09-05-2013 Special School Board Meeting
Agenda Item #12


Title
Debt Services Funds Budget amendment #1 for the 2012-13

Discussion

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.

 



Recommendation
Approve Resolution #1 to amend the 2012-13 Debt Service Budget.

Meeting Date(s)
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
No

Source of Funding
Agenda Item will not Require the Expenditure of Funds

FY
Amount
Budgeted
Fund
Cost Center
Project
Function
Object
Program

Contact

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