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HomeMy WebLinkAboutReg 2014-10-06 Item 5.10 - 2015-2016 Biennial Budget - Debt Service2015 - 2016 Biennial Budget City of Tukwila, Washington DEPARTMENT: N/A FUND: Various Debt Service RESPONSIBLE MANAGER: Peggy McCarthy FUND NUMBER: 2XX POSITION: Director Description: The funds in this section record the payment of principal and interest for the City's outstanding limited tax general obligation bonds. 2013 -2014 Accomplishments ♦ Issued $1 million bond and loaned proceeds to the Tukwila Metropolitan Park District. Funds were used to pay for capital improvements to the Tukwila Pool. Strategic Goal 4. ♦ Issued $6.5 million in bonds to reimburse the City for costs related to a major reconstruction of Southcenter Parkway between Strander Boulevard and Tukwila Parkway. This greatly improved access to the Southcenter retail and commercial area. Strategic Goal 4. 2015 -2016 Outcome Goals ♦ Issue $3.1 million bonds for the Inturban Avenue South project. This project will design and construct sidewalks and other improvements. Strategic Goal 4. ♦ Issue $2.5 million bonds to rehabilitate Boeing Access Road Bridge. Strategic Goal 4. ♦ Issue $6.1 million in taxable bonds to purchase properties located in the Tukwila Redevelopment Area. Strategic Goal 4. ♦ Issue $4.4 million in bonds to design and construct sidewalks and underground utilities on 42nd Avenue South. Strategic Goal 4. 259 2015 - 2016 Biennial Budget City of Tukwila, Washington DEBT SERVICE SUMMARY Existing Debt Limited Tax GO Refunding Bonds, 2008: Build a City Hall annex (6300 building) and pay for economic revitalization projects. SCORE Limited Tax, GO Bonds, 2009: Pay for portion of the construction costs of SCORE jail, a correctional facility, along with 6 other cities. Limited Tax GO Bonds, 2010: Construction and realignment of Southcenter Parkway in the Tukwila South Annexation area and to purchase emergency preparedness capital and other equipment. Valley Communications Limited Tax GO Refunding Bonds, 2010: Pay for a portion for a new Valley Communications Center, along with 4 other cities. Limited Tax GO Bonds, 2011: Arterial street program. Limited Tax GO Bonds, 2013: Proceeds loaned to Tukwila Metropolitan Park District to pay for improvements to Tukwila Pool. Planned Debt Interurban Avenue South: Design and construct sidewalks, pavement restoration, drainage and lighting. Total bonds anticipated to be issued $3.1 million. Boeing Access Road Bridge: Rehabilitate the existing bridge with a 340' long concrete or steel bridge structure. Total bonds anticipated to be issued $2.5 million. Urban Renewal: Purchase properties located in the Tukwila Redevelopment area. Total bonds anticipated to be issued $6.1 million. Proposed New Debt 42nd Avenue South: Design and construct street improvements, drainage, sidewalks, bike facilities, and driveway adjustments. Total bonds anticipated to be issued $4.4 million. 260 2015 - 2016 Biennial Budget City of Tukwila, Washington GO Debt - Revenue and Expenditure Summary General Obligation Debt Service Funds - Combined 2012 2013 2014 2015 2016 2014 -2015 2015 -2016 Actual Actual Budget Budget Budget % Change % Change Revenue Build America Bonds Tax Credit Investment Earnings Capital Contribution - SCORE Capital Contribution - Valley Com Total Miscellaneous Revenue Transfers In $ 66,657 $ 61,358 $ 66,657 $ 61,858 $ 61,858 -7.20% 0.00% 28,421 28,812 - - - 0.00% 0.00% 262,660 437,355 0.00% 0.00% - 36,000 - - - 0.00% 0.00% 357,739 126,170 66,657 499,213 61,858 648.93% -87.61% 2,770,995 3,019,329 3,028,650 2,759,846 3,302,791 - 8.88% 19.67% Total Revenue 3,128,734 3,145,499 3,095,307 3,259,059 3,364,649 5.29% 3.24% Expenditures 70 : Early Retirement of Debt - 2,665,000 - - - 0.00% 0.00% 70 Principal 2,254,200 2,261,000 2,191,000 2,430,707 2,607,271 10.94% 726% 80 Interest 1,178,464 1,109,493 901,795 828,352 757,378 - 8.14% -8.57% Total Debt Service Funds 3,432,664 6,035,493 3,092,795 3,259,059 3,364,649 5.38 % 3.24 % Transfers Amoung Debt Service Funds - 995 11,826 - - 0.00% 0.00% Total Expenditures 3,432,664 6,036,488 3,104,621 3,259,059 3,364,649 4.97% 3.24% Change in Fund Balance Beginning Fund Balance (303,931) (2,890,990) (9,314) - - 0.00% 0.00% 3,316,242 3,012,381 9,314 5,000 5,000 - 46.32% 0.00% Ending Fund Balance $3,012,311 $ 121,391 $ $ 5,000 $ 5,000 0.00% 0.00% 261 2015 - 2016 Biennial Budget City of Tukwila, Washington Local Improvement District & Guaranty Fund - Revenue and Expenditure Summary Local Improvement District #33 Debt Service Funds - Combined 2012 2013 2014 2015 2016 2014 -2015 2015 -2016 Actual Actual Budget Budget Budget % Change % Change Revenue Investment Earnings Total Miscellaneous Revenue LID Assessments LID Assessment Interest $ $ 99 $ 99 Total LID Assessments Receipts LID Bond Proceeds $ 500 $ 500 0.00% 0.00% 500 500 0.00% 0.00% 2,788,350 600,000 443,147 443,147 - 26.14% 0.00% - 248,400 366,993 342,526 47.74 % - 6.67% - 2,788,350 848,400 810,140 785,673 -4.51% -3.02% 668,750 0.00% 0.00% Total Revenue 3,457,198 848,400 810,640 786,173 -4.45% -3.02% Expenditures 70 Principal - 447,500 450,000 0.00% 0.56% 80 Interest - 346,784 286,005 0.00% - 17.53% Total Debt Service Funds 794,284 736,005 0.00% -7.34% Transfers Amoung Debt Service Funds - 680,000 - - 0.00% 0.00% Total Expenditures - 680,000 794,284 736,005 16.81% - 7.34% Change in Fund Balance Beginning Fund Balance 3,457,198 168,400 16,356 50,168 - 90.29% 206.73% - 680,000 1,473,000 1,489,356 116.62% 1.11% Ending Fund Balance $ - $ 3,457,198 $ 848,400 $ 1,489,356 $1,539,524 75.55% 3.37% 262 2015 - 2016 Biennial Budget City of Tukwila, Washington LS c ca 0 _c $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $o City of Tukwila General Obligation Bond Debt Service '19 19 '19 '19 '19 '19 '19 '19 '19 '19 19 '19 '19 19 '19 '19 '19 '19 '19 '19 '19 '19 19 '19 '19 19 • SCORE • City Hall Annex, Tukwila Village • MPD Capital Loan NEW-Urban Renewal • SC Parkway Extension/HHD • Valley Com NEW-Interurban Ave S NEW-42nd Ave S • Arterial Street, KC Bridge A TCC, Fire Station #53 NEW-BAR Bridge The chart above reflects the general obligation debt service of the City. Because contract revenue is higher than anticipated, 2015 SCORE debt service for member cities is being paid by SCORE. 263 2015 - 2016 Biennial Budget City of Tukwila, Washington 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Total: Schedule of BudQete General Obligation Long -Term Debt Fund 211 LTGO Refunding, 2008 Fund 212 LTGO Bonds, 2009 Fund 214 LTGO 2010 Fund 216 LTGO Refunding, 2010 Fund 217 LTGO Refunding, 2011 Fund 218 LTGO, 2013 $6,180,000 $6,898,800 $5,870,000 $1,065,000 $4,620,000 $1,000,000 $3,100,000 $2,500,000 $6,100,000 $4,400,000 Original Original Original Original Original Original Planned Planned Planned Planned Issue issue Issue Issue Issue issue Issue Issue Issue Issue City Hall Total Existing Annex SC Parkway Arterial New Debt - New Debt - New Debt - New Debt - and Planned Tukwila SCORE Extension/ Valley Com Street, KC PD Loan Interurban ridge BAR Bridge Urban 42nd Ave S General Village HHD Bridge Ave S Renewal Obligation Debt $ 811,300 $ 428,183 $ 585,650 $ 228,800 $ 545,825 $ 113,130 $ 124,000 $ 100,000 $ 313,000 $ - $ 3,249,887 811,100 427,960 585,450 - 548,675 113,130 248,000 200,000 313,000 117,333' 3,364,648 809,900 427,461 581,190 - 552,300 113,130 248,000 200,000 287,000 352,000 3,570,981 809,100 428,288 575,152 - 549,250 113,130 248,000 200,000 287,000 352,000 3,561,920 810,900 427,973 567,307 - 548,700 113,130 248,000 200,000 287,000 352,000 3,555,010 - 427,869 558,182 - 545,300 113,130 248,000 200,000 287,000 352,000 2,731,481 426,239 552,520 - 546,300 113,130 248,000 200,000 287,000 352,000 2,725,188 - 427,532 543,175 - 551,500 113,115 248,000 200,000 287,000 352,000 2,722,322 - 427,379 533,018 - 545,900 - 248,000 200,000 287,000 352,000 2,593,297 426,885 527,050 - - - 248,000 200,000 287,000 352,000 2,040,935 426,356 - - - - 248,000 200,000 287,000 352,000 1,513,356 426,130 - - - - 248,000 200,000 287,000 352,000 1,513,130 425,896 - - - - 248,000 200,000 287,000 352,000 1,512,896 - 425,636 - - - - 248,000 200,000 287,000 352,000 1,512,636 - 425,335 - - - 248,000 200,000 287,000 352,000 1,512,335 - 424,791 - - - 248,000 200,000 287,000 352,000 1,511,791 - 424,762 - - - 248,000 200,000 287,000 352,000 1,511,762 - 424,201 - - - - 248,000 200,000 287,000 352,000 1,511,201 423,889 - - - - 248,000 200,000 287,000 352,000 1,510,889 423,792 - - - - 248,000 200,000 287,000 352,000 1,510,792 - 423,485 - - - - 124,000 100,000 - 352,000 999,485 422,950 - - - - - - - 176,000 598,950 422,561 - - - - - - - - 422,561 - 422,284 - - - - - - - 422,284 - 422,085 - - - - - - - 422,085 $8,366,500 $11,591,685 $8,146,062 $ 1,297,846 $ 5,816,364 $1,131,285 $4,960,000 $4,000,000 $ 5,792,000 $6,981,333 $ 83,128,349 264 2015 - 2016 Biennial Budget City of Tukwila, Washington Expenditure Detail - Other Debt Service Account Number Purpose 2012 Actual 2013 Actual 2014 Budget 2015 Budget 2016 Budget Other 200.00.591.220.71.00 LTGO Refunding Bond Principal $_____-___$____ - $ - $ 537,000 $ 878,333 209.00.591.950.71.00 2003 LTGO Bond Principal 555,000 3,240,000 - - - 209.00.592.950.83.00 2003 LTGO Bond Interest 163,375 139,788 - - - 209.00.592.950.85.00 2003 LTGO Bond Debt Registration Cost _ _ _ 303 _ _ _ 301_ _ _ _ _ _ _ _ _ 210.00.591.220.71.00 2003 LTGO Refunding Bond Principal 85,000 89,000 93,000 - - 210.00.591.730.71.00 2003 LTGO Refunding Bond Principal 340,000 356,000 372,000 - - 210.00.592.220.83.00 2003 LTGO Refunding Bond Interest 12,500 9,100 4,650 - - 210.00.592.220.85.00 2003 LTGO Ref Debt Registration Costs 61 121 - - - 210.00.592.730.83.00 2003 LTGO Refunding Bond Interest 50,000 36,400 18,600 - - 210.00.592.730.85.00 2003 LTGO Ref Debt Re stration Costs 242 482 - 211.00.591.190.71.00 2008 LTGO Refunding Bond Principal 440,000 400,000 476,000 504,000 524,000 211.00.591.950.71.00 2008 LTGO Refunding Bond Principal 110,000 100,000 119,000 126,000 131,000 211.00.592.190.83.00 2008 LTGO Refunding Bond Interest 207,200 189,600 173,600 145,040 124,880 211.00.592.190.85.00 2008 LTGO Ref. Debt Registration Costs 242 482 - - - 211.00.592.950.83.00 2008 LTGO Refunding Bond Interest 51,800 47,400 43,400 36,260 31,220 211.00.592.950.85.00 2008 LTGO Ref. Debt Re stration Costs 61 121 - 212.00.591.950.71.00 2009 LTGO SCORE Bond Principal 153,200 156,000 159,000 159,200 165,200 212.00.592.950.83.00 2009 LTGO SCORE Bond Interest 278,451 275,463 272,166 278,155 262,760 212.00.592.950.85.00 2009 LTGO SCORE Bond Debt Reg Cost _ _ _ _ _ _ _ 405 _ _ _ _ _ _ _ _ _ _ _ _ _ _ 214.00.591.190.71.00 General Obligation Bonds 91,943 94,608 97,268 101,266 105,268 214.00.591.950.71.00 2010A LTGO SCORE Bond Principal 253,058 260,393 267,732 278,734 289,733 214.00.592.190.83.00 Interest on Long -Term External Debt 63,807 61,048 58,210 54,805 50,755 214.00.592.190.85.00 Debt Registration Costs 174 347 - - - 214.00.592.950.83.00 2010A LTGO Bond Interest 175,618 168,026 160,214 150,844 139,695 214.00.592.950.85.00 2010A LTGO Bond Debt Rea Cost - - - - - 479 - _ - 956 _ _ 1,000 - - - _ - - - _ _ - 216.00.591.280.71.00 General Obligation Bonds 201,000 215,000 212,000 220,000 216.00.592.220.83.00 2000 LTGO Refunding Bond Interest 31,910 25,880 17,280 8,800 - 217.00.591.950.71.00 General Obligation Bonds 25,000 15,000 395,000 405,000 420,000 217.00.592.950.83.00 Interest on Long -Term External Debt 141,964 152,975 152,675 140,825 128,675 217.00.592.950.85.00 Debt Registration Costs 279 599 - - - 218.00.591.760.71.00 General Obligation Bonds - - - 99,507 93,737 218.00.592.760.83.00 Interest on Long -Term External Debt - - - 13,623 19,393 Subtotal General Obligation Debt Serivce 3,432,664 6,036,488 3,092,795 3,259,059 3,364,649 233.00.592.950.83.00 Interest on Long -Term External Debt - - - 346,784 286,005 233.00.591.950.71.00 LID #33 Bond Principal - - - 447,500 450,000 Total Other 3,432,664 6,036,488 3,092,795 4,053,343 4,100,654 265 2015 - 2016 Biennial Budget City of Tukwila, Washington This page intentionally left blank 266