CITY OF BURLINGTON                                                                          
GENERAL DEBT SERVICE FUND
BUDGET FOR THE YEAR 2008
Anticipated Proposed Proposed Proposed
Actual Budget Actual Budget Actual Budget Budget Budget
2005 2006 2006 2007 2007 2008 2009 2010
Revenues
General Property Taxes  $  #######  $  #######  $            189,130  $          172,515  $          172,515  $          222,686  $          222,686  $          222,686
Interest Income           -             -                 2,213                   -             13,089                   -                     -                     -  
07 Refunding Bond Proceeds                     -                     -        1,458,292                   -                     -                       -
Total Revenues ####### #######           191,343         172,515      1,643,896         222,686         222,686         222,686
   
Expenditures
Debt Service:
Principal Retirement
01 Refunding Bonds 2.845M (1) ####### ####### 220,000         220,000         218,137         274,552         278,313         338,489
01 General Obligation Bonds 6.5M (2)[1]   50,000   50,000           100,000           50,000           36,923           43,077           43,077           61,538
03 State Trust Fund Loan - $0.734M (3)   25,905   25,905             25,586           26,929           26,929           28,249           29,826           31,392
07 G.O. Note           -             -                       -                     -        1,500,000                   -                     -                       -
Total Principal ####### #######           345,586         296,929      1,781,989         345,878         351,216         431,419
Interest and Fiscal Charges
01 Refunding Bonds 2.845M (1)   66,007   66,007             59,153           51,673           54,544           45,578           29,922           22,807
01 General Obligation Bonds 6.5M (2)   28,963   28,963             42,665           25,463           28,338           26,785           25,062           22,969
03 State Trust Fund Loan - $0.734M (3)   36,623   36,623             36,942           35,598           35,598           34,278           32,701           31,136
07 G.O. Refuding Bond                     -                     -                       -           73,135           63,750           63,750
07 G.O. Note                     -                     -             13,808                   -                       -                     -
Total Interest ####### #######           138,760         112,734         132,289         179,776         151,435         140,662
Total Expenditures ####### #######           484,346         409,663      1,914,278         525,654         502,651         572,081
 Excess Revenues Over (Under) Expenditures  ####### #######          (293,003)        (237,148)        (270,382)        (302,968)        (279,965)        (349,395)
Other Financing Sources (Uses)
Operating Transfer In - TID #4 (4) ####### #######           281,573         210,801         197,142         330,192         217,215         259,246
Operating Transfer In - Library Pension           -       4,683               4,683             4,683             4,683             4,683             4,683             4,683
Operating Transfer In -Water Pension           -       2,707               2,707             2,707             2,707             2,707             2,707             2,707
Operating Transfer In - Sewer Pension           -       6,253               6,253             6,253             6,253             6,253             6,253             6,253
Operating Transfer Out - General Fund           -    (19,909)            (19,909)[2]                   -                       -                   -                       -                     -
Debt Service Reimbursements   12,704 [3]   12,704             12,704           12,704           12,704           12,704           12,704           12,704
Total Other Financing Sources (Uses) #######     #######               288,011             237,148         223,489             356,539         243,562         285,593
                               
(1) Of the original $2.845 million, $705,000, or 24.8%, is TID #3 debt and was transferred to that Fund, $1,035,000, or 36.4%, is attributable to TID #4, and $1.105 million, or 38.8% is refinanced G.O.debt.  Final payment will be made in 2011.
(2) TID #4 debt service on $800,000.  The balance of $5.7 million was transferred to TID #3 Debt Service Fund.  Final payment is in 2016.
(3) This is the loan that paid off the City's unfunded pension liability.  Final payment is in 2023.
      (4) Until TID #4 is closed out debt retirement is made from the original debt service fund.
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 Excess Revenues and Other Financing Sources  
 Over (Under) Expenditures and Other  
 Financing Uses            -   #######              (4,993)                   -            (46,892)               53,571          (36,403)          (63,802)
Fund Balance - January 1 ####### #######           146,473         141,480         141,480           94,588         148,159         111,756
Fund Balance - December 31 $ #######  $   (88,348)  $            141,480  $          141,480  $            94,588  $          148,159  $          111,756  $            47,954
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[1]
 :
Paid out of Debt service on behalf of TID 4, TID 4 transfers money in to cover
[2]
 :
One time transfer there was an over tax so we were allowed to transfer money back to the General FUnd
[3]
 :Repayment from Chocolate Fest