Defecit Borrowing - Line items Explained

Line #

Date

Payee

Debit

Credit $

Balance 24,000,000.00

Description Deficit Borrowing dollares received and Deposited in to Fiscal Stability Fund

Group

1 2 3 4 5 6 7 8 9 10 11 12

4/23/2010 4/23/2010 4/26/2010 4/28/2010 4/28/2010 4/30/2010 4/30/2010 4/30/2010 4/30/2010 5/28/2010 6/8/2010 6/15/2010

BAN Note Proceeds Bond Premium Wired toGen.fund for Sch. Payroll Wired toGen.fund to cover Assess. Held back from 3/31/10 Wire to Gen. Fund to cover City and School monthly expenses Wired toGen.fund to pay B/CB/S Acc. Int. for April Acc. Int. for May Premium on 24M. Wired to Gen. F Apr.&May Acc.Int.wired to Gen.F $ $ 88,039.80 13,625.08 $ 2,589,044.12 $ 1,800,000.00

$ $

24,000,000.00 88,039.80

$ $ $ $ $ $ $ $

Bond Proceed Bond Proceed Lack of Cash Flow Lack of Cash Flow Item 3-8 is the use of the $24M for cashflow to keep the City working, Payroll and past due assesments were paid and in line 20 the Gen. Fund pays back the Financial Stability fund for this use.

24,088,039.80 Closing costs included in the loan 22,288,039.80 Used to pay sch. Dept. Payroll 22,288,039.80 19,252,111.94 GLSD, GLVHS, Retirement Board assesmentsthat due to cash flow had not been paid.

$ $

3,035,927.86 4,253,976.35

14,998,135.59

14,998,135.59 FY10 Budgeted expenses that due to cash flow had not been paid. 12,409,091.47 FY10 Blue Cross Blue Shield expenses that due to cash flow had not been paid.

Lack of Cash Flow

Lack of Cash Flow Interest Interest Loan Financing Interest Un-budgeted Expense or Over estimated Revenue FY 2008 Deficit FY 2009 Deficit FY 2008 Deficit

$ $

4,748.34 8,876.74

$ $ $ $

12,413,839.81 Interest from the $24M sitting in the bank 12,422,716.55 Interest from the $24M sitting in the bank 12,334,676.75 Closing costs Paid 12,321,051.67 Interest from the $24M sitting in the bank - Moved to the General fund.

13 14 15 16 17 18 19

6/16/2010 6/16/2010 6/16/2010 6/1/2010 6/16/2010 6/16/2010 6/16/2010

Severance Accruals wired to G.F. 2008 Health Ins. Deficit to G.F. 2009 Snow & Ice Deficit to G.F. 2008 Appropriation Deficit to G.F. SCh. Construction Deficit to G.F. GFen. F. Water Dept. Subsidy to G.F Cherry S.CharterSch,Assess.Def

$ $ $ $ $ $ $

542,650.81 1,665,614.00 1,465,471.39 1,028,237.93 3,965,564.00 772,253.00 2,105,929.00

$ $ $ $ $ $ $

Various Severance Accrual buyouts per union contracts 11,778,400.86 DPW Director, Treasurer, Police Officers, & other City employees 10,112,786.86 Deficit from 2008 Health Ins. 8,647,315.47 Deficit from 2009 Snow & Ice Account 7,619,077.54 Deficit from 2008 Appropriations 3,653,513.54 Deficit from School Construction

2,881,260.54 Over estimated Water Receipt - spent more than took in

Capital Project Deficit Un-budgeted Expense or Over estimated Revenue Un-budgeted Expense or 775,331.54 Varriances in the assessments - what was paid and was owed. Over estimated Revenue

Item 13 - 19 were the first set of funds used to fix the defecit.

20

6/16/2010

Reimb.from GF. For April Cash Flow

11,678,948.33

Once the City collected enough revenue it was able to pay the Cash Flow Reimbursement 12,454,279.87 FSF back for the use of funds to manage the cash flow problems of the first 3 months of the year. 8,343,076.80 To pay for unbudgeted or underfunded FY10 budget lines Council Vote - Item 218/10 FY2010 underbudgeted to fund the Overlay account for adjustments and abbaitments Un-budgeted Expense or Over estimated Revenue Un-budgeted Expense or Over estimated Revenue Un-budgeted Expense or Over estimated Revenue Un-budgeted Expense or Over estimated Revenue Un-budgeted Expense or Over estimated Revenue Un-budgeted Expense or Over estimated Revenue Interest To pay for unbudgeted or underfunded FY10 budget lines Council Vote - Item 242-10 Interest from the $24M sitting in the bank - Moved to the General fund. Un-budgeted Expense or Over estimated Revenue Interest Un-budgeted Expense or Over estimated Revenue Interest Interest from the $24M sitting in the bank - Moved to the General fund. Interest from the $24M sitting in the bank - Moved to the General fund. Interest Interest Interest FY 2008 Deficit FY2011 Structural Support

General Fund pays back FSF for items in lines 3-8

21

6/16/2010

SundryApprop.transf.approv.bycouncil

4,111,203.07

22 23 24 25 26 27 28

6/16/2010 6/30/2010 6/30/2010 6/30/2010 6/30/2010 6/30/2010 7/7/2010

2010 Overlay CherrySheet Receipts Sch.Constr.Proj.MSBA Local Receipts Cherry S.Offsetts-Sch.lunch&library Accrued Int. for June FY10 Budget Transfers

$ $ $ $ $

486,921.65 4,140,579.00 74,312.00 1,785,891.33 197,172.00 $ 6,922.66

$ $ $ $ $ $ $

7,856,155.15

3,715,576.15 Cherry Sheet Revenue shortfall 3,641,264.15 Overestimated MSBA Revenue 1,855,372.82 Overestimated Local Receipts 1,658,200.82 Overestimated Cherry Sheet Receipts 1,665,123.48 693,141.64

Item 21-26 were the second set of funds of the FSF fund used to fix the defecit.

971,981.84

29

7/14/2010

June Interest Wired to the Gen. Fund

6,922.66

686,218.98

30 31 32 33 34 35 36

7/28/2010 7/30/2010 8/4/010 7/30/2010 8/4/010 11/8/2010

FY10 Budget Transfers Accrued Int. for June June Interest Wired to the Gen. Fund Accrued Int. for June July Interest Wired to the Gen. Fund Lawrence H.S. Construction Accnt. BAN Note Proceeds

551,787.03 $ 481.80

$ $ $ $ 71.83 $ $ $ $ 3,362,450.00

To pay for unbudgeted or underfunded FY10 budget lines 134,431.95 Council Vote - Item 252-A-10 134,913.75 134,431.95 134,503.78 134,431.95

481.80

Item 28, 30, 32, & 35 were the last set of uses of FSF funds used to fix the defecit.

$ $

71.83 129,861.07

Legal Fees unpaid for the construciton of the new L.H.S. 4,570.88 Council Vote - Item 310/10

FY2011 Structural Support 37 FY2011 General Fund Structural Support $ 3,362,450.00 Current Balance $ 4,570.88 FY2011 Structural Support

City Councilor at Large Dan Rivera - Chair, Budget Finance Committee

www.citybudget2011.blogspot.com