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3. Accounting for New Bonded Debt in the Enterprise Funds
I pointed out an accounting error in the Enterprise Funds. The principal (face) value of proposed
new bonding is included in the FY2022 annual budget, whereas only the annual debt service cost
(principal plus interest) should be shown (see Account 193 Debt Service). .
Debt service payments for new bonded debt in the current year do not appear until the following
year.”) This makes a significant change in the accounting of the Enterprise Funds, and in the
Total Appropriations:
Enterprise Funds Enterprise Funds
new bond included new bond excluded
FY21 - FY22 FY21 - FY22
FY21 FY22 _increase FY2i FY22 snerease
$ % $ %
solid waste $ 9.86 | 5 10.25 | $ 0.39 3.9% $ 9.86 | $ 9.30 | $ (0.56)} -5.7%
Wastewater 5 20,25 | $ 28.09 | $ 7.85 38.7% $ 20.25 | $ 16.86 | $ (3.39)| -16.8%
E j
nterprise Funds |. ayaa] 38.35 | $ 8.23] 27.3% |$ 30.11|$ 26.16]/$ (3.95}} -13.1%
Subtotal
Spec, Revenue Funds 5 18.58 | $ 18.57| $ (0.01) 0.1% $ 18.58 | $ 18.57 | $ 0.01)} -0.1%
City + School " ‘ - : as
General Fund $ 282.88|$ 290.37) 5 7.48 2.6% $ 282.88)/5 290.37) 5 748 2.6%
Total
_ $ 33158|$ 347.28|5 15.71 4.7% $ 33158|$ 335.09|$ a.52| 1.196
Appropriations
according to standard practice for municipal bonding.
