Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 82
Strategic → long Term DebT
The City has a currently designated borrowing capacity of $9,705,116, equivalent to $970,512 per
year for the upcoming ten-year period.
This borrowing capacity is determined using the formula:
Borrowing Capacity = (Total Annual Revenue x Debt-to-Income Ratio) - Total Annual Debt Service.
Based on the City’s financials for FY 2022 (ACFR), with a total revenue of $36,664,734, a Debt-toIncome Ratio of 29.82%, and a total borrowed debt service amount, paid in FY 2022 (see Table 11)
amounting to $1,228,307, the calculation is as follows:
((36,664,734 x 29.82%) - 1,228,307) = $9,705,116, which is then divided by ten years to arrive at
$970,512 per year.
This borrowing capacity will provide the City with the means to secure funding for future capital
projects during the FY 24-28 period.
Table 10:
Projected Annual Debt Service on Existing Loans (principal only)
FY 2024-2028
Debt Description
1.29% 350300
SRF Loan - 2016
1.39% 350302
SRF Loan - 2016
Bond Series
3.21% 242870
2016
2.88% 51460
CRA Loan - 2020
Total
2024
265,981
251,211
Fiscal Year Ending September 30, 2022
2025
2026
2027
2028
Total
272,974
280,152
287,517
295,078 1,401,702
257,836
264,636
271,615
278,778 1,324,076
340,000
355,000
123,549 2,527,558
980,741 3,413,368
365,000
909,788
380,000
939,132
395,000 1,835,000
- 2,651,107
968,856 7,211,885
Table 11:
Governmental Activities
Note Payable - 2018
Fiscal
Year
2023
Total
$
$
Principal
160,000
160,000
$
$
Interest
3,664
3,664
$
Interest
78,097
74,600
71,001
223,698
CRA Loan - 2020
Fiscal
Year
2023
2024
2025
2026
2027
Total
80
City of Eustis, Florida
Adopted Budget
Principal
120,051
123,549
2,528,746
$
2,772,346
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