Debt Service – Schools
Explore this fund’s reported income, spending, and balances. The summary shows audited FY2025 figures; each section identifies its own years.
Fund balance is the reported amount remaining, not necessarily cash available to spend.
Financial historyAudited 2019-2020 through 2024-2025 revenue, financing, and balances.
Includes the FY2019–20 and FY2020–21 Debt Service predecessor, followed by Debt Service – Schools from FY2021–22. It is a school-debt funding history, not solely USDA installment payments; construction funds remain separate. No separate predecessor column was located in FY2017–18 or FY2018–19.
These are governmental fund statements, not cash-flow statements. Fund balance includes more than cash on hand. A dash means no separate amount reported; it is not a fabricated historical value.
| Measure | Actual2019-2020 | Actual2020-2021 | Actual2021-2022 | Actual2022-2023 | Actual2023-2024 | Actual2024-2025 |
|---|---|---|---|---|---|---|
| Beginning fund balance | — | 1,003,009 | 1,997,652 | 2,846,563 | 2,811,574 | 2,812,032 |
| Revenue | 1,003,009 | 1,821 | 5,964 | 124,462 | 798,411 | 864,602 |
| Expenditures | — | 7,178 | 157,053 | 1,159,451 | 31,797,953 | 6,575,189 |
| Transfers received | — | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,941,528 |
| Debt issued | — | — | — | — | 30,000,000 | 5,000,000 |
| Other financing sources / (uses) | — | (7,178) | — | — | — | — |
| Ending fund balance | 1,003,009 | 1,990,474 | 2,846,563 | 2,811,574 | 2,812,032 | 4,042,973 |
Beginning balance + revenue − expenditures + transfers received − transfers sent + net transfers + debt issued + other financing = ending balance. Unreported activity contributes no separately reported amount to this schedule check. Matching arithmetic does not resolve conflicting schedules.
Source exceptions
- FY2020–21 predecessor schedule lists $7,178 interest both as an expenditure and as another financing use, and prints ending fund balance $1,990,474. The next audit opens FY2021–22 at $1,997,652, a $7,178 difference. Both source amounts are preserved; no correction is inferred. Individual schedule arithmetic matches only when both printed uses are retained. Source page 131
Year-specific source notes
- 2019-2020: Debt Service. Earlier Debt Service predecessor; do not interpret these as USDA-only loan payments. PDF page 135
- 2020-2021: Debt Service. Source repeats $7,178 interest under expenditures and other financing uses. Original schedule retained; see source exception. PDF page 131
- 2021-2022: Debt Service – Schools. PDF page 137
- 2022-2023: Debt Service – Schools. PDF page 136
- 2023-2024: Debt Service – Schools. Debt Service – Schools includes anticipation-note refinancing, not only recurring USDA installments. PDF page 151
- 2024-2025: Debt Service – Schools. The audited Debt Service – Schools column includes refinancing of the anticipation note. Revenue includes $700,000 intergovernmental funding and $164,602 investment income. The $5,000,000 debt issuance is financing, not revenue. Audit principal and interest allocations differ from the budget book by $1,083 in opposite directions; the combined total agrees. PDF page 33
Transfers and borrowing are separate from revenue. Do not add these fund totals to department spending or count internal transfers twice.
Revenue detailCompare income across fiscal years, with the latest year's detailed sources below.
Audited revenue, not cash receipts. Transfers and borrowing are separate. A dash means the category is not separately reported here.
| Revenue source | ActualFY2020Comparison note | ActualFY2021Comparison note | ActualFY2022Comparison note | ActualFY2023 | ActualFY2024 | ActualFY2025 |
|---|---|---|---|---|---|---|
| Intergovernmental | 1,000,000 | — | — | — | 700,000 | 700,000 |
| Investment and interest income | 3,009 | 1,821 | 5,964 | 124,462 | 98,411 | 164,602 |
| Total revenue | 1,003,009 | 1,821 | 5,964 | 124,462 | 798,411 | 864,602 |
FY2020 comparison: Broader Debt Service predecessor; the source does not isolate USDA-only revenue. Source
FY2021 comparison: Broader Debt Service predecessor; the source does not isolate USDA-only revenue. Source
FY2022 comparison: Separate Debt Service - Schools reporting begins. Earlier predecessor years cover a broader scope. Source
Source notes
- FY2020: Audited Debt Service predecessor categories; this older schedule does not establish a USDA-only split.
- FY2021: Audited Debt Service predecessor category; this older schedule does not establish a USDA-only split.
- FY2022: Audited Debt Service - Schools revenue; incoming transfers are excluded.
- FY2023: Audited Debt Service - Schools revenue; incoming transfers are excluded.
- FY2024: Audited Debt Service - Schools revenue; debt issuance and incoming transfers are excluded.
- FY2025: Audited Debt Service - Schools revenue; debt issuance and incoming transfers are excluded.
FY2025 revenue detail
Actual revenue on the audit’s accounting basis. Transfers and borrowing are separate from these totals.
Revenues: $864,602
Total revenue: $864,602
Spending detailCompare spending categories across the available years.
| Expenditure | Actual2022-2023 | Actual2023-2024 | Actual2024-2025 |
|---|---|---|---|
| Debt Service | |||
| Debt Issuance Costs | 12,500 | 3,000 | 15,000 |
| Interest Expense | 1,146,951 | 1,654,245 | 943,988 |
| Retirement of Bonds | — | 140,710 | 616,201 |
| Retirement of Note | — | 30,000,000 | 5,000,000 |
| Total USDA Loan Fund Expenditures | 1,159,451 | 31,797,954 | 6,575,189 |
Latest budget — FY 2026-2027Compare the proposed budget with the amount Council approved.
Approved amounts authorize spending; they are not actual expenditure. These are the stages printed in the budget book, which may not include later amendments.
| Budget | Budgeted / amendedFY 2025-2026 | Manager proposedFY 2026-2027 | Council approvedFY 2026-2027 |
|---|---|---|---|
| Department total | 1,529,000 | 1,529,000 | 1,529,000 |
Budget line items
| Expenditure | Budgeted / amendedFY 2025-2026 | Manager proposedFY 2026-2027 | Council approvedFY 2026-2027 |
|---|---|---|---|
| Retirement of Note | - | - | - |
| Interest Expense | 859,000 | 844,000 | 844,000 |
| Retirement of Bonds | 670,000 | 685,000 | 685,000 |
| Debt Issuance Costs | - | - | - |
A dash means no numeric amount is shown in that source cell. No proposal is substituted for a missing approved amount.
Follow the transfers — FY2025Sending and receiving funds, with confirmed routes separated from inferred matches.
These are actual transfers. Some detail comes from the actual column of a later budget book. Transfers do not create new citywide revenue.
General Fund → Debt Service – Schools: $1,000,000 · Documented route
Evidence for this route
Explicit FY2024-25 actual: the General Fund reports $1,400,000 transferred to debt service in total, and the USDA Community Facilities Loan Fund reports $1,000,000 transferred in from the General Fund. The separate city-project debt fund reports the other $400,000.
School Construction → Debt Service – Schools: $941,528 · Documented route
Evidence for this route
The FY2024-25 actual debt-fund schedule identifies $941,528 transferred in from Capital Projects Fund. Audit page 24 says remaining School Construction Fund money was transferred toward the school debt payment. Capital Projects is a broader label, so this route is confirmed by combining the amount schedule with the narrative rather than by a single sender-receiver row.
What the records showRelated decisions, supporting records, and unanswered questions.
Retirement of Note decreased from $30 million in 2023–24 to $5 million in 2024–25. This is repayment of debt principal, not recurring operating expenditure.
2023-2024 actual source · page 102 · 2024-2025 actual source · page 104
The June 2025 packet contains a budget amendment describing final USDA funds and repayment of $5 million in Regions temporary financing. It places both note proceeds and note retirement at $5 million, directly connecting that amount to school-project financing. School debt budget amendment in June packet · page 74.
The January 2025 packet identifies the USDA loan close-out as belonging to the school building project and presents a debt-obligation report for Council consideration. School loan close-out agenda explanation · page 17.
Still unanswered: The full debt closing statements and payment ledger are still needed to trace the $30 million earlier repayment and confirm the complete refinancing sequence. The packet alone does not establish final passage of every proposed action.
Sources and downloadsOriginal reports, available coverage, and notes about the figures.
FY2025 audited statement · PDF page 33 · Download audited fund figures
USDA Community Facilities Loan debt-service expenditures only. Revenues, incoming transfers, debt proceeds, and fund balance are excluded. Printed detail-to-total differences are preserved: 2023-2024 +1.
Actual detail is available for 2022-2023 through 2024-2025. Older books present a combined Debt Service Fund summary and do not support a source-backed split between the later USDA and General Obligation schedules.
Download original spending history
- FY 2022-2023: PDF page 102
- FY 2023-2024: PDF page 102
- FY 2024-2025: PDF page 104
Spending source notes
- All retained columns are explicitly labeled ACTUAL in the original annual budgets. Numeric zero and printed dash are preserved distinctly; subtotal rows are excluded to avoid double counting.
- FY2025-26 supplies ACTUAL 2022-2023 and ACTUAL 2023-2024; FY2026-27 supplies ACTUAL 2024-2025. Every source PDF was hash-verified and every cited expenditure page was rendered for visual review.
- USDA Community Facilities Loan debt-service expenditures only. Revenues, incoming transfers, debt proceeds, and fund balance are excluded.
- Actual detail is available for 2022-2023 through 2024-2025. Older books present a combined Debt Service Fund summary and do not support a source-backed split between the later USDA and General Obligation schedules.
- Original-source arithmetic differences are retained without balancing entries: 2023-2024 +1 (detail sum minus printed total).
Interest Expense: reported versions differ
The selected history retains $1,654,245. The FY2023-24 Actual interest amount changes by 2 between consecutive annual-budget sources. The printed Debt Service total changes from 31797954 to 31797953 while the later detail sums to that later total. Neither source states why.
- 1,654,245 — Actual. Source page 102
- 1,654,243 — Actual. Source page 106