Debt Service Funds

REVISED BUDGET (OCTOBER)

Overview

WUSD levies a property tax to meet the semi-annual debt service (payment) obligations. The levy and associated payments are recorded in two debt service funds.

Non-Referendum Debt Service (Fund 38)

This fund is used to account for the debt issued related to energy efficiency projects.

In addition to the annual tax levy, a transfer is made from the General Fund (Fund 10) to cover the principal and interest payments. The General Fund transfer amount is the realized utility savings as determined by McKinstry, the energy efficiency performance contractor.

The final debt payment for the energy efficient projects will be April, 2024. The remaining debt is non-interest-bearing and also non-callable.

Referendum Debt Service (Fund 39)

This fund is used to account for the debt issued related to the $23.5 million of capital improvement projects approved by referendum in November, 2016.

The annual levy is intended to fund the spring (2021) principal and interest payment and the following fall (2021) interest payment.

This debt bears interest between 3% and 5%. Maturities on and after April, 2027 are callable beginning April, 2026.