CITY OF BURLINGTON
TAX INCREMENTAL DISTRICT NO. 3 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 
 463-414111-000   General Property Taxes  $ ####### $ ####### $     2,644,363  $   $   $       3,284,840  $         3,350,536  $       3,417,547
 Municipal Property Taxes      1,015,479      1,015,479
 Non-Municipal Property Taxes      1,847,521      1,836,828 [1]
 463-424239-000   Exempt Computer Aid    26,001   24,000          31,958 [2]          31,000           27,850           20,786             20,786           20,786
 Grant              -             -                 -                   -                     -                     -                        -                     -
 463-484811-000   Interest Income    69,630   64,000          92,664 [3]        155,920           90,000           90,000             90,000           90,000
 Total Revenues    #######   #######       2,768,985     3,049,920      2,970,157      3,395,626        3,461,322      3,528,333
     
 Expenditures       
 Contract Services      1,445             -            4,319                   -             2,535             3,000               3,000             3,000
 Debt Issuance Costs  #######             -                   -                   -                     -                     -                      -                     -
     Principal                           
 463-585810-601   2.845 M G.O. Refunding    70,000   70,000          70,000          71,920           71,863           90,488             91,687         111,511
 463-585810-602   9.990 M G.O. Refunding               - #######        100,000        250,000         250,000         300,000           450,000         500,000
 463-585810-603   6.500 M G.O. Comm Dev  ####### #######        200,000        263,070         263,077         306,923           306,923         438,462
 463-585810-604   15.00 M G.O. Lease Revenue(3)  ####### #######        525,000        575,000         575,000         600,000           625,000         675,000
 463-585810-607   11.80 M Revenue Refunding               - #######        125,000        135,000         135,000         150,000           150,000         150,000
 463-585810-605   Shiloh Hills Revenue Bond (1)    20,108     2,000            2,000            2,000             2,000             2,000               2,000                     - [4]
 463-585810-606   Memorial Hospital Rev Bond (2)  ####### #######        145,000          67,900           75,000           67,900             75,000           75,000
 Total Principal  ####### #######     1,167,000     1,364,890      1,371,940      1,517,311        1,700,610      1,949,973
 Interest 
 463-585820-601   2.845 M G.O. Refunding    25,425   23,220          23,220          17,985           17,969           15,015               9,858             7,513
 463-585820-602   9.990 M G.O. Refunding   ####### #######        449,820        445,820         445,820         435,820           423,820         405,820
 463-585820-603   6.500 M G.O. Comm Dev  ####### #######        198,460        201,905         201,912         190,840           178,563         163,656
 463-585820-604   15.00 M G.O. Lease Revenue(3)  ####### #######        725,250        105,088         105,088           77,325             48,075           16,537
 463-585820-607   11.80 M Revenue Refunding  ####### #######        447,843        444,265         444,265         440,200           435,775         431,125
 Shiloh Hills Revenue Bond(1)              -             -                 -                   -                     -                     -                        -                     -
 Memorial Hospital Rev Bond(2)              -             -                 -                   -                     -                     -                        -                     -
 Advance to General Fund  #######   76,545                 -            58,270                   -                     -               58,270           58,270
 463-590000-000   Banking Fees      3,301     4,500               159               150                  92                150                  150                150
 Total Interest  ####### #######     1,844,751     1,273,483      1,215,145      1,159,351        1,154,511      1,083,071
     Total Expenditures    #######   #######       3,011,751     2,638,373      2,587,085      2,679,662        2,858,121      3,036,044
 (1) Principal payments end in 2009.  There are no interest charges on the Shiloh Hills Revenue Bond. 
 (2) Principal payments end in 2014.  There are no interest charges on the Memorial Hospital Revenue Bond. 
 (3) Bond agreement requires $1.5 Million in cash reserve. 
 Page 81 
 Excess Revenues Over (Under) Expenditures  ####### #######      (242,767)        411,547         383,072         715,964           603,201         492,289
 Other Financing Sources (Uses) 
 Operating Transfers In               -             -                   -                     -
 463-494929-000   Operating Transfers In - TID 4 (1)  ####### #######        430,000        430,000         430,000         430,000           430,000         430,000
 463-595921-000   Operating Transfers Out - General Fund (1)  ####### #######      (430,000)      (430,000)        (430,000)        (430,000)         (430,000)        (430,000)
 Face Value of Refunding Debt  #######             -                   -                   -                     -                   -                        -                     -
 Debt Proceeds Paid to Escrow Agent  #######             -                   -                   -                     -                   -                        -                     -
 Discount on Refunding Debt  #######             -                   -                   -                     -                   -                        -                     -
  Total Other Financing Sources (Uses)  #######             -                   -                   -                     -                     -                      -                     -
 Excess Revenues and Other Financing Sources  
 Over (Under) Expenditures and Other  
 Financing Uses   (62,382) #######      (242,767)[5]        411,547         383,072         715,964           603,201         492,289
 Fund Balance - January 1  ####### #######   (1,655,061)   (1,897,828)     (1,897,828)     (1,514,756)         (798,792)        (195,591)
   
 Fund Balance - December 31 (1)   $  #######  $  #######  $    (1,897,828)  $    (1,486,281)  $      (1,514,756)  $         (798,792)  $          (195,591)  $          296,699
 (1) TID #3 has outstanding loan payments to the sanitary sewer fund of $543,967 and to the general fund of $2,072,415 due to TID #3  
       project loans. TID #3 is anticipated to repay the debts prior to closeout of the TID.  TID #4 will loan TID #3 funds to retire this debt. 
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[1]
 :
463-414111-000
[2]
 :
TIF 3's portion
[3]
 :
This amount is based upon TID #3 investments as of October 1, 2006.  It is anticipated that these investments will not be drawn down due to the anticipated positive cash flow.  For a conservative projection it is further anticipated that the investments will grow by 5% annually, without adding the positive cash flow to the investments.  Check the positive cash flow projections annually to determine whether or not the investments should be increased (decreased) to better forecast future investment income.
[4]
 :
This bond is paid off in 2009
[5]
 :
Sewer and water was put in to benefit TiF district. Tif 3 pay back WW/W, but WW/W decided to gift the money to the General Fund.  This is a discretionary amount given when money is available. (Romenesko)
[6]
 :
should be 838808