6b.
As of December 31, 2017
Assets
City of Smithville
Street Improvement Bond Debt Service Fund
Balance Sheet
Revenues:
Accrued interest on bonds sold 28,000$
Expenditures:
Interest on bonds 40,000
Excess of Expenditures over Revenues (12,000)
Other Financing Sources:
Premium on bonds 42,000
Interfund transfers in 10,000
Increase in Fund Balances 40,000
Fund Balances, January 1 –
Fund Balances, December 31 40,000$
City of Smithville
Street Improvement Bond Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended December 31, 2017
6b.
Variance
Actual with Final
Original Final Amounts Budget
Revenues:
Accrued interest on bonds sold 28,000$ 28,000$ 28,000$ –$
Expenditures:
Interest on bonds 40,000 40,000 40,000 –
Excess of Expenditures over Revenues (12,000) (12,000) (12,000) –
Other Financing Sources:
Premium on bonds 42,000 42,000 42,000 –
Interfund transfers in 10,000 10,000 10,000 –
Increase in Fund Balances 40,000 40,000 40,000 –
Fund Balances, January 1 – – – –
Fund Balances, December 31 40,000$ 40,000$ 40,000$ –$
City of Smithville
Street Improvement Bond Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
For the Year Ended December 31, 2017
Budgeted Amounts
6c.
Calculation of Legal Debt Margin for Fiscal Year 2017
Total Estimated Actual Valuation 314,727,270$
Maximum general obligation debt, limited to 8% 25,178,182$
of total valuation
Outstanding bonds chargeable to the limit 2,000,000
Legal Debt Margin – December 31 23,178,182$
Note: The $40,000 restricted fund balance in the debt service fund
is restricted for interest payment. An additional $6,000,000 has been
authorized for issuance over the next two years.
City of Smithville
Legal Debt Margin Information
6e.
Cash 326,687$
Taxes receivable—delinquent (net of $20,000 in
allowance for uncollectible accounts)
25,000
Interest and penalties receivable (net of $180 in
allowance for uncollectible accounts)
3,420
Investments 247,500
Total Assets 602,607$
Fund Balances:
Restricted—debt service 602,607$
Total Liabilities and Fund Balances 602,607$
City of Smithville
Street Improvement Bond Debt Service Fund
Balance Sheet
As of December 31, 2018
Assets
Liabilities and Fund Balances
6f.
Revenues:
Taxes 640,000$
Interest and penalties on taxes 3,420
Investment income 4,187
Accrued interest on bonds sold 17,500
Total Revenues 665,107
Expenditures:
Interest on bonds 132,500
Excess of Revenues over Expenditures 532,607
Other Financing Sources:
Premium on bonds 30,000
Increase in Fund Balances 562,607
Fund Balances, January 1 40,000
Fund Balances, December 31 602,607$
City of Smithville
Street Improvement Bond Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended December 31, 2018
6g.
Variance
Actual with Final
Original Final Amounts Budget
Revenues:
Taxes 640,000$ 640,000$ 640,000$ –$
Interest and penalties on taxes – – 3,420 3,420
Investment income 4,187 4,187 4,187 –
City of Smithville
Street Improvement Bond Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
For the Year Ended December 31, 2018
Budgeted Amounts
7d.
Assets
Current:
Cash 402,221$
Customer accounts receivable 133,687$
Less: Allowance for doubtful accounts 7,100 126,587
Due from other funds 2,800
Inventories 4,080
Total Current Assets 535,688
City of Smithville
Solid Waste Disposal Fund
Statement of Net Position
December 31, 2017
