Utilities and Business Services
Where the Money Comes From:
Total revenues
Where the Money Goes:
Water
Total expenses
Increase in net position
WHAT WE OWE
The Town borrows most of the money that
it spends for major capital improvements
by selling general obligation bonds or from
loans that do not require collateral. The Town’s
and the tax on food and beverages. At June
food tax receipts to pay principal and interest
on bonds for the convention center included in
in debt will be paid from general tax revenues
and fees.
The Town has several pension plans that its
employees participate in and has made a
commitment to the employees to fund their
requirements, the plans had net assets of
contributed to the plans. Employees contribute
plans to fund its portion of the liability over
the next ten years. The Town had assets of
Report TO CITIZENS
WHERE WE STOOD ON
The Town’s statement of net position provides
Net position represents the Town’s spendable
resources and ownership (equity) in the assets
that make up the Town’s land, infrastructure,
and buildings.
Excess of assets over debts:
Why sell bonds? By selling tax
exempt bonds, the Town obtains
financing at a low interest rate and
spreads the cost of the project over
many years instead of adding the
total cost to your tax bill in one year.
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