debt service fund

DEBT SERVICE FUND
To account for the revenues designated for debt service on the Village’s
portion of Special Assessment projects.
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Debt Service Fund Summary
AMENDED
BUDGET
2015
Description
YEAR END
ESTIMATE
2015
DEPT.
REQUEST
2016
Beginning Fund Balance
BOARD
APPROVED
2016
$ 97,480
Revenues
Expenditures
Difference Revenues Over/(Under) Expenditures
638,390
(840,000)
628,990
(840,430)
($ 201,610)
($ 211,440)
Ending Fund Balance - Restricted
620,460
(513,130)
$ 107,330
620,460
(513,130)
$ 107,330
$ 204,810
The Debt Service Fund accounts for the Village’s levy (in accordance with Illinois Compiled Statutes
(65 ILCS 5/9-2-39)) to pay Public Benefit assessments against the Village. This levy is only to be used
for special assessment projects. The municipality may levy .05% ($.05 per $100 of assessed
valuation) or the rate limit in effect on July 1, 1967, whichever is greater. In FYE 2004 through FYE
2007, the levy for Public Benefit was reduced to approximately .025% ($.025 per $100 of assessed
valuation) to cover the cost of health insurance. However, after the non-home rule sales tax
referendum passed, it was decided to fund the Public Benefit for FYE 2007 at the full rate of $.05 per
$100 of assessed valuation. The additional .025% not levied for FYE 2007 was transferred in from the
General Fund. This full funding has continued for FYE 2008 through FYE 2016. A ten-year history of
public benefit revenue receipts from property tax is as follows:
2016
2015
2014
2013
2012-B
2012-A
2011
2010
2009
2008
2007
Revenue Receipts
$620,460
(Budget)
628,990
(Estimate)
682,378
675,128
747,122
803,112
871,690
861,573
817,517
912,669
356,915
7-1
Debt Service Requirements to Maturity
The annual debt service requirements to maturity, including principal and interest, are as
follows:
Fiscal Year Ending
2017
2018
2019
2020
Total
Installment Contracts
Principal
Interest
1,350,575
67,704
584,250
34,638
564,425
16,032
88,375
1,091
2,587,625
119,466
Business-Type Activities
Principal
Interest
1,938,425
104,414
1,420,750
58,366
1,081,575
27,966
416,625
5,145
4,857,375
195,891
Legal Debt Margin
Chapter 65, Section 5/8-5-1 of the Illinois Compiled Statutes provides, “…no municipality
having a population of less than 500,000 shall become indebted in any manner or for any
purpose, to an amount, including existing indebtedness in the aggregate exceeding 8.625%
on the value of the taxable property therein, to be ascertained by the last assessment for
state and county purposes, previous to the incurring of the indebtedness or, until January 1,
1983, if greater, the sum that is produced by multiplying the municipality’s 1978 equalized
assessed valuation by the debt limitation percentage in effect on January 1, 1979.
Assessed Valuation – 2014
Legal Debt Limit – 8.625% of Assessed Value
Amount of Debt Applicable to Limit
Limited Tax Debt Certificates of 2008
Limited Tax Debt Certificates of 2009
Limited Tax Debt Certificates of 2010
Limited Tax Debt Certificates of 2013
$1,268,127,652
109,376,010
840,000
1,255,000
2,270,000
6,503,000
10,868,000
Legal Debt Margin
7-2
98,508,010
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7-3
Revenue Summary by Fund
Fund: 310 Debt Service Fund
Taxes
Miscellaneous
Fund Total: Debt Service Fund
Amended
Year End
Department
Board
Actual
Budget
Estimate
Request
Approved
2014
2015
2015
2016
2016
$639,819
$638,390
$628,990
$620,460
$620,460
$42,558
$0
$840
$0
$0
$682,378
$638,390
$629,830
$620,460
$620,460
Debt Service Fund Revenue
$1,000,000
Amended Budget 2015
Board Approved 2016
$100,000
$10,000
$1,000
Taxes
7-4
Miscellaneous
Revenue Detail by Fund
Amended
Year End
Department
Board
Actual
Budget
Estimate
Request
Approved
2014
2015
2015
2016
2016
Fund: 310 Debt Service Fund
10 - Taxes
51025 - Public Benefit
$639,819
$638,390
$628,990
$620,460
$620,460
10 - Taxes Totals
$639,819
$638,390
$628,990
$620,460
$620,460
$0
70 - Miscellaneous
66210 - Interest on Investments
($2,407)
$0
$840
$0
66630 - Abatements/Rebates
$44,965
$0
$0
$0
$0
70 - Miscellaneous Totals
$42,558
$0
$840
$0
$0
$682,378
$638,390
$629,830
$620,460
$620,460
Fund Total: Debt Service Fund
7-5
Expenditure Summary by Fund
Amended
Year End
Department
Board
Actual
Budget
Estimate
Request
Approved
2014
2015
2015
2016
2016
Fund: 310 Debt Service Fund
Debt Service
$499,626
$840,000
$840,430
$513,130
$513,130
Fund Total: Debt Service Fund
$499,626
$840,000
$840,430
$513,130
$513,130
Debt Service Fund Expenditures
$900,000
$800,000
$700,000
Amended Budget 2015
Board Approved 2016
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
Debt Service
7-6
Expenditure Detail by Fund
Amended
Year End
Department
Board
Actual
Budget
Estimate
Request
Approved
2014
2015
2015
2016
2016
Fund: 310 Debt Service Fund
50 - Debt Service
78010 - Bond Principal
$465,000
$765,000
$765,000
$460,000
$460,000
78020 - Bond Interest
$34,381
$75,000
$75,000
$52,590
$52,590
$245
$0
$430
$540
$540
50 - Debt Service Totals
$499,626
$840,000
$840,430
$513,130
$513,130
Fund Total: Debt Service Fund
$499,626
$840,000
$840,430
$513,130
$513,130
78050 - Other Debt Service Expenses
7-7
310.680.710
Public Benefit
COST CENTER DESCRIPTION
This account provides for the Public Benefit Fund cost of capital projects. The Village's share of
project cost represents the public benefit portion of total cost. The remaining cost is assumed
by either the property owner through special assessments and/or another source of outside
funding.
Fund
Department
Cost Center
Account
Number Description
78010 Bond Principal
78020 Bond Interest
78050 Other Debt Service Expenses
Cost Center Total: Public Benefit
7-8
310 Debt Service Fund
680 Public Benefit
710 Public Benefit
Actual
2014
$465,000
$34,381
$245
$499,626
Amended
Budget
2015
$765,000
$75,000
$0
$840,000
Year End
Estimate
2015
$765,000
$75,000
$430
$840,430
Department
Request
2016
$460,000
$52,590
$540
$513,130
Board
Approved
2016
$460,000
$52,590
$540
$513,130
310.680.710
Public Benefit Budget By Project
Description
SA #217A Debt Service
SA #217B Debt Service
SA #217C Debt Service
Project Totals
Actual
2014
330,894
168,733
499,627
Amended
Budget
2015
329,000
340,488
170,513
840,001
Year End
Estimate
2015
329,000
340,918
170,513
840,431
Department
Request
2016
340,965
172,163
513,128
Board
Approved
2016
340,965
172,163
513,128
7-9
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