Agenda Item #12
Debt Services Funds Budget amendment #1 for the 2012-13
The fund balance remains flat with a variance of $2,451; however, there was an increase in the Debt Service refunding certificate proceeds and corresponding expenditures of $156,498,472. These increases are due to the refunding of the 2002A certificates and portions of the 2004A, 2004B and 2006A certificates. The District issued $142,220,000 of par value certificates to replace $140,070,000 of par value, realizing a lower overall interest cost. The savings on the refunding equated to $8.7 million in gross savings and $8.5 million in net present value savings over the financing term.
Approve Resolution #1 to amend the 2012-13 Debt Service Budget.
Consent w/o Information - 9/5/2013
Authority for Action
F.S. 1001.02(1), 1011.06
Involves Expenditure of Funds Directly in the Classroom
Source of Funding
Agenda Item will not Require the Expenditure of Funds
Kathy Jackson, Accounting Manager, ext 674
Jo Ann Clark, Director of Accounting Services, ext. 660
Judy Preston, Associate Superintendent of Financial Services, ext. 600
Attachment: Budget Amendment - Debt Service - Resolution #1.pdf