Title
2012 Fourth Quarter Budget Adjustments - Approval
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $59,605,845 and an increase in expenditures of $34,537,975.
The increase in revenues is due to the following:
• Issuance of 2012A General Obligation Refunding Bonds in the amount of $9,005,000.
• Premium on 2012A General Obligation Refunding Bonds in the amount of $150,483.
• Issuance of 2012D General Obligation Refunding Bonds in the amount of $5,220,000.
• Premium on 2012D General Obligation Refunding Bonds in the amount of $230,362.
• Proceeds from line of credit for project funding in the Main Street Triangle area in the amount of $25,000,000.
• Issuance of 2012B General Obligation Refunding Bonds in the amount of $18,000,000.
• Issuance of 2012C General Obligation Refunding Bonds in the amount of $2,000,000.
The increase in expenditures is due to the following:
• Reduced interest payment due to the refunding of the 2006 General Obligation Bonds in the amount of ($175,894).
• Principal and interest payments for the 2012A General Obligation Refunding Bonds in the amount of $108,024.
• Transfer to escrow for refunding of 2006 General Obligation Bonds in the amount of $9,075,468.
• Bond issuance costs for the 2012A General Obligation Refunding Bonds in the amount of $80,015.
• Transfer to escrow for refunding of 2004 General Obligation Bonds in the amount of $5,380,320.
• Bond issuance costs for the 2012D General Obligation Refunding Bonds in the amount of $70,042.
• Refunding of line of credit in the amount of $19,723,188.
• Bond issuance costs for the 2012B General Obligation Refunding Bonds in the amount of $243,812.
• Bond issuance costs for the 2012C General Obligation Refunding Bonds in the amount of $33,000.
On December 3, 2012, this item was reviewed and approved by the Finance Committee and referred to the Board for approval.
Financial Impact
The attached spreadsheet identifies the budget impact.
Recommended Action/Motion
I move to approve increasing the FY2012 revenue budget by $59,605,845 and increasing the FY2012 expenditure budget by $34,537,975.