Finance Committee Agenda and Packet 2010 07 19

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COUNCIL COMMUNICATION TO: MAYOR AND CITY COUNCIL FROM: MALCOLM FLEMING, CITY MANAGER DATE: JULY 19, 2010 SUBJECT: DEBT SUMMARY ORIGINATING DEPARTMENT: FINANCE SUMMARY: At the May 17, 2010 meeting, the Finance Committee requested a summary of the City's outstanding debt. Attached are a series of schedules. The first schedule, from the City's 2010 budget document, provides a summary of all outstanding debt issues, categorized by general obligation debt, revenue bonds, water notes, assessments, and leases. The next six schedules provide a more detailed description of each debt issue, except for the Golf Course Bonds, which were defeased in May 2010. In relation to its valuation, the City has very little general obligation debt. As shown in the schedule below, the City's outstanding general obligation debt at the end of 2009 was only 6% of its debt limit. The City's debt margin at December 31 was over $88 million. City of Louisville, Colorado Calculation of Legal Debt Limit & Debt Pargin 2009 Actual Value Debt Limit - 3% of Actual Value $ 3.150,913,4001 94,521,402 Outstanding Debt Applicable to Debt Limit at December 31, 2009 5,845,000 Debt Margin $ 88.682.402 The total debt load placed on the citizens of Louisville does not come from just the City. The following schedule, from the 2009 Comprehensive Annual Financial Report, calculates the total overlapping bonded debt on the City of Louisville. SUBJECT DEBT SUMMARY AGENDA ITEM