HomeMy WebLinkAbout10.F.2. Canceling Debt Service Levies for the 2014/2015 Budget Year Res. No. 7481 General Business 10. F. 2.
SF 1 A KOI'F E
TO: Mayor and City Council
Mark McNeill, City Administrator
FROM: Julie Linnihan, Finance Director/City Clerk
DATE: 09/16/2014
SUBJECT: Canceling Debt Service Levies for the 2014/2015 Budget Year- Res. No. 7481 (C)
Action Sought
Approve Resolution No. 7481, Canceling Debt Service Levies for 2014/2015.
Background
Debt Service levies for each debt service issue require annual payment of principal and
semi-annual payment of interest. Typically, these payments are funded through the specific debt
service levies approved by Council during the annual budget process.
Debt Service payments are made through a combination of collections of special assessments, use
of cash position, fund transfers and interest earnings, as well as debt service levies. For the 2015
preliminary levy, the following debt service levies will be canceled and paid through the use of
existing fund balance or fund transfers:
2004D Building Debt (Public Works) $ 466,680
2007A Improvement GO Debt $ 10,145
2008A Improvement GO Debt $ 147,084
2010A Improvement GO Debt $ 108,492
2012A Refunding Debt Refunding (2004A & 2004C) $ 560,936
2004B building Ref. Debt. (Fire) $ 49,926
'Levy provides for $200,000 of debt service payment
Total amount of debt Service Cancelation for 2015 Levy $1,343,263
Recommendation
Council is asked to approve Resolution No. 7481, Canceling Debt Service Levies for 2014/2015.
Budget Impact
Relationship to Vision
Maintain the City's strong financial health (C)
Requested Action
Move to approve Resolution No. 7481, Canceling Debt Service Levies for 2014/2015.
Attachments: Debt Service Detail
Resolution No. 7481
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RESOLUTION NO. 7481
A RESOLUTION CANCELING DEBT SERVICE LEVIES FOR 2014/2015
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF SHAKOPEE,
COUNTY OF SCOTT,MINNESOTA,that the following debt service levies are cancelled:
2004D Building Debt(PW) $466,680
2007A GO Improvement Bonds $ 10,145
2008A GO Improvement Bonds $147,084
2010A GO Improvement Bonds $108,492
2012A GO Refunding $560,936
BE IT FURTHER RESOLVED that the following irrevocable transfer is made from the Building
Internal Service Fund to the 2004D Building Debt Service Fund, in the amount of$465,000,with
the difference required for payment of annual debt service needs to be paid from the fund
balance in the debt service fund.
The Debt Service issue for the 2004B Building Referendum (Fire building)will require a
cancellation of$49,926, as the City will levy$200,000 of the $249,926 total levy.
Adopted in regular session of the City Council of the City of Shakopee, Minnesota held this 16th
day of September 2014.
Mayor of the City of Shakopee
ATTEST: