Leslie Public Schools
Voted Debt Retirement Fund Budget
For Fiscal Year Ending June 30, 2009




























FY 05/06
FY 06/07
FY 07/08
FY 08/09
REVENUES


Actual
Actual
Budget
Budget
Property Tax Levies of 7.39 Mils











Onondaga Township

$265,044
$271,905
$288,404
$289,415

Leslie Township

486,687
517,460
545,638
547,550

Bunker Hill

156,604
163,943
172,989
173,595

Rives Township

103,758
110,341
116,165
116,572

Leslie City

284,634
307,471
307,172
308,248

Tompkins Township

45,666
47,013
49,576
49,750




1,342,393
1,418,133
1,479,944
1,485,130












Other Income Sources











School Bond Loan Fund

-
-
-
-

Delinquent Taxes

-
501
-
-

Interest Earnings

18,778
16,438
11,500
19,500




18,778
16,939
11,500
19,500












Total Revenues


1,361,171
1,435,072
1,491,444
1,504,630












EXPENDITURES











Redemption of Principal

630,000
630,000
625,000
625,000

Interest on Debt

569,048
541,958
510,458
453,880

SBLF Repayment

80,170
420,000
380,000
282,639 *

Fees

700
300
800
2,400

Taxes Abated/Write Off

158
37
1,000
-
Total Expenditures


1,280,076
1,592,295
1,517,258
1,363,919












Net Increase (Decrease)


81,095
(157,223)
(25,814)
140,711












SUMMARY










Beginning Fund Equity


365,170
446,265
289,042
263,228
Add Increase (Decrease)


81,095
(157,223)
(25,814)
140,711
Ending Fund Equity


$446,265
$289,042
$263,228
$403,939
























$ Due in Subsequent November


$270,979
255,229
254,892
184,925












Comments:










This report is the combination of two debt retirement funds: the 1998 debt fund and the 2008 debt fund. Both of these debt










funds originate from the debt voters approved in 1995. The 1995 debt was refinanced twice; once in 1998 and again in 2008.






















While we are repaying the School Bond Loand Fund (SBLF), the goal will be to finish each year with an ending fund balance










that is slightly above the debt service payment due in subsequent November. We accomplish this by changing the "SBLF










Repayment" line item in Expenditures as required per Michigan Department of Treasury. However, the SBLF repayment is a










cash basis measurement whereas all other activities are measured on an accrual basis. This may cause an ending fund










balance to be higher than a subsequent November payment. The above figure of $282,639 in 2008-09 assumes about $217,000










in property taxes that won't be collected soon enough to pay the SBLF by 6/30/08. If all taxes are collected by mid-June, then










the SBLF repayment will be around $500,000, assuming all else is equal.