BOROUGH OF SOMERVILLE
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
Note 3:
DEBT, DEBT SERVICE AND STATUTORY DEBT CONDITION (CONT’D.)
Bond Anticipation Notes
Outstanding Bond Anticipation Notes, issued February 4, 2021 with a maturity of one year at a rate of 0.75%, are summarized as follows:
|
Balance, December 31, 2020 |
Additions |
Reductions |
Balance December 31, 2021 |
|
|---|---|---|---|---|
| Bond Anticipation Notes | ||||
| General Capital Fund | $- |
$6,660,000.00 |
$- |
$6,660,000.00 |
| Total | $- |
$6,660,000.00 |
$- |
$6,660,000.00 |
Bond and Notes Authorized but Not Issued
There were Bonds and Notes Authorized but Not Issued in the following amounts:
|
Balance Dec. 31, 2021 |
Balance Dec. 31, 2020 |
|
|---|---|---|
| General Capital Fund: | ||
| General Improvements | $1,631,358.73 | $7,893,995.55 |
| Sewer Utility Capital Fund: | ||
| General Improvements | $4,000,500.00 | $4,065,000.00 |
Note 4:
FUND BALANCES APPROPRIATED
Fund balances at December 31, 2021 and 2020 were appropriated and included as anticipated revenue in their own respective funds for the year ending December 31, 2022 and 2021 as follows:
|
Fund Balance December 31, 2021 |
Utilized in Succeeding Budget |
|
|---|---|---|
| Current Fund | $11,445,566.34 |
$3,950,000.00 |
| Sewer Operating Utility Fund | 2,503,133.21 | 300,000.00 |
| Parking Operating Utility Fund | 807,424.17 | 220,000.00 |
|
Fund Balance December 31, 2020 |
Utilized in Succeeding Budget |
|
| Current Fund | $9,427,161.97 |
$2,700,000.00 |
| Sewer Operating Utility Fund | 2,352,880.72 | 150,000.00 |
| Parking Operating Utility Fund | 740,847.80 | 227,500.00 |