNE 30, 1985 $ 1 ,859,247 '
See accountants' report. '
-17-
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1
i
Center Library
Debt Bond Debt
Service Reserve Redemption Service Reserve
Fund Fund Fund Fund Fund Totals
$ 33,253 $ 96,603 $ 111 ,480 $ 9,799 $ 63,625 $ 477,082
380,000 = = 180,000 = 560,000
444,125 203,157 647,282
824, 125 - - 383,157 - 1 ,207,282
(790,872) 96,603 111 ,480 (373,358) 63,625 (730,200) .
734,955 - 88,436 374,189 1 ,414, 128
- (96,603) - - (63,625) (160,228)
734,955 (96,603) 88,436 374,189 (63,625) 1 ,253,900
(55,917) - 199,916 831 - 523,700
299,500 854,900 1 ,006,482 99230 399,000 4,049,489
$ 243,583 $ 854,900 $ 1 ,206,398 $ 10,061 $ 399,000 $ 4,573, 189
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