WHAT IS THE CITY'S DEBT?

A e-mailer recently asked me what the city's debt level is. I did a post on this last year, but, of course, the numbers change, so here is another snapshot:

GENERAL FUND
This is commonly money borrowed to do long-term capital projects, and make major purchases
2000 BORROWING - Part of this was to add on to City Hall
20098 Payment - $144,950 in principal, $79,802 in interest
Future - Payments will be roughly $220,000 in 2010 and 2011, then accelerate to $327,000 for the next four years. We will relikely re-finance this note to level out the payments.
Remaining - $1.6 million in principal, $366,000 in interest (Final Payment - 2015)
2004 REFUNDING - The city refunded a large borrowing to get better interest rates
2009 Payment - $70,000 in principal, $14,208 in interest
Future - The city will pay $92,000 in 2010 and $89,000 in 2011. The scheduled payments drop down below $50,000 in 2012.
Remaining - $400,000 in principal, $52,000 in interest (Final payment in 2015)
2004 BORROWING
2009 Payment - $30,000 in principal, $36,000 in interest
Future - Payments will increase to $100,000 next year, and float between $80,000-150,000 for the remainder of the note
Remaining - $950,000 in principal, $246,000 in interest (Final payment in 2018)
STATE TRUST FUND - This was money borrowed to expand the Industrial/Business Park
2009 Payment - $57,000 in interest, $33,000 in interest
Future - Payments stay level around $90,000
Remaining - $637,000 in principal, $178,000 in interest (Final payment in 2017)
2007 BORROWING - Most of this money was for the new fire station
2009 Payment - $25,000 in principal, $79,000 in interest
Future - Payments increase slightly to $190,000 in the mid 2010's
Remaining - $1.95 million in principal, $880,000 in interest (Final payment in 2027)
TOTAL PAYMENTS IN 2009 - $327,000 in principal, $243,000 in interest
TIF #1 (Downtown)
2000 BORROWING (This was refinancing)
2009 Payment - $40,000 in principal, $6,000 in interest
Future - $129,000 in principal, $13,000 in interest (Final payment in 2011)
2003 BORROWING - This was a refinancing of a note the TIF took out from the city
2009 Payment - $90,000 in principal, $21,000 in interest
Future - Level payments until 2012, when we owe a balloon of $158,000
Remaining - $430,000 in principal, $59,000 in interest
TOTAL PAYMENTS IN 2009 - $157,000 - The TIF is bringing in enough increment to close this district early and put the tax base back on the general tax roll.
TIF #2 (This TIF has been closed, but has enough extra increment to pay off its debt)
2009 Payment - $45,000 in principal, $7,000 in interest
Future - Payments remain level
Remaining - $147,000 in principal, $14,000 in interest (Final payment in 2011)
TIF #4 (Industrial Park)
Money was borrowed in 2008 to pay for the new streets
2009 Payment - $75,000 in principal, $38,000 in interest
Future - Payments stay level
Remaining - $760,000 in principal, $115,000 in interest (Final payment in 2016)
TIF #6 (Highway 23 West)
Money was borrowed in 2007 for the Comfort Suite project and a short-term note was taken out last year for the Stoney Ridge extension by McDonalds
2009 Payment - $41,000 in interest
Future - Payments balloon to $250,000 the next two years, then drop to $75-90,000 for the remainder
Remaining - $1.4 million in interest, $466,000 in interest (Final payment in 2025 for the Comfort Suites project, 2011 for Stoney Ridge extension)
TIF #7 (Sandmar Subdivision)
Money was borrowed in 2007 to put in the streets and infrastructure
2009 Payment - $75,000 in interest
Future - Payments jump to $122,000 in 2011, then slowly accelerate
Remaining - $1.87 million in principal, $830,000 in interest (Final payment in 2026)
NOTE: TIF #3 was never created, TIF #5 is sharing its increment with TIF #1 to close the district earlier
WATER UTILITY
Money was borrowed in 2005 to purchase the utility from Alliant Energy
2009 Payment - $175,000 in principal, $248,000 in interest
Future - Payment remain level
Remaining - $5.586 million in principal, $3.222 in interest (Final payment in 2029)
WASTEWATER UTILITY
Money was borrowed in 2002 to expand and modernize the current facility
2009 Payment - $270,000 in principal, $121,000 in interest
Future - Payments remain level
Remaining - $4.529 million in principal, $926,000 in interest (Final payment in 2022)

TOTAL CITY DEBT
2009 Payment - $1.021 million in principal, $801,000 in interest
Future - General Fund debt accelerates until 2015, when it drops considerably
Remaining - $20.336 million in principal, $7.37 million in interest

NOTE: This does not include the recent borrowing of $600,000 under TIF #8 (the new downtown TIF) to finance a revolving loan fund, facade grant fund and streetscape improvement. Remaining payments include this year's payments.