2015 2016 Budget Debt Service Presentation December 16, 2014 What - PowerPoint PPT Presentation

2015 – 2016 Budget Debt Service Presentation December 16, 2014

What is Debt Service? ◦ Principal and Interest Payments ◦ building projects ◦ energy performance contract (EPC) ◦ bus purchases ◦ Bond Anticipation Note (BAN) ◦ Revenue Anticipation Note (RAN)

Building Projects and EPC

Bus Purchases

BAN and RAN Interest Payments 2014-15 2015-16 NEW $ AMOUNT % AMOUNT DESCRIPTION BUDGET BUDGET INCREASE/DECREASE INCREASE/DECREASE BAN ANTICIPATION - INTEREST $224,850.00 $0.00 ($224,850.00) -100.00% REV ANTICIPATION NOTES $45,000.00 $45,000.00 $0.00 0.00% $269,850.00 $45,000.00 ($224,850.00) -83.32%

New Debt • Current Capital Project ($7.5 Million) • Projected to issue a serial bond in June 2015 • Principal: $375,000 • Interest: $299,800

Summary • Debt Service Budget Projected to Increase by $451,818 or 17.22% • Issuing new serial bond in June 2015