BOROUGH OF SOMERVILLE
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
Note 3: DEBT, DEBT SERVICE AND STATUTORY DEBT CONDITION (CONT’D.)
Calculation of “Self-Liquidating Purpose” Sewer Utility per N.J.S.A. 40A:2-45
2021 |
2020 |
|
|---|---|---|
| Cash Receipts From Fees, Rents or Other Charges for the year |
$3,193,112.41 |
$3,814,749.92 |
| Deductions: | ||
| Operating and Maintenance Costs | 2,930,050.00 |
3,016,000.00 |
| Debt Service | 69,452.50 |
9,000.00 |
| Excess in Revenue | $193,609.91 |
$789,749.92 |
As there is an excess in revenue, all Sewer Utility Debt is Deductible for Debt Statement purposes.
The difference between the excess in revenues for debt statement purposes and the excess in revenues on a cash basis for the Sewer Utility Fund is as follows:
| Excess in Revenues - Cash Basis (D-1) | $300,252.49 |
$835,798.97 |
| Add - Capital Improvement Fund | 100,000.00 |
20,000.00 |
| Deduct - Reserves Lapsed | 206,642.58 |
66,049.05 |
| Excess in Revenues per Debt Statement | $193,609.91 |
$789,749.92 |
The foregoing debt information is in agreement with the Annual Debt Statement, as amended, as filed by the Chief Financial Officer.
General Capital Improvement Bonds
As of December 31, 2021 and 2020, the Borough's long-term debt is as follows:
2021 |
2020 |
|
|---|---|---|
| General Obligation Bonds and Notes | ||
|
$3,360,000, 2009B Revenue Bonds, due in annual insallments of $190,000 to $265,000 through October 2024, interest ranging from 3.500% to 4.000% |
$720,000.00 |
$985,000.00 |
|
$3,640,000, 2009C Revenue Bonds, due in annual installments of $210,000 to $285,000 through October 2024, interest ranging from 5.125% to 5.250% |
780,000.00 |
1,065,000.00 |
|
$5,340,000, 2012 General Improvment Bond, due annual installments of $420,000 to $475,000 through February 2026, interest ranging from 2.000% to 2.375% |
2,190,000.00 |
2,600,000.00 |
|
$1,465,000, 2014 Refunding Bonds, a final installment of $250,000 was paid in August 2021, at an interest rate of 4.000% |
250,000.00 |
|
|
$6,770,000, 2016 General Bond due in annual installments of $400,000 to $600,000 through April 2031, interest ranging from 2.000% to 3.000% |
5,035,000.00 |
5,420,000.00 |
|
$4,575,000 2020 General Bond due in annual installments of $255,000 to $340,000 through November 2036, interest ranging from 2.000% to 4.000% |
4,405,000.00 |
4,575,000.00 |
| Bond Anticipation Notes - Mature 2/03/21 @ 0.75% | 6,660,000.00 |
|
$19,790,000.00 |
$14,895,000.00 |
|
| Sewer Utility Bonds | ||
|
$1,060,000, 2020 General Sewer Bond, due in installments of $60,000 to $75,000 through November 2036, interest ranging from 2.000% to 4.000% |
$1,020,000.00 |
$1,060,000.00 |
$1,020,000.00 |
$1,060,000.00 |
|