DEBT SERVICE FUNDBUDGET ASSUMPTIONSOCTOBER 21, 2021
- The tax rate will be set to generate the funds needed for the revenue plan.
- The state has developed a formula for determining what our year-end cash balance can be. We have shown this calculation on the Debt Service Worksheet.
- See DLGF worksheet
- Addition of new bonds (first payment in 2022):
- G.O. Bonds ($5,500,000) to support CPF projects and technology projects
- G.O. Bonds ($5,500,000) for PGES Phase II and miscellaneous building improvement projects
- Bonds ($5,170,000) for construction of the Emergency Operations Center
- Elimination of bonds (last payment in 2021):
- 2019 G.O. Bonds ($4,800,000) to support CPF and technology projects
- 1996 Common School Loan ($1,800,000) to remodel the high school
- Approximately $81,000 in interest on Tax Warrants
- Approximately $161,000 in un-reimbursed textbook fee collection
Tax Rate/Levy Assumptions:
- All funding comes from local sources.
- FIT, CVET, and Excise taxes are projected to be about the same percentage in 2022 as they were in
- The tax rate is computed on State Form 4. The levy will be whatever is required to raise needed revenue.