Utilities and Business Services
Where the Money Comes From:
Total revenues
Where the Money Goes:
Water
Total expenses
Increase (decrease) in net position before transfers 6,333,000 (903,372)
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
are paid from 10 to 20 years. At the end of
from service fees from business-type activities
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
Accounting Standards Board (GASB), GASB
accrued liability of $143,307,641 at June 30,
to be contributed to the plans. Employees
the Town plans to fund its portion of the liability
over the next ten years. The Town had assets
of $33,094,013 to fund retiree health benefits
and an actuarial liability of $61,307,427. The
is being funded over twenty-one years.
WHERE WE STOOD ON
The Town’s statement of net position provides
Net position represents the Town’s spendable
that make up the Town’s land, infrastructure,
and buildings.
Governmental Business-type Total Change
Excess of assets over debts:
Restricted for loans and food tax receipts _
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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report tocitizens