Debt Service Funds. Chapter 8

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1 Debt Service Funds Chapter 8

2 Learning Objectives for DSFs Understand basic purpose and nature of DSFs and liabilities serviced by them Understand when DSFs are required and when other funds may be used Understand when expenditures on GLTL are recognized Understand when governments may accrue principal and interest expenditures before maturity Record transactions and prepare financial statements Understand accounting and reporting for special assessment DSFs Understand requirements for GLTL term bonds and deep discount debt Understand, record, & report refundings of GLTL

3 Purpose of DSFs To account for the accumulation of resources for, and the payment of, general long-term debt principal and interest Required only if Legally mandated, or Financial resources are being accumulated for principal and interest payments in future years

4 Debt Terminology General obligation indicates full faith and credit of the governmental unit pledged to repay the debt Revenue debt indicates specific revenue source dedicated to repay the debt Double barrel is revenue debt with repayment guaranteed by full faith and credit of governmental unit

5 Types of Long-Term Liabilities Bonds Notes Time Warrants Capital Leases (including leases, leasepurchase agreements, certificates of participation, and installment purchase contracts)

6 Bonds Usually issued in $1,000 or $5,000 denominations Maturity runs from 15 to 25 years Interest paid annually or semi-annually Types Serial the most widely used, principal comes due in installments Term principal comes due at a single point in time

7 Notes Typically less formal than bonds May be Short-term 30 to 90 days reported as fund liabilities Long-term 3 to 5 years reported in GLTL Single note used for entire transaction rather than multiple bonds

8 Warrants Notes multiple year warrants that are the same as notes payable Checks Check warrant Promises to pay Money must be in bank on date it comes due Reported in GLTL if maturity date is more than 1 year in future Normal check Order to pay Money must be in bank on date written

9 Capital Leases, et. al. Instruments have widespread use in public sector Certificates of participation (CoPs) divide leases into shares that are sold to investors Some leases made with deep discounts little or no interest paid during term

10 Other Bond Terms Interest rates Fixed most common aids in planning for expenditures Variable more flexibility Debt service payments try to minimize fluctuations Fiscal agents process interest and principal payments

11 Other Bond Terms (continued) Funded reserves Highest year s principal and interest Give bondholders additional assurance of prompt payments Bond ratings aid in determining interest rates and reserves Bond insurance helps lower interest rates and reserves; may assist is issuance of bonds

12 Other Bond Terms (continued) Sources of financing to repay bonds property taxes, sales taxes, or first revenues accruing to treasury Investments excess funds invested until needed; must keep arbitrage in mind Expenditure recognition usual classifications Interest Principal Fiscal agent fees

13 Typical Debt Service Transactions Budgetary entry Receipt of financing Investments Debt service expenditures

14 #1 Budgetary entry [Page 308] Estimated Revenues Property Taxes Estimated Revenues Investment Income Estimated Transfer from GF Appropriations Bond Principal Retirement Appropriations Interest on Bonds Appropriations Fiscal Agent Fees Unreserved Fund Balance 162,000 6,000 80, ,000 50,000 10,000 88,000

15 #2 Financing operations [Page 308] Cash OFS Transfer from GF 80,000 80,000

16 #3 Make investments to establish funded reserves [Page 308] Investments Unreserved Fund Balance Cash Reserve for Fiscal Exigencies 80,000 80,000 80,000 80,000

17 #4 Record taxes [Page 308] Taxes Receivable Current Allowance for Uncollectible Current Taxes Revenues Property Taxes 165,000 3, ,000

18 #5 Collect taxes [Page 308] Cash Taxes Receivable Current 158, ,000

19 #6 Record investment earnings [Page 308] Cash Revenues Investment Income 4,000 4,000

20 #7 Record debt service expenditures [Page 309] Expenditures Debt Service Principal Expenditures Debt Service Interest Expenditures Debt Service Fiscal Agent Fees Matured Bonds Payable Matured Interest Payable Fiscal Agent Fees Payable 100,000 50,000 10, ,000 50,000 10,000 GCA GLTL = NA $100,000 $100,000

21 #8 Payment of fund liabilities [Page 309] Matured Bonds Payable Matured Interest Payable Fiscal Agent Fees Payable Cash 100,000 50,000 10, ,000

22 #8 Debt Service Expenditures: Alternate Approach [Not in textbook] Cash with Fiscal Agent Cash 160, ,000 Matured Bonds Payable Matured Interest Payable Matured Fiscal Agent Fees Payable Cash with Fiscal Agent 100,000 50,000 10, ,000 First entry made to transfer funds to fiscal agent. Second entry occurs when fiscal agent makes actual payments. Transactions may be in different fiscal years common when payables are accrued for payment early in next fiscal year.

23 Special Assessment DSFs Capital improvement financed by local government LTD used to finance construction Special assessments pay principal and interest on bond issue Government plays two roles: General contractor to oversee project Financing agent to provide interim financing and repayment of debt

24 #1 Levy special assessments [Page 312] Assessments Receivable Deferred Deferred Revenues Assessments 800, ,000

25 #2 Assessments become current [Page 313] Assessment Receivable Current Assessments Receivable Deferred 200, ,000 Deferred Revenues Assessments Revenues Assessments 200, ,000

26 #3 Transfer from GF [Page 313] General Fund OFS Transfer to SA DSF Cash 260, ,000 Special Assessment DSF Cash OFS Transfer from GF 260, ,000

27 #4 Payment of principal & interest on SA debt [Page 313] Expenditures Debt Service Principal Expenditures Debt Service Interest Cash 200,000 60, ,000

28 #5 Special assessment collections [Page 313] Cash Assessments Receivable Current Revenues Interest 240, ,000 55,000

29 #6 Receivables reclassified [Page 313] Assessments Receivable Delinquent Accrued Interest Receivable Assessments Receivable Current Revenues Interest Deferred Revenues Interest 15,000 5,000 15,000 3,500 1,500

30 Other DSF Issues Interest not accrued at year-end unless Resources for payment have been received by year-end, and Payment is due within first month of next fiscal year Combining financial statements prepared as other information when more than one DSF is reported

31 Term Bond Issues Accumulation of required funded reserves Annual payment of interest and fiscal charges Systematic accumulation of sinking fund to retire bonds at maturity

32 Retirement of Bonds Points in Time Before maturity At maturity After maturity Known as default Want to avoid this event! Sources of Funding Existing resources New bond issues

33 Means of retiring bonds early Callable bonds Provision in outstanding bonds to retire bonds early Typically pay a premium to call bonds in addition to accrued interest and principal Refunding using new bonds to substitute for old bonds

34 Reasons for advance refunding Lower effective interest rates Extend maturity dates Revise payment schedules Remove or modify restrictions

35 GASB Defines Refunding Issuing new debt whose proceeds are used to repay previously issued ( old ) debt Current refunding new debt proceeds used to repay old debt immediately Advance refunding new debt proceeds placed with escrow agent and invested until used to pay old debt principal and interest in the future

36 Refunding Process CURRENT REFUNDINGS Debtor Refunding (New) Debt Issue Proceeds of New Debt Issue Retired Old Debt Securities Investor Refunded (Old) Debt Issue Proceeds of New Debt Issue ADVANCE REFUNDINGS Bank or Other Trust Department or Agency Proceeds invested in irrevocable trust to service Old Debt Issue Debt Service Payments on Old Debt Issue (over remaining term or until call date* * Debt securities are eventually retired and returned to the debtor

37 Defeasance Debt that has been defeased is considered to be extinguished, is removed from the GLTL accounts, and is not reported in the balance sheet Conventional defeasance is the normal retirement of debt Advance refunding defeasance occurs when old debt remains outstanding but proceeds from new debt are in irrevocable trust and service old debt until retired

38 Types of Defeasances Legal bond covenant of old debt includes defeasance provisions In-substance bond covenant of old debt does not include defeasance provisions, but doesn t disallow the refunding Nondefeasance old debt and new debt both stay on the books when proper actions are not taken in defeasance process

39 Defeasance: Source of Funding vs. Reporting

40 Issue Refunding Bonds [Page 324] Cash Expenditures Debt Service Bond Issue Costs OFS Refunding Bond Principal OFS Refunding Bond Premium 2,005,000 15,000 2,000,000 20,000 GCA GLTL = NA $15,000 $2,020,000 $2,005,000

41 Retirement of old bonds [Page 324] OFU Retirement of Refunded Cash Term Bonds 2,000,000 2,000,000 GCA GLTL = NA $2,000,000 $2,000,000

42 Advance Refunding issuance of refunding bonds [Page 325] Cash Expenditures Debt Service Bond Issue Costs OFS Refunding Bond Discount OFS Refunding Bond Principal 1,900,000 15,000 85,000 2,000,000 GCA GLTL = NA $15,000 $1,915,000 $1,900,000

43 Defeasance of old bonds [Page 325] OFU Payment to Refunded Bond Cash Escrow Agent 1,900,000 1,900,000 GCA GLTL = NA $2,000,000 $2,000,000

44 Advance Refunding: Debt and Non-debt Financing [Page 326] Cash Expenditures Debt Service Bond Issue Costs OFS Transfer from GF OFS Refunding Bond Principal OFS Refunding Bond Premium 1,300,000 10, ,000 1,000,000 10,000 GCA GLTL = NA $10,000 $1,010,000 $1,000,000

45 Advance Refunding: Defeasance of old bonds [Page 326] Expenditures Debt Service Payment to Refunded Bond Escrow Agent OFU Payment to Refunded Bond Escrow Agent Cash Assumes DSF had $600,000 in existing resources 900,000 1,000,000 1,900,000 GCA GLTL = NA $2,000,000 $2,000,000

46 Advance Refunding Disclosures: Year of Refunding General description of transaction Difference in cash flows of debt service requirements for old debt and for new debt Economic gain or loss (present value of difference in cash flows)

47 Advance Refunding Disclosures: Subsequent Years Legal Defeasance no subsequent disclosures required In-Substance Defeasance amount of defeased debt still outstanding until all bonds are retired

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