HomeMy WebLinkAboutUmbaugh -Sewage Works2012-2015 C I T Y O F J E F F•E R S O N V I L L E
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, Q09 _ W Jeffersonville, Indiana 47130
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H. J. Umbaugh & Associates
Certified Public Accountants
In connection with your compilation of the projected operating revenues, cash operation and
maintenance expenses, non - operating revenues, debt service, debt service coverage and
summaries of significant assumptions and accounting policies of the Jeffersonville Municipal
Sewage Works for the years ending December 31, 2012, 2013, 2014 and 2015, we make the
following representations:
1. The financial projections present our assumptions and, to the best of our
knowledge and belief, the Sewage Works' expected operating revenues, cash
operation and maintenance expenses, non - operating revenues and debt service for
the periods in conformity with the generally accepted accounting principles
expected to be used by the Sewage Works during the projection periods, which
are consistent with the principles that the Sewage Works uses in preparing its
historical financial statements.
2. The financial projections are based on our judgment, considering present
circumstances, of the expected conditions and our expected course of action.
3. We have made available to you all significant information that we believe is
relevant to the projections.
4. We believe that the assumptions underlying the projections are reasonable and
appropriate.
5. To the best of our knowledge and belief, the documents and records supporting
the assumption. are appropriate.
Alla/:
Signed: LIIIIVA
Name: o lJ t��L P,te -Ntot
Title: 4.O LLE(L
Date: " 1+ 3 1WtZ
An equal opportunity employer.
DAFT
Accounting Report On
Proposed Project and
Bond Issue
Jeffersonville, Indiana
Municipal Sewage Works
November 9, 2012
Umbaugh
Certified Public Accountants
Indianapolis, Indiana
TABLE OF CONTENTS
Page(s)
ACCOUNTANTS' PROJECTION AND COMPILATION REPORT
PROJECTED OPERATING REVENUES, CASH OPERATION AND MAINTENANCE EXPENSES,
NON - OPERATING REVENUES AND DEBT SERVICE COVERAGE
3 Projected Operating Revenues, Cash Operation and Maintenance Expenses,
Non - Operating Revenues and Debt Service Coverage
4 — 8 Summary of Significant Accounting Policies, Assumptions and Notes
PROJECTED SUPPLEMENTAL FINANCIAL INFORMATION
9 General Comments
10 Schedule of Project Cost and Funding
I 1 Schedule of Amortization of $11,865,000 Principal Amount of Proposed
Sewage Works Revenue Bonds of 2012
12 — 14 Schedule of Combined Bond Amortization
15 Schedule of Present and Future Sewage Rates and Charges
SUPPLEMENTAL DATA
16 — 17 Comparative Statement of Net Assets
18 Comparative Statement of Revenues, Expenses and Changes in
Net Assets
19 — 20 Comparative Statement of Cash Flows
21 — 22 Comparison of Account Balances With Minimum Balances Required
23 Schedule of Amortization of $1,764,773 Principal Amount of Outstanding
Sewage Works Revenue Bonds, Series 1999
24 Schedule of Amortization of $2,225,000 Principal Amount of Outstanding
Sewage Works Revenue Bonds, Series 2003
25 Schedule of Amortization of $6,445,000 Principal Amount of Outstanding
Sewage Works Revenue Bonds of 2005, Series A
26 Schedule of Amortization of $9,547,000 Principal Amount of Outstanding
Sewage Works Revenue Bonds of 2008
27 Schedule of Amortization of $1,346,000 Principal Amount of Outstanding
Sewage Works Revenue Bonds of 2009, Series A
28 Schedule of Amortization of $2,995,000 Principal Amount of Outstanding
Sewage Works Refunding Revenue Bonds of 2009
TABLE OF CONTENTS
(Cont'd)
Page(s)
SUPPLEMENTAL DATA (Cont'd)
29 Schedule of Amortization of $2,395,000 Principal Amount of Outstanding
Sewage Works Revenue Bonds of 2010, Series A
30 Schedule of Amortization of $17,355,000 Principal Amount of Outstanding
Sewage Works Revenue Bonds of 2010, Series B
31 Schedule of Amortization of $3,485,000 Principal Amount of Outstanding
Sewage Works Revenue Bonds of 2010, Series C
32 Schedule of Amortization of $22,350,000 Principal Amount of Outstanding
Sewage Works Revenue Bonds of 2011, Series A
33 Schedule of Amortization of $772,000 Principal Amount of Outstanding
Sewage Works Revenue Bonds of 2011, Series B
34 Schedule of Amortization of $20,550,000 Principal Amount of Outstanding
Sewage Works Revenue Bonds of 2011, Series C
ACCOUNTANTS' PROJECTION AND COMPILATION REPORT
November 9, 2012
Honorable Mike Moore, Mayor
and Members of the Sewer Board
City of Jeffersonville
500 Quartermaster Court, Suite 300
Jeffersonville, IN 47130
We have compiled the accompanying projections of operating revenues, cash operation and
maintenance expenses, non - operating revenues, debt service and debt service coverage and
related schedules for the calendar years ending December 31, 2012, 2013, 2014 and 2015 in
accordance with attestation standards established by the American Institute of Certified Public
Accountants.
The accompanying projection presents for the projection period to the best of management's
knowledge and belief, the Jeffersonville Municipal Sewage Works (the "Sewage Works ")
projected revenues, cash operation and maintenance expenses, non - operating revenues, debt
service, and debt service coverage that would result from the construction and financing of the
proposed improvement projects described in this report. The accompanying projection of debt
service coverage and this report were prepared for presentation to the Indiana State Revolving
Fund for the purpose of negotiating the sale of proposed $11,865,000 par amount of Sewage
Work Revenue Bonds of 2012 to finance expected costs for the proposed improvements to the
Sewage Works and should not be used for any other purpose.
A compilation is limited to presenting projected financial information that is the representation
of management and does not include evaluation of the support for the assumptions underlying
such information. We have not examined the projection of debt service coverage, and,
accordingly, do not express an opinion or any other form of assurance on the accompanying
projection or assumptions. Furthermore, even if the Sewage Works finances and constructs the
proposed improvement projects, there will usually be differences between projected and actual
results because events and circumstances frequently do not occur as expected, and those
differences may be material. We have no responsibility to update our report for events and
circumstances occurring after the date of this report.
We have also compiled the accompanying comparative statement of net assets of the Sewage
Works as of December 31, 2009, 2010, 2011 and June 30, 2012, and the related comparative
statements of revenues, expenses, and changes in net assets, and cash flows for the periods then
(Continued on next page)
1
•
Honorable Mike Moore, Mayor
Sewer Board
Date: November 9, 2012
Page 2
ended and supplementary data. We have not audited or reviewed the accompanying historical
financial statements and supplementary data, and accordingly, do not express an opinion or
provide any assurance about whether the financial statements are in accordance with accounting
principles generally accepted in the United States of America.
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America and
for designing, implementing, and maintaining internal control relevant to the preparation and fair
presentation of the financial statements.
Our responsibility is to conduct the compilation in accordance with Statements on Standards for
Accounting and Review Services issued by the American Institute of Certified Public
Accountants. The objective of a compilation is to assist management in presenting financial
information in the form of financial statements without undertaking to obtain or provide any
assurance that there are no material modifications that should be made to the financial
statements.
Management has elected to omit substantially all of the disclosures required by generally
accepted accounting principles. If the omitted disclosures were included in the financial
statements, they might influence the user's conclusions about the Sewage Works' financial
position, results of operations and its cash flows. Accordingly, these financial statements are not
designed for those who are not informed about such matters.
We are not independent with respect to the Jeffersonville Municipal Sewage Works.
DRA FT
•
JEFFERSONVILLE SEWAGE WORKS
Jeffersonville, Indiana
PROJECTED OPERATING REVENUES,
CASH OPERATION AND MAINTENANCE EXPENSES,
NON — OPERATING REVENUES
AND DEBT SERVICE COVERAGE
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
PROJECTED OPERATING REVENUES, CASH OPERATION AND
MAINTENANCE EXPENSES, NON- OPERATING REVENUES, AND
DEBT SERVICE COVERAGE
(Amounts rounded to the nearest $100)
Calendar Year Ending
2012 2013 2014 2015
Operating Revenues:
Sewer $12,533,500 $13,736,700 $15,055,400 $16,515,800
Drainage 1,299,900 1,299,900 1,299,900 1,299,900
Penalties 359,200 390,400 424,600 462,500
Total Operating Revenues 14,192,600 15,427,000 16,779,900 18,278,200
Cash Operating Expenses:
Salaries and wages 2,502,100 2,577,200 2,654,500 2,734,100
Employee benefits 1,146,400 1,180,800 1,216,200 1,252,700
Purchased power 571,300 588,400 806,100 830,300
Materials and supplies 563,000 579,900 622,300 641,000
Transportation 200,400 206,400 212,600 219,000
Repairs and maintenance 463,000 476,900 541,200 557,400
Sludge removal 101,900 105,000 108,200 111,400
Contractual services 505,100 520,300 560,900 577,700
Office supplies 279,700 288,100 296,700 305,600
Insurance 185,300 190,900 196,600 202,500
Other 149,200 153,700 158,300 163,000
Total Cash Operating Expenses 6,667,400 6,867,600 7,373,600 7,594,700
Net Operating Revenues 7,525,200 8,559,400 9,406,300 10,683,500
Other Income:
Interest income 29,500 37,500 45,800 58,400
Inspection/tap /availability fees 561,400 561,400 561,400 561,400
BAB debt service subsidy payment 352,600 352,600 352,600 352,600
Other Income 209,700 209,700 209,700 209,700
Total Other Income 1,153,200 1,161,200 1,169,500 1,182,100
Net Revenues Available for Debt Service $8,678,400 $9,720,600 $10,575,800 $11,865,600
Debt Service Payments $5,399,600 $7,125,000 $7,124,700 $7,120,800
Debt Service Coverage 161% 136% 148% 167%
Note: An assumed reduction of 7.6% in the BAB subsidy payments would result in a 0.5%
reduction in the debt service coverage percentage.
(The Accountants' Compilation Report and the summary
of significant accounting policies, assumptions and notes
are an integral part of this statement.)
3
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, ASSUMPTIONS AND NOTES
See Accountants' Compilation Report
These financial projections present, to the best of the management of the Jeffersonville Municipal Sewage
Works ( "Management') knowledge and belief, the Jeffersonville Municipal Sewage Works ( "Sewage
Works ") expected operating revenues, cash operation and maintenance expenses, non - operating revenues
and debt service coverage for the projection period. Accordingly, the projection reflects the
Management's judgment of the expected conditions and its expected course of action as of November 9,
2012, the date of this projection. The financial projection is based on Management's assumptions
concerning future events and circumstances. The assumptions disclosed herein are those which
Management believes are significant to the projection or are key factors upon which the financial results
of the enterprise depend.
Some assumptions inevitably will not materialize and unanticipated events and circumstances may occur
subsequent to November 9, 2012, the date of this projection. Therefore, the actual results achieved during
the projection period could vary from the projection, and the variations may be material. Management
does not intend to revise this projection to reflect changes in present circumstances or the occurrence of
unanticipated events.
The financial projection has been prepared in conjunction with the issuance of $11,865,000 Sewage
Works Revenue Bonds of 2012, Series (the "Proposed Bonds "), to construct the south pump station and
force main, north pump station and force main - phase I and other wastewater improvements.
Significant Accounting Policies
Reporting Entity:
The financial statements of the Sewage Works, a component unit (Enterprise Fund) of the City of
Jeffersonville, Indiana, conform to generally accepted accounting principles for state and local
governments. The Sewage Works provides sewer services for the greater Jeffersonville area.
These services primarily consist of providing sewage collection and treatment services to
residential and commercial customers. The Sewage Works had 14,018 customers as of June 30,
2012.
Basis of Accounting:
The Sewage Works reports its financial statements using the economic resources measurement
focus and the accrual basis of accounting as prescribed by the Governmental Accounting
Standards Board. Under this method, revenues are recorded when earned and expenses are
recorded at the time liabilities are incurred.
Capital Assets: Property and equipment are recorded at actual or estimated historical
cost. Maintenance and repairs are charged to operating expense as incurred; major
renewals and betterments are capitalized. Contributed or donated assets are reported at
estimated fair value at the time received.
(Continued on next page)
4
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
(Cont'd)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, ASSUMPTIONS AND NOTES
See Accountants' Compilation Report
Basis of Accounting: (Continued)
Depreciation: Depreciation is computed on the straight -line method, using a composite
depreciation rate based on the estimated useful service lives of various classes of
property.
Operating revenue: Operating revenues are based on monthly billings and are recorded
when billed.
Prepaid items: Certain payments to vendors reflect costs applicable to future accounting
periods and are recorded as prepaid items.
Accounts Receivable: Accounts receivable are stated at the amount management expects
to collect from outstanding balances. Management provides for probable uncollectible
amounts through a provision for uncollectible accounts.
Unamortized Bond Issuance Costs: Costs associated with the issuance of bonds are
capitalized as bond issuance costs and amortized over the life of the related bonds.
Basis of Estimates: The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and assumptions
that affect certain reported amounts and disclosures. Accordingly, actual results could
differ from those estimates
Significant Assumptions and Notes
(1) Proposed Improvement Project and Related Bond Issue
The Sewage Works, acting through the City Council, has proposed certain improvements to its
sewage works system. The proposed project being funded by the Proposed Bonds is the
construction of the South Pump Station and Force Main, North Pump Station and Force Main —
Phase I and Divert Utica Pump Station Force Main to LC Pump Station along with associated
design and issuance costs. The project to be financed with the Proposed Bonds is anticipated to
cost $11,865,000 based on construction bids and engineering fees of approximately $10,961,508,
and other non - construction costs of approximately $903,492. Construction is anticipated to
commence shortly after bond closing and be substantially complete by November 2013. The
Projects will be financed from the proceeds of $11,865,000 principal amount of the Proposed
Bonds.
(2) Operating Revenues
• (A) Projected annual operating revenues for the projected periods are based upon the
recorded results of operations for the twelve months ended June 30, 2012 and the
following adjustments:
(Continued on next page)
5
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
(Cont'd)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, ASSUMPTIONS AND NOTES
See Accountants' Compilation Report
(2) Operating Revenues (continued)
Sewer billings: Reflects the revenues from the twelve months ended June 30,
2012 plus the 9.6% phased -in rate increases that were adopted by the City
Council on December 22, 2009 and effective for collection on January 1, 2012,
January 1, 2013, January 1, 2014 and 9.7% increase effective on January 1, 2015.
Drainage billings: Reflects the revenues from the twelve months ended June 30,
2012.
Penalties: Reflects the revenues from the twelve months ended June 30, 2012
increased by the same percentage increase as the aggregate sewer and drainage
billings each year.
(3) Operation and Maintenance Expenses
(A) Projected year 2012 operating expenses are based upon the recorded results of operations
for the twelve months ended December 31, 2011 adjusted to reflect the Sewage Works'
2012 budget and for fixed, known and measurable changes as listed below. Projected
years 2013, 2014 and 2015 assume an annual inflationary adjustment of 3 %.
(i) Salaries and wages are adjusted to reflect the 2012 pay rates. Projected
years 2013, 2014 and 2015 are assumed to increase by 3 %.
(ii) Employee pensions and benefits are adjusted to reflect the current health
insurance premium, payroll taxes and PERF rates.
(iii) Contractual services and other are adjusted to eliminate nonrecurring
expenditures.
(iv) Based on information from the consulting engineer the cash operation
and maintenance expenses will increase by $300,000 per year upon
completion of the project beginning in year 2014.
(4) Non - Operating Revenues
Interest income for projected years 2012, 2013, 2014 and 2015 are based on 80% of the projected
cash balances available to invest at the current estimated composite investment interest rate of
0.5%.
(Continued on next page)
6
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
(Cont'd)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, ASSUMPTIONS AND NOTES
See Accountants' Compilation Report
(4) Non - Operating Revenues (continued)
Availability, tap and inspection fees are based on the average of 2009 through 2011 amounts.
The BAB debt service subsidy payment is based on 35% of annual interest due assumed to be
collected in the month prior to the interest payment due date.
Other income is based on calendar year 2011 income adjusted for non - recurring type receipts.
(5) Debt Service
The Proposed Bonds have been amortized over a 20 -year period at an interest rate of 1.78% on
the bonds as detailed on page 11. It is anticipated that the bonds will be dated the day of closing
assumed to be December 13, 2012. The first principal payment is scheduled to be made on
January 1, 2014. Principal is to be paid annually thereafter on January 1st. Interest payments are
scheduled to be made semi - annually January 1st and July 1st beginning July 1, 2013.
Long -term debt consists of Sewage Works Revenue Bonds secured by the net revenues of the
Sewage Works. The amortization schedules of the outstanding bonds are shown on pages 23 —
34. The Proposed Bonds will be issued on parity with the outstanding bonds.
(6) Capital Leases Payable
The City has entered into several capital leases for a camera truck, two combination sewer
cleaning trucks, stand -by generators, dump trucks, Caterpillar shed loader and several pickup
trucks. The total annual payment on these leases is approximately $275,600 annually.
(7) Consent Decree
The City of Jeffersonville entered into a legally binding consent decree with The United States
Department of Justice ( "DOJ ") and Indiana Department of Environmental Management
( "IDEM ") in November of 2009 concerning its Combined Sewer Overflows ( "CSOs "). The sewer
system in Jeffersonville is combined, sanitary, and storm sewers. As a result of the combined
sewer portion of the system, precipitation events lead to combined sewer overflows into the Ohio
River and Cane Run, a tributary to the Ohio River, thus violating the Clean Water Act.
The DOJ is assessing the affordability of the proposed improvements. The amount of the
improvements in addition to the current CSO projects is anticipated to be approximately
$80,000,000, based on construction estimates from the City's consulting engineers. These
improvements and related bond issues will require future increases in sewer rates and charges in
order to provide adequate additional revenues for the resulting debt service requirements and the
additional increases in sewer rates could be significant; however, it is not currently anticipated
that additional rate increases will be required prior to 2015.
Continued on next page)
7
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
(Cont'd)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, ASSUMPTIONS AND NOTES
See Accountants' Compilation Report
(8) Build America Bonds 35% Interest Subsidy Payment
These forecasted financial statements and the debt service coverage calculations assume a subsidy
payment from the U.S. Treasury equal to 35% of the interest payments due on the Build America
Bonds ( "Subsidy Payments ") displayed on page 32. Federal tax law contains a number of
requirements that apply to the 2010 B Bonds in order for them to be and remain qualified as
"Build America Bonds" under Section 54AA(d) of the Code and "qualified bonds" under Section
54AA(g) of the Code (any bonds which are so qualified, "Qualified Build America Bonds "),
including investment restrictions, periodic payments of arbitrage profits to the United States,
requirements regarding the proper use of bond proceeds and the facilities financed therewith, and
certain other matters. Failure to comply with certain requirements could cause the 2010 B Bonds
to not be Qualified Build America Bonds retroactively to the date of issuance of the 2010 B
Bonds. If for any reason the 2010 B Bonds are not Qualified Build America Bonds, the City will
not be entitled to receive a Subsidy Payment.
To receive a Subsidy Payment on or before any date on which any interest is due on the 2010 B
Bonds, the City is required, under currently existing procedures, to file a tax return between 90
and 45 days prior to such date. Under such procedures, the City may expect to receive such
Subsidy Payment within 45 days of filing such return. Depending on the timing of such filing,
such Subsidy Payment may be received before or after the date on which such interest is due.
No assurances are provided that the City will receive any Subsidy Payments. The amount of any
Subsidy Payment is subject to legislative changes by Congress. There are currently no
procedures for requesting a Subsidy Payment after the 45th day prior to an interest payment date;
therefore, if the City fails to file the necessary tax return in a timely fashion, it is possible that the
City will never receive such Subsidy Payment. Also, such Subsidy Payments are subject to offset
against certain amounts that may, for unrelated reasons, be owed by the City to an agency of the
United States of America.
8
JEFFERSONVILLE SEWAGE WORKS
Jeffersonville, Indiana
PROJECTED SUPPLEMENTAL FINANCIAL INFORMATION
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
PROJECTED SUPPLEMENTAL FINANCIAL INFORMATION
GENERAL COMMENTS
Schedule of Estimated Project Costs and Funding — Page 10
This schedule p project roject costs and sources of funding. The Utility project costs are based
on a construction bids as provided by the Utility's consulting engineer.
The J roject consists of the South Pump Station and Force Main, North Pump Station along F o th
p
Main — Phase I and Divert Utica Pump Station Force Main to LC Pump to
associated design and issuance costs
The rimar funding sources for the projects is revenue bonds totaling $11,865,000. The
p Y
Sewage Works is entering into an agreement with the State of Indiana to obtain
proceeds through the State Revolving Fund Loan Program. The bonds are to be amortized
interest r ate a
period of not more than 20 years, beginning after completion of the project, at an
for the Proposed Bonds.
Schedule of Amortization of $11,865,000 Principal Amount of Sewage Works Revenue Bonds
of2012 —Page 11
The schedule on page 12 summarizes the estimated debt service on the $11,865,000 Bowing
by the Sewage Works from the State of Indiana through the State Revolving Fu
that the
Program. Interest is 1.78% based on the current subsidized 3 and therefore the first principal
improvement project will be completed � y The bond ordinance adopted by the Sewage Works
payment is assumed to be January 1, 201
requires that principal payments be made annually on January 1st and interest payments be made e
semi - annually on January 1st and July 1st. The Bonds are to be secured byte net
Sewage Works.
Proposed Schedule of Combined Bond Amortization — Pages 12 - 14
Pages 14 through 16 present the proposed schedule of combined bond amortizationd schedule includes
of
all outstanding debt as well as the Proposed Bonds. Page 16 presents and the Proposed Bonds.
combined bond amortization that includes both the outstanding debt
Schedule of Present and Future Rates and Charges — Page - 15
This schedule presents the present and future adopted rates and charges
9
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF PROJECT COSTS AND FUNDING
(Per Consulting Engineer)
PROJECT COSTS
Construction Costs and Contingencies:
Lentzier Creek PS and FM $7,653,000
Bore and jack addition 776,000
North Pump Station and Force Main - Phase 1 1,535,900
Construction contingency (10 %) 996,608
Total Construction Costs and Contingencies 10,961,508
•
Non - Construction Costs:
Engineering Planning and Design:
North & South PS and force main (1)
Construction Administration:
South pump station and force main 685,000
North pump station and force main 100,000
Allowance for legal, bond counsel, financial advisory,
bond issuance costs, general contingencies and rounding 118,492
Total Non - Construction Costs 903,492
Total Project Costs $11,865,000
PROJECT FUNDING
Proposed SRF Sewage Works Revenue Bonds, Series 2012 $11,865,000
(1) Engineering, planning and design for the North and South Pump Station and Force
Main projects are being paid from the 2005 Bond proceeds.
(The Accountants' Compilation Report and the accompanying
comments are an integral part of this statement.)
10
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF AMORTIZATION OF $11,865,000 PRINCIPAL AMOUNT OF
PROPOSED SEWAGE WORKS REVENUE BONDS OF 2012
Principal payable annually on January 1st, beginning January 1, 2014.
Interest payable semiannually on January 1st and July 1st, beginning July 1, 2013.
Assumes bonds dated December 13, 2012.
Assumed interest rates as indicated.
Assumed
Payment Principal Interest Debt Service Bond Year
Date Balance Rate(s) * Principal Interest Total Total
(In $1,000's) ( %) (In $1.000's) ( In Dollars )
07/01/13 $116,158.35 $116,158.35
01/01/14 $11,865 1.78 $490 105,598.50 595,598.50 $711,756.85
07/01/14 101,237.50 101,237.50
01/01/15 11,375 1.78 509 101,237.50 610,237.50 711,475.00
07/01/15 96,707.40 96,707.40
01/01/16 10,866 1.78 518 96,707.40 614,707.40 711,414.80
07/01/16 92,097.20 92,097.20
01/01/17 10,348 1.78 528 92,097.20 620,097.20 712,194.40
07/01/17 87,398.00 87,398.00
01/01/18 9,820 1.78 536 87,398.00 623,398.00 710,796.00
07/01/18 82,627.60 82,627.60
01/01/19 9,284 1.78 546 82,627.60 628,627.60 711,255.20
07/01 /19 77,768.20 77,768.20
01/01/20 8,738 1.78 555 77,768.20 632,768.20 710,536.40
07/01/20 72,828.70 72,828.70
01/01/21 8,183 1.78 565 72,828.70 637,828.70 710,657.40
07/01/21 67,800.20 67,800.20
01/01/22 7,618 1.78 576 67,800.20 643,800.20 711,600.40
07/01/22 62,673.80 62,673.80
01/01/23 7,042 1.78 585 62,673.80 647,673.80 710,347.60
07/01/23 57,467.30 57,467.30
01/01/24 6,457 1.78 595 57,467.30 652,467.30 709,934.60
07/01/24 52,17I.80 52,171.80
01/01/25 5,862 1.78 606 52,171.80 658,171.80 710,343.60
07/01/25 46,778.40 46,778.40
O1 /01/26 5,256 1.78 617 46,778.40 663,778.40 710,556.80
07/01 /26 41,287.10 41,287.10
01/01/27 4,639 1.78 628 41,287.10 669,287.10 710,574.20
07/01/27 35,697.90 35,697.90
01/01/28 4,011 1.78 639 35,697.90 674,697.90 710,395.80
07/01/28 30,010.80 30,010.80
01/01/29 3,372 1.78 650 30,010.80 680,010.80 710,021.60
07/01/29 24,225.80 24,225.80
01/01/30 2,722 1.78 662 24,225.80 686,225.80 710,451.60
07/01 /30 18,334.00 18,334.00
01/01/31 2,060 1.78 675 18,334.00 693,334.00 711,668.00
07/01/31 12, 326.50 12,326.50 .
01/01/32 1,385 1.78 687 12,326.50 699,326.50 711,653.00
07/01/32 6,212.20 6,212.20
01/01/33 698 1.78 698 6,212.20 704,212.20 710,424.40
Totals $11,865 $2,353,057.65 $14,218,057.65 $14,218,057.65
* Assumes the blended SRF subsidized interest rate of 2.0% on $10,000,000 and 3.25% on $1,830,000 less .5% eligible credit.
(The Accountants' Compilation Report and the accompanying
comments are an integral part of this statement.)
11
■
JEFFERSONVILLF, (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF COMBINED BOND AMORTIZATION
2008 2009 2009
Payment 1999 2003 2005 SRF SRF Refunding
Date Bonds Bonds Bonds Bonds Bonds Bonds Subtotal
01/01/13 $183,778.21 $195,488.75 $192,780.63 $403,546.45 $78,362.60 $435,043.75 $1,489,000.39
07/01/13 23,295.47 47,443.75 131,655.63 142,601.50 23,385.20 45,231.25 413,612.80
01/01/14 182,497.47 197,443.75 196,655.63 405,601.50 79,385.20 445,231.25 1,506,814.80
07/01/14 20,987.04 44,256.25 130,355.63 138,564.45 22,371.60 39,731.25 396,266.22
01/01/15 187,130.04 199,256.25 195,355.63 413,564.45 80,371.60 449,731.25 1,525,409.22
07/01/15 18,577.97 40,923.75 129,055.63 134,343.20 21,321.80 33,581.25 377,803.60
01/01/16 182,539.97 205,923.75 194,055.63 417,343.20 82,321.80 458,581.25 1,540,765.60
I 07/01/16 16,200.52 37,335.00 127,755.63 129,999.15 20,217.70 26,675.00 358,183.00
01/01/17 184,042.52 207,335.00 197,755.63 420,999.15 83,217.70 466,675.00 1,560,025.00
07/01/17 13,766.81 33,595.00 126,355.63 125,532.30 19,077.40 18,700.00 337,027.14
01/01/18 181,500.81 213,595.00 196,355.63 426,532.30 84,077.40 473,700.00 1,575,761.14
07/01/18 11,334.67 29,545.00 124,955.63 120,911.95 17,900.90 9,600.00 314,248.15
01/01/19 180,082.67 214,545.00 204,955.63 426,911.95 84,900.90 489,600.00 1,600,996.15
07/01/19 8,887.82 25,336.25 123,355 63 116,214.85 16,688.20 290,482.75
01/01/20 621,840.82 220,336.25 278,355.63 436,214.85 86,688.20 1,643,435.75
07/01/20 20,851.25 120,255.63 111,302.85 15,421.20 267,830.93
01/01/21 225,851.25 915,255.63 437,302.85 87,421.20 1,665,830.93
07/01/21 16,033.75 104,355.63 106,298.75 14,118.00 240,806.13
01/01/22 231,033.75 929,355.63 443,298.75 89,118.00 1,692,806.13
07/01/22 10,927.50 87,855.63 101,125.80 12,760.50 212,669.43
01/01/23 235,927.50 952,855,63 441,125.80 90,760.50 1,720,669.43
07/01/23 5,640.00 70,015.00 95,906.80 11,348.70 182,910.50
01/01/24 240,640.00 970,015.00 447,906.80 91,348.70 1,749,910.50
07/01/24 51,340.00 90,503.60 9,900.70 151,744.30
01/01/25 1,241,340.00 447,503.60 92,900.70 1,781,744.30
07/01/25 26,350.00 85,023.65 8,398.40 119,772.05
01/01/26 1,266,35000 453,023.65 94,398.40 1,813,772.05
07/01/26 79,374.85 6,841.80 86,2 16.65
01/01/27 1,751,374.85 95,841.80 1,847,216.65
07/01/27 53,709.65 5,230.90 58,940.55
01/01/28 1,776,709.65 98,230.90 1,874,940.55
07/01/28 27,261.60 3,547.60 30,809.20
01/01/29 1,803,261.60 99,547.60 1,902,809.20
07/0 1 /29 1,8 10.00 1 ,810.00
01/01/30 101,810.00 101,810.00
07/01/30
01/01/31
07/01/31
01/01/32
07/01/32
01/01/33
Totals 52,016,462.81 $2,899,263.75 $9,285,103.23 $13,010,896.35 $1,831,043.80 $3,392,081.25 532,434,851.19
(Continued on next page)
(The Accountants' Compilation Report and the accompanying comments are an integral part of this statement.)
12
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS (Cont'd)
SCHEDULE OF COMBINED BOND AMORTIZATION
2010
Payment Prior SRF 2010 B 2010 C 2011 A 2011 B 2011 C Outstanding
Date Subtotal Bonds Bonds • Bonds SRF Bonds SRF Bonds SRF Bonds Total
(BAB)
01/01/13 $1,489,000.39 $127,992.00 $327,449.69 S886,950.00 $864,490.00 $39,000.00 $158,235.00 $3,893,117.08
07/01113 413,612.80 21,984.00 327,449.69 33,500.00 291,919.00
58,235.00 1,246,700.49
01/01/14 1,506,814.80 126,984.00 327,449.69 893,500.00 876,919.00 39,000.00 1,043,235.00 4,813,902.49
07/01/14 396,266.22 20,976.00 327,449.69 24,040.00 284,080.00
151,420,50 1,204,232.41
01/01 /15 1,525,409.22 130,976.00 327,449.69 904,040.00 879,080.00 39,000.00 1,050,420.50 50,420.50 1,856,378.4
07/01/15 377,803.60 19,920.00 327,449.69 12,600.00 276,107.00
01/01/16 1,540,765.60 129,920.00 327,449.69 912,600.00 891,107.00 39,000.00 1,057,498.20 4,898,340.49
07/01/16 358,183.00 18,864.00 327,449.69
267,866.00 137,468.10 1,109,830.79
01/01/17 1,560,025.00 133,864.00 1,252,449.69 897,866.00 39,000.00 1,064,468.10 4,947,672.79
07/01/17 331,027.14 17,760.00 316,927.81
259,424.00 130,330.20 1,061,469.15
01/01/18 1,575,761.14 132,760.00 1,266,927.81 909,424.00 39,000.00 1,071,330.20 4,995,203.15
07/01/18 314,248.15 16,656.00 304,577.81
250,714.00 123,084.50 1,009,280.46
01/01/19 1,600,996.15 136,656.00 1,274,577.81 920,714.00 39,000.00 1,079,084.50 5,051,028.46
07/01/19 290,482.75 15,504.00 290,391.56
241,736.00 115,723.30 953,837.61
01 /01 /20 1,643,435.75 135,504.00 1,290,391.56 911,736.00 39,000.00 1,085,723,30 5,105,790.61
07/01/20 267,830.93 14,352.00 274,791.56
232,758.00 108,254.30 897,986.79
01/01/21 1,665,830.93 139,352.00 1,304,791.56 917,758.00 39,000.00 1,093,254.30 5,159,986.79
07/01/21 240,806.13 13, 1 52.00 258,054.06
223,579.00 100,669.80 836,260.99
01/01/22 1,692,806.13 138,152.00 1,318,054.06 933,579.00 39,000.00 1,100,669.80 5,222,260.99
07/01/22 212,669.43 11,952.00
239,967,81 214,065.00 92,969.80 771,624.04
01/01/23 1,720,669.43 141,952.00 1,334,967.81 944,065.00 39,000.00 1,108,969.80 5,289,624.04
07/01/23 182,910.50 10,704.00 220,394.69
204,283.00 85,146.60 703,438.79
01/01/24 1,749,910.50 140,704.00 1,355,394.69 954,283.00 39,000.00 1,116,146,60 5,355,438.79
07/01/24 151,744.30 9,456.00 199,184.37
1 94,233.00 77,207.90 631,825.57
01/01/25 1,781,744.30 139,456.00 1,374,184.37 969,233.00 38,000.00 1,124,207.90 5,426,825.57
07/01/25 119,772.05 8,208.00 176,271.87
183,848.00 69,146.00 557,245.92
01/01/26 1,813,772.05 143,208.00 1,391,271.87 983,848.00 38,000,00 1,132,146.00 5,502,245.92
07 /01 /26 86,216.65 6,912.00 151,592.19
173,128.00 60,960.90 478,809.74
01/01/27 1,847,216.65 146,912.00 1,411,592.19 993,128.00 38,000.00 1,140,960.90 5,577,809.74
07/01/27 58,940.55 5,568.00 124,974.69
162,140.00 52,644.90 404,268.14
01/01/28 1,874,940.55 145,568.00 1,429,974.69 1,017,140.00 38,000.00 1,148,644.90 5,654,268.14
07/01/28 30,809.20 4,224.00 96,346.25 150,683.00
44,205.70 326,268.15
01/01/29 1,902,809.20 149,224.00 1,451,346.25 1,030,683.00 38,000.00 1,157,205.70 5,729,268.15
07/01/29 1,810.00 2,832.00 65,520.00
138,891.00 35,635.60 244,688.60
01/01/30 101,810.00 147,832.00 1,475,520.00 2,883,891.00 38,000.00 1,165,635.60 5,812,688.60
07/01/30 1,440.00 33,442.50 102,108.00 26,934.60 163,925.10
01/01/31 151,440.00 1,503,442.50 3,027,108.00 38,000.00 1,174,934.60 5,894,925.10
07/01/31 62,913.00 18,095.00 81,008,00
01/01/32 4,757,913.00 38,000.00 1,184,095.00 5,980,008.00
9,116.80 9,116.80
011 /01 /33
07/01/32 1,193,116.80
/01/33 1
Totals $32,434,851.19 $2,858920.00 $25,806,921.55 $3,667,230.00 $30,478,440.00 $772,000.00 824,191,730.40 $120,210
Shown net of 35% subsidy payment from the United States Treasury.
(Continued on next page)
(The Accountants' Compilation Report and the accompanying comments are an integral part of this statement.)
13
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
(Cont'd)
SCHEDULE OF COMBINED BOND AMORTIZATION
(Outstanding and Proposed Bonds)
Outstanding Proposed Net Add Back: Gross
Payment Prior Outstanding Bond Year 2012 Net Bond Year BAB Debt Service Bond Year
Date Subtotal Total Total SRI; Bonds Total Total Subsidy Payment Totals
01/01/13 S3,893,I 17.08 $3,893,117.08 3,893,117.08 $3,893,117.08 $3,893,117.08 $176,319.06 $4,069,436.14
07/01/13 1,246,700.49 1,246,700.49 $ 1 16,158.35 1,362,858.84
01/01/14 4,813,902.49 4,813,902.49 6,060,602.98 595,598.50 5,409,500.99 6,772,359.83 352,638.12 7,124,997.95
07/01/14 1.204,232.41 1,204,232.41 101,237.50 1,305,469.91
01/01/15 4,856,375.41 4,856,375.41 6,060,607.82 610,237.50 5,466,612.91 6,772,082.82 352,638.12 7,124,720.94
07/01 /15 1,158,378.49 1,158,378.49 96,707.40 1,255,085.89
01/01/16 4,898,340.49 4,898,340.49 6,056,718.98 614,707.40 5,513,047.89 6,768,133.78 352,638.12 7,120,771.90
07/01/16 1,109,830.79 1,109,830.79 92,097.20 1,201,927.99
01/01/17 4,947,672.79 4,947,672.79 6,057,503.58 620,097 20 5,567,769.99 6,769,697.98 352,638.12 7,122,336.10
07/01/17 1,061,469.15 1,061,469.15 87,398.00 1,148,867.15
01 /01 /18 4,995,203.15 4,995,203.15 6,056,672.30 623,398.00 5,618,601.I5 6,767,468.30 341,306.88 7,108,775.18
07/01/18 1,009,280.46 1,009,280.46 82,627.60 1,091,908.06
01/01/19 5,051,028.46 5,051,028.46 6,060,308.92 628,627.60 5,679,656.06 6,771,564.12 328,006.88 7,099,571.00
07/01/19 953,837.61 953,837.61 77,768,20 1,031,605.81
01/01/20 5,105,790.61 5,105,790.61 6,059,628.22 632,768.20 5,738,558.81 6,770,164.62 312,729.38 7,082,894.00
07/01/20 897,986.79 897,986.79 72,828.70 970,815.49
01/01/21 5, 159,986.79 5,159,986.79 6,057,973.58 637,828.70 5,797,815.49 6,768,630.98 295,929.38 7,064,560.36
07/01/21 836,260.99 836,260.99 67,800.20 904,061.19
01/01/22 5,222,260.99 5,222,260.99 6,058,521.98 643,800.20 5,866,061.19 6,770,122.38 277,904.38 7,048,026.76
07/01/22 771,624.04 771,624.04 62,673 80 834,297.84
01/01/23 5,289,624.04 5,289,624.04 6,061,248.08 647,673.80 5,937,297.84 6,771,595.68 258,426.88 7,030,022.56
07/01/23 703,438.79 703,438.79 57,467.30 760,906.09
01/01/24 5,355,438.79 5,355,438.79 6,058,877.58 652,467.30 6,007,906.09 6,768,812.18 237,348.12 7,006,1 60.30
07/01/24 631,825.57 631,825.57 52,171.80 683,997.37
01/01/25 5,426,825.57 5,426,825.57 6,058,651.14 658,171.80 6,084,997.37 6,768,994.74 214,506.26 6,983,501.00
07/01/25 557,245.92 557,245.92 46,778.40 604,024.32
01/01/26 5,502,245.92 5,502,245.92 6,059,491.84 663,778.40 6,166,024.32 6,770,048.64 189,831.26 6,959,879.90
07/01/26 478,809.74 478,809.74 41,287.10 520,096.84
01/01/27 5,577,809.74 5,577,809.74 6,056,619.48 669,287.10 6,247,096.84 6,767,193.68 163,253.12 6,930,446.80
07/01/27 404,268.14 404,268.14 35,697.90 439,966.04
01/01/28 5,654,268.14 5,654,268.14 6,058,536.28 674,697.90 6,328,966.04 6,768,932.08 134,588.12 6,903,520.20
07/01/28 326,268.15 326,268.15 30,010.80 356,278.95
01/01/29 5,729,268.15 5,729,268.15 6,055,536.30 680,010.80 6,409,278.95 6,765,557.90 103,757.50 6,869,315.40
07/01/29 244,688.60 244,688.60 24,225.80 268,914.40
01/01/30 5,812,688.60 5,812,688.60 6,057,377.20 686,225.80 6,498,914.40 6,767,828.80 70,560.00 6,838,388.80
07/01/30 163,925.10 163,925.10 18,334.00 182,259.10
01/01/31 5,894,925.10 5,894,925.10 6,058,850.20 693,334.00 6,588,259.10 6,770,518.20 36,015.00 6,806,533.20
07/01/31 81,008.00 81,008.00 12,326.50 93,334.50
01/01/32 5,980,008.00 5,980,008.00 6,061,016.00 699,326.50 6,679,334.50 6,772,669.00 6,772,669.00
07/01/32 9,1 16.80 9,1 16.80 6,212.20 15,329.00
01/01/33 1,193,1 16.80 1,193,1 16.80 1,202,233.60 704,212.20 1,897,329.00 1,912,658.00 1,912,658.00
Totals 5120,210,093.14 $120,210,093.14 $120,210,093.14 $14,218,057.65 $134,428,150.79 $134,428,150.79 $4,551,034.70 $138,979,185.49
Average annual debt service for the five bond years ending January 1, 2018. $6,769,948.54 $7,120,320.41
(The Accountants' Compilation Report and the accompanying comments are an integral part of this statement.)
14
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF PRESENT AND FUTURE SEWAGE RATES AND CHARGES
Phase II Phase 11I Phase IV Phase V
Effective (Current Rates) (1/1/2013) (1/1/20I4) (1 /1/2015)
Across - The -Board Rate increase 9.6% 9.6% 9.6% 9.7%
All Users (1)
Metered Consumption: (Monthly Rate per 100 Cubic Feet)
First 1,000 Cubic Feet $7.63 $8.36 $9.16 $10.05
Next 10,000 Cubic Feet 7.10 7.78 8.53 9.36
Over 11,000 Cubic Feet 6.55 7.18 7.87 8.63
Minimum Charge Per Month: $26.48 $29.01 $31.79 $34.87
Unmetered Water Consumption:
Single family residential users $55.24 $60.53 $66.32 $72.76
STORMWATER RATES AND CHARGES (2)
Residential $3.50
Non - Residential $3.50
* The charge for non - residential users shall be $3.50 times the number of equivalent drainage units,
impervious area of the user and set forth in a schedule adopted by the Board prior determined by the
to the effective date of the rate ordinance.
(1) Current rates and charges were approved pursuant to Ordinance No. 2009 -OR-43 and became effective on
January 1, 2012.
(2) Current rates and charges were approved pursuant to Ordinance No. 2000 -OR -40 and became effective on July I, 2001.
(The Accountants' Compilation Report and the accompanying
comments are an integral part of this statement.)
17
JEFFERSONVILLE SEWAGE WORKS
Jeffersonville, Indiana
SUPPLEMENTAL DATA
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
(Cont'd)
COMPARATIVE STATEMENT OF NET ASSETS
As of As of
LIABILITIES: 12/31 /09 12/31 /10 12/31 /11 06/30/12
Current Liabilities:
Accounts payable $393,005 $1,132,173 $739,163 S733,244
Contracts payable 333,362 333,362 313,587 303,979
Interfund payable 10,995 - 349 497
Capital lease payable (due within one year) - 222,789 233,705 233,705
Retainage payable 180,021 134,378 118,691 93,052
Accrued interest payable - 232,346 - -
Bond anticipation notes payable 4,000,000 - - -
Bonds payable (due within one year) 1,371,417 1,962,415 2,009,189 2,009,189
Total Current Liabilities 6,288,800 4,017,463 3,414,684 3,373,666
Noncurrent Liabilities:
Bonds payable 24,024,345 44,234,350 53,345,704 64,796,917
Deferral of loss on refunding (299,765) (236,628) (172,376) (137,957)
Capital lease obligations 755,864 918,574 684,868 535,354
Total Noncurrent Liabilities 24,480,444 44,916,296 53,858,196 65,194,314
Total Liabilities $30,769,244 $48,933,759 $57,272,880 $68,567,980
NET ASSETS
Invested in Capital Assets, Net of Related Debt $18,110,226 $9,910,188 $20,765,273 $22,137,404
Restricted 7,780,181 21,880,740 13,964,510 14,905,163
Unrestricted 1,907,937 1,917,706 3,789,592 4,099,023
Total Net Assets $27,798,344 $33,708,634 $38,519,375 $41,141,590
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
17
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS
Calendar Year 6 Months Ended
2009 2010 2011 6/30/12
Operating Revenues:
Sewer $5,533,275 $10,129,578 $11,578,682 $5,678,984
1,267,511 1,292,849 1,316,379 619,762
Drnaee 98 236,315 287,766 173,155
Penalties
Total Operating Revenues 6,899,668 11,658,742 13,182,827 6,471,901
Operating Expenses: 1,424,526 2,335,633 2,520,242 1,251,875
Employee and wages 322,569 1,060,033 1,500,298 213,479
Employee benefits 534,521 510,316 554,659 329,548
Purchased power
Materials and supplies 509,214 512,054 546,573 360,89
67,246 114,669 194,649 101,975
Transportation 449,489 248,320
Repairs and maintenance 529,889 637,844
Sludge removal
94,509 99,638 98,858 86,729
Contractual services 462,426 643,121 851,366 398,5
Office supplies
283,634 133,996 271,649 112,175
Insurance 1, I34 65,990 120,737 575
Other 224,096 194,308 343,287 106,173
Sub - totals 4,453,764 6,307,602 7,451,807 3,210,307
Depreciation expense
1,467,625 1,067,061 1,086,867 543,434
Total Operating Expenses 5,921,389 7,374,663 8,538,674 3,753,741
Net Operating Income
978,279 4,284,079 4,644,153 2,718,160
Nonoperating Income:
68,208 39,235 79,402 16,332
Interest income 398,130
Inspection /tap /availability fees 702,954 392,979 697,839
389,861 194,93 31
I
BAB debt service subsidy payment 448,754 38 29
Other income
Total nonoperating income 771,162 880,968 1,574,248 894,896
Nonoperating Expenses: 1,183,857 1,269,116 2,229,968 1,217,069
Interest expense 33,383 51,670 149,363 74,681
Amortization expense
Total nonoperating expenses 1,217,240 1,320,786 2,379,331 1,291,750
Net Income Before Contributions and Transfers 532,201 3,844,261 3,839,070 2,321,306
Capital Contributions and (Transfers):
Contributed capital 254,736 1,081,064 640,741 300,909
Totals 254,736 1,081,064 640,741 300,909
Change In Net Assets 786,937 4,925,325 4,479,811 2,622,215
Net Assets - Beginning 27,007,541 27,798,344 33,708,634 38,519,375
Net Assets - Adjustment* 3,866 984,965 330,930
,
Total Net Assets - Ending $27,798,344 $33,708,634 $38,519,375 $41,141,590
* Comprised of transfers, reimbursements and prior year corrections.
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
18
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
COMPARATIVE STATEMENT OF CASH FLOWS
Increase (Decrease) in Cash
6 Months
Calendar Year Ended
2009 2010 2011 6/30/12
Cash flows from operating activities:
Cash received from customers $7,823,047 $10,267,967 $12,679,045 $7,137,191
Cash paid to suppliers, employees
and others (4.300,570) (5,717,536) (7,879,930) (3,251,247)
Net cash from operating activities 3.522,477 4,550,431 4,799,1 15 3,885,944
Cash flows from capital and related
financing activities:
Additions to capital assets (9,542,166) (8,855,942) (21,249,443) (13,441,458)
Principal paid on revenue bonds (1.440,835) (1,947,640) (1,867,683) -
Revenue bond proceeds from 1998 Bond refinancing 3,725,000 - - -
Revenue bond proceeds from 2010 Bonds - 20,840,000 - -
SRF Bond drawdowns 74,157 1,908,643 1 1,025,81 1 11,451,213
BAN proceeds 4.000,000 (4,000,000) - -
Refinancing of 1998 Bonds (3.660,000) - - -
Additions to Capital (Capital Lease) 755,864 557,583 - -
Capital Lease Payments - (172,084) (222,790) (149,514)
Interest paid on bonds (1,423,256) (1,036,770) (2,462,314) (1,217,069)
Deferred debits (112,614) (500,852) 64,252 34,418
Net asset adjustment 3,866 984,965 330,930 -
Other, tap, inspection and availability fee income 702,954 841,733 1,104,985 683,633
BAB subsidy credit - - 389,861 194,931
Contributions 254,736 1,081,064 640,741 300,909
Net cash from capital and related
financing activities (6,662,294) 9,700,700 (1 2,245,650) (2,142,937)
Cash flows from investing activities:
Interest income 68,208 39,235 79,402 16,332
Cash and Cash Equivalents:
Increase (decrease) (3,071,609) 14,290,366 (7,367,133) 1,759,339
Beginning balance 12,912,641 9,841,032 24,131,398 16,764,265
Ending balance $9,841,032 $24,131,398 $16,764,265 $18,523,604
(Continued on next page)
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
19
NNW
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
(Cont'd)
COMPARATIVE STATEMENT OF CASH FLOWS
Increase (Decrease) in Cash
6 Months
Calendar Year Ended
2009 2010 2011 6/30/12
Reconciliation of net operating revenues
to cash provided from operations:
Net operating revenues $978,279 $4,284,079 $4,644,153 $2,718,160
Adjustments to reconcile net operating revenue
to net cash provided from operating activities:
Depreciation expense 1,467,625 1,067,061 1,086,867 543,434
Change in assets and liabilities
Decrease (increase) in:
Accounts receivable 923,379 (976,523) (750,930) 498,186
Lien receivable - (414,252) 247,148 167,104
Interfund receivable - (78)
-
78
Prepaid expenses - (92,386) - -
Increase (decrease) in:
Accounts payable 148,764 739,168 (393,010) (5,919)
Contracts payable 67,518 - (19,775) (9,608)
Retainage payable (51,630) (45,643) (15,687) (25,639)
Interfund payable (I 1 ,458) (10,995) 349 148
Net cash provided from operations $3,522,477 $4,550,431 $4,799,115 $3,885,944
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
20
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
COMPARISON OF ACCOUNT BALANCES WITH MINIMUM BALANCES REQUIRED
Account Minimum
Balance at Balance
Accounts: 6/30/2012 Required (1) Ref. Variance
Operation and maintenance fund $3,618,441 $1,111,456 (2) $2,506,985
Sinking fund:
Bond and interest account 2,298,410 1,306,595 (3) 991,815
Reserve account 3,083,471 3,078,348 (4) 5,123
Construction Account 9,523,282 9,523,282 (5) -
Totals $18,523,604 $15,019,681 $3,503,923
(1) Minimum balance required by Bond Ordinance No. 2011- OR -73, as amended.
(2) The balance maintained in this fund shall be sufficient to pay the expenses of operation, repair
and maintenance of the then next succeeding two calendar months.
Projected operating expenses for calendar year 2012 $6,667,400
Times two month factor 0.1667
Minimum balance required $1,111,456
(Continued on next page)
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
21
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
(Cont'd)
COMPARISON OF ACCOUNT BALANCES WITH MINIMUM BALANCES REQUIRED
(3) The balance of this account should be equal to the accrued monthly transfers of 1/6
of the interest on all outstanding bonds payable on the then next succeeding interest
payment date and 1 /12th of the principal on all outstanding bonds payable on the then
next succeeding principal payment date.
Months
Amount Factor Balance
Principal due 1/1/13
I999 Revenue Bonds $158,189 6/12 $79,095
2003 Revenue Bonds 145,000 6/12 72,500
2005 Revenue Bonds 60,000 6/12 30,000
2008 SRF Revenue Bonds 257,000 6/12 128,500
2009 SRF Revenue Bonds 54,000 6/12 27,000
2009 Refunding Bonds 385,000 6/12 192,500
2010 SRF Revenue Bonds 105,000 6/12 52,500
v
2010 B Revenue Bonds - 6/12 -
2010 C Revenue Bonds 845,000 6/12 422,500
2011 A Revenue Bonds 565,000 6/12 282,500
2011 B Revenue Bonds 39,000 6/12 19,500
2011 C Revenue Bonds - 6/12 -
Sub -total 1,306,595
Interest due 1/1/13
1999 Revenue Bonds 25,589 0/6 -
2003 Revenue Bonds 50,489 0/6 -
2005 Revenue Bonds 132,781 0/6 -
2008 SRF Revenue Bonds 146,546 0/6 -
2009 SRF Revenue Bonds 24,363 0/6 -
2009 Refunding Bonds 50,044 0/6 -
2010 SRF Revenue Bonds 22,992 0/6 -
2010 B Revenue Bonds 503,769 0/6 -
2010 C Revenue Bonds 41,950 0/6 -
2011 A Revenue Bonds 299,490 0/6 -
2011 B Revenue Bonds - 0/6 -
2011 C Revenue Bonds 158,235 0/6 -
Sub -total 0
Minimum balance required $1,306,595
(4) The Reserve Account should be equal to the maximum annual principal and interest requirement .
of all the outstanding bonds or $6,413,246 when fully funded by November 30, 2016.
Minimum balance required $3,078,348
(5) Construction account is restricted for sewage improvement projects.
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
22
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF AMORTIZATION OF S1,764,773 PRINCIPAL AMOUNT OF OUTSTANDING
SEWAGE WORKS REVENUE BONDS, SERIES 1999
Principal payable annually January 1st.
Interest payable semi - annually January 1st and July 1st.
Interest rates as indicated
Payment Principal Interest Debt Service Bond Year
Date Balance Rate Principal Interest Total Total
(In Dollars) ( %) ( In Dollars )
01/01/13 $1,764,773 2.90 $158,189 $25,589.21 $183,778.21 $183,778.21
07/01/13 23,295.47 23,295.47
01/01/14 1,606,584 2.90 159,202 23,295.47 182,497.47 205,792.94
07/01/14 20,987.04 20,987.04
01/01/15 1,447,382 2.90 166,143 20,987.04 187,130.04 208,117.08
07/01/15 18,577.97 18,577.97
01/01/16 1,281,239 2.90 163,962 18,577.97 182,539.97 201,117.94
07/01/16 16,200.52 16,200.52
01/01/17 1,117,277 2.90 167,842 16,200.52 184,042.52 200,243.04
07/01/17 13,766.81 13,766.81
01/01/18 949,435 2.90 1 67,734 13,766.81 181 ,500.81 195,267.62
07/01/18 11,334.67 11,334.67
01/01/19 781,701 2.90 1 68,748 11,334.67 180,082.67 191,417.34
07/01/19 8,887.82 8,887.82
01/01/20 612,953 2.90 612,953 8,887.82 621,840.82 630,728.64
Totals $1,764,773 $251 ,689.81 $2,01 6,462.81 $2,016,462.81
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
23
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF AMORTIZATION OF $2,225,000 PRINCIPAL AMOUNT OF OUTSTANDING
SEWAGE WORKS REVENUE BONDS, SERIES 2003
Principal payable annually January 1st.
Interest payable semi - annually January 1st and July 1st.
Interest rates as indicated
Payment Principal Interest Debt Service Bond Year
Date Balance Rate Principal Interest Total Total
(In $1,000's) ( %) (In $1,000's) ( In Dollars )
01/01/13 $2,225 4.20 $145 $50,488.75 $195,488.75 $195,488.75
07/01/13 47,443.75 47,443.75
01/01/14 2,080 4.25 150 47,443.75 197,443.75 244,887.50
07/01/14 44,256.25 44,256.25
01/01/15 1,930 4.30 155 44,256.25 199,256.25 243,512.50
07/01/15 40,923.75 40,923.75
01/01/16 1,775 4.35 165 40,923.75 205,923.75 246,847.50
07/01/16 37,335.00 37,335.00
01/01/17 1,610 4.40 170 37,335.00 207,335.00 244,670.00
07/01/17 33,595.00 33,595.00
01/01/18 1,440 4.50 180 33,595.00 213,595.00 247,190.00
07/01/18 29,545.00 29,545.00
01/01/19 1,260 4.55 185 29,545.00 214,545.00 244,090.00
07/01/19 25,336.25 25,336.25
01/01/20 1,075 4.60 195 25,336.25 220,336.25 245,672.50
07/01/20 20,851.25 20,851.25
01/01/21 880 4.70 205 20,851.25 225,851.25 246,702.50
07/01/21 16,033.75 16,033.75
01/01/22 675 4.75 215 16,033.75 231,033.75 247,067.50
07/01/22 10,927.50 10,927.50
01/01/23 460 4.70 225 10,927.50 235,927.50 246,855.00
07/01/23 5,640.00 5,640.00
01/01/24 235 4.80 235 5,640.00 240,640.00 246,280.00
Totals $2,225 $674,263.75 $2,899,263.75 $2,899,263.75
w
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
24
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF' AMORTIZATION OF $6,445,000 PRINCIPAL AMOUNT OF OUTSTANDING
SEWAGE WORKS REVENUE BONDS OF 2005, SERIES A
Principal payable annually January 1st.
Interest payable semi - annually January 1st and July 1st.
Interest rates as indicated
Payment Principal Interest Debt Service Bond Year
Date Balance Rate Principal Interest Total Total
(In $1,000's) ( %) (In $1,000's) ( In Dollars )
01/01/13 $6,445 3.750 $60 $132,780.63 $192,780.63 $192,780.63
07/01/13 131,655.63 131,655.63
01/01/14 6,385 4.000 65 131,655.63 196,655.63 328,311.26
07/01/14 130,355.63 130,355.63
01/01/15 6,320 4.000 65 130,355.63 195,355.63 325,711.26
07/01/15 129,055.63 129,055.63
01/01/16 6,255 4.000 65 129,055.63 194,055.63 323,111.26
07/0 1 /16 1 27,755.63 1 27,755.63
01/01/17 6,190 4.000 70 127,755.63 197,755.63 325,511.26
07/01 /17 1 26,355.63 1 26,355.63
01/01/18 6,120 4.000 70 126,355.63 196,355.63 322,711.26
07/01/18 124,955.63 124,955.63
01/01/19 6,050 4.000 80 124,955.63 204,955.63 329,911.26
07/01/19 123,355.63 123,355.63
01/01/20 5,970 4.000 155 123,355.63 278,355.63 401,711.26
07/01/20 120,255.63 120,255.63
01/01/21 5,815 4.000 795 120,255.63 915,255.63 1,035,511.26
07/0 1 /21 1 04,355.63 104,355.63
01/01/22 5,020 4.000 825 104,355.63 929,355.63 1,033,711.26
07/01/22 87,855.63 87,855.63
01/01/23 4,195 4.125 865 87,855.63 952,855.63 1,040,711.26
07/01/23 70,015.00 70,015.00
01/01/24 3,330 4.150 900 70,015.00 970,015.00 1,040,030.00
07/01/24 51,340.00 51,340.00
01/01/25 2,430 4.200 1,190 51,340.00 1,241,340.00 1,292,680.00
07/01/25 26,350.00 26,350.00
01/01/26 1,240 4.250 1,240 26,350.00 1,266,350.00 1,292,700.00
Totals $6,445 $2,840,103.23 $9,285,103.23 $9,285,103.23
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
25
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF AMORTIZATION OF $9,547,000 PRINCIPAL AMOUNT
OF OUTSTANDING SEWAGE WORKS REVENUE BONDS OF 2008
Principal payable annually January 1st.
Interest payable semi- annually, January 1st and July 1st.
Interest rates as indicated
Payment Principal Interest Debt Service Bond Year
Date Balance Rate Principal Interest Total Total
(In 1,000's) ( %) (In 1,000's) ( In Dollars )
k
01 /01/13 $9,547 3.07 $257 $146,546.45 $403,546.45 $403,546.45
07/01/13 142,601.50 142,601.50
01/01/14 9,290 3.07 263 142,601.50 405,601.50 548,203.00
07/01/14 138,564.45 138,564.45
01/01/15 9,027 3.07 275 138,564.45 413,564.45 552,128.90 -
07/01/15 134,343.20 134,343.20
01/01/16 8,752 3.07 283 134,343.20 417,343.20 551,686.40
07/01/16 129,999.15 129,999.15
01 /01/17 8,469 3.07 291 129,999.15 420,999.15 550,998.30
07/01/17 125,532.30 125,532.30
01 /01/18 8,178 3.07 301 125,532.30 426,532.30 552,064.60
07/01/18 120,911.95 120,911.95
01/01/19 7,877 3.07 306 120,911.95 426,911.95 547,823.90
07/01/19 116,214.85 116,214.85
01 /01/20 7,571 3.07 320 116,214.85 436,214.85 552,429.70
07/01/20 111,302.85 111,302.85
01/01/21 7,251 3.07 326 111,302.85 437,302.85 548,605.70
07/01/21 106,298.75 106,298.75
01/01/22 6,925 3.07 337 106,298.75 443,298.75 549,597.50
07/01/22 101,125.80 101,125.80
01/01/23 6,588 3.07 340 101,125.80 441,125.80 542,251.60
07/0I/23 95,906.80 95,906.80
01/01/24 6,248 3.07 352 95,906.80 447,906.80 543,813.60
07/01 /24 90,503.60 90,503.60
01/01/25 5,896 3.07 357 90,503.60 447,503.60 538,007.20
07/01/25 85,023.65 85,023.65
01/01/26 5,539 3.07 368 85,023.65 453,023.65 538,047.30
07/01/26 79,374.85 79,374.85
01/01/27 5.171 3.07 1.672 79,374.85 1,751,374.85 1,830,749.70
07/01/27 53,709.65 53,709.65
01/01/28 3,499 3.07 1,723 53,709.65 1,776,709.65 1,830,419.30
07/01/28 27,261.60 27,261.60
01/01/29 1,776 3.07 1,776 27,261.60 1,803,261.60 1,830,523.20
Totals $9,547 $3,463,896.35 $13,010,896.35 $13,010,896.35
•
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
26
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF AMORTIZATION OF $1,346,000 PRINCIPAL AMOUNT
OF OUTSTANDING SEWAGE WORKS REVENUE BONDS OF 2009, SERIES A
Principal payable annually January 1st.
Interest payable semiannually, January 1st and July 1st.
Interest rate as indicated.
Payment Principal Interest Principal Debt Service Bond Year
Date Balance Rate Balance Interest Total Total
(In $1,000's) ( %) (In $1,000's) ( In Dollars )
1/1/2013 $1,346 3.62 $54 $24,362.60 * $78,362.60 $78,362.60
7/1/2013 23,385.20 23,385.20
1/1/2014 1,292 3.62 56 23,385.20 79,385.20 102,770.40
7/1/2014 22,371.60 22,371.60
1/1/2015 1,236 3.62 58 22,371.60 80,371.60 102,743.20
7/1/2015 21,321.80 21,321.80
®. 1/1/2016 1,178 3.62 61 21,321.80 82,321.80 103,643.60
7/1/2016 20,217.70 20,217.70
1/1/2017 1.117 3.62 63 20,217.70 83,217.70 103,435.40
7/1/2017 19,077.40 19,077.40
1/1/2018 1.054 3.62 65 19,077.40 84,077.40 103,154.80
7/1/2018 17,900.90 17,900.90
1/1/2019 989 3.62 67 17,900.90 84,900.90 102,801.80
7/1/2019 16,688.20 16,688.20
1/1/2020 922 3.62 70 16,688.20 86,688.20 103,376.40
7/1/2020 15,421.20 15,421.20
1/1/2021 852 3.62 72 15,421.20 87,421.20 102,842.40
7/1/2021 14,118.00 14,118.00
1/1/2022 780 3.62 75 14,11 8.00 89,118.00 103,236.00
7/1/2022 12,760.50 12,760.50
1/1/2023 705 3.62 78 12,760.50 90,760.50 103,521.00
7/1/2023 11,348.70 11,348.70
1/1/2024 627 3.62 80 11,348.70 91,348.70 102,697.40
7/1/2024 9,900.70 9,900.70
1/1/2025 547 3.62 83 9,900.70 92,900.70 102,801.40
7/1/2025 8,398.40 8,398.40
1/1/2026 464 3.62 86 8,398.40 94,398.40 102,796.80
7/1/2026 6,841.80 6,841.80
1/1/2027 378 3.62 89 6,841.80 95,841.80 102,683.60
7/1/2027 5,230.90 5,230.90
1/1/2028 289 3.62 93 5,230.90 98,230.90 103,461.80
7/1/2028 3,547.60 3,547.60
1/1/2029 196 3.62 96 3,547.60 99,547.60 103,095.20
7/1/2029 1,810.00 1,810.00
1/1/2030 100 3.62 100 1,810.00 101,810.00 103,620.00
Totals $1,346 $485,043.80 $1,831,043.80 $1,831,043.80
* Subject to actual draws.
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
27
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF AMORTIZATION OF $2,995,000 PRINCIPAL AMOUNT OF
OUTSTANDING SEWAGE WORKS REFUNDING REVENUE BONDS OF 2009
Principal payable annually January lst.
Interest payable semi - annually January 1st and July 1st.
Interest rates as indicated.
Payment Principal Interest Debt Service Bond Year
Date Outstanding Rate Principal Interest Total Total
(In $1,000's) ( %) (In $ 1,000's) ( In Dollars )
01/01/13 $2,995 2.500 $385 $50,043.75 $435,043.75 $435,043.75
07/01/13 45,231.25 45,231.25
01/01/14 2,610 2.750 400 45,231.25 445,231.25 490,462.50
07/01/14 39,731.25 39,731.25
01/01/15 2,210 3.000 410 39,731.25 449,731.25 489,462.50
07/01/15 33,581.25 33,581.25
r ,
01/01/16 I,800 3.250 425 33,581.25 458,581.25 492,162.50
07/01 /16 26,675.00 26,675.00
01/01/17 1,375 3.625 440 26,675.00 466,675.00 493,350.00
07/01/17 18,700.00 18,700.00
01/01/18 935 4.000 455 18,700.00 473,700.00 492,400.00
07/01/18 9,600.00 9,600.00
01/01/19 480 4.000 480 9,600.00 489,600.00 499,200.00
Totals $2,995 S397,081.25 $3,392,081.25 $3,392,081.25
•
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
28
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF AMORTIZATION OF $2,395,000 PRINCIPAL AMOUNT
OF OUTSTANDING SEWAGE WORKS REVENUE BONDS OF 2010, SERIES A
Principal payable annually January 1st.
Interest payable semiannually, January 1st and July 1st.
Interest rates as indicated.
Payment Principal Interest Debt Service Bond Year
Date Balance Rates Principal Interest Total Total
(In $1,000's) ( %) (In $1,000's) ( In Dollars )
1/1/2013 $2,395 1.92 $105 $22,992.00 $127,992.00 $127,992.00
7/1/2013 21,984.00 21,984.00
1/1/2014 2,290 1.92 105 21,984.00 126,984.00 148,968.00
7/1/2014 20,976.00 20,976.00
1/1/2015 2,185 1.92 110 20,976.00 130,976.00 151,952.00
7/1/2015 19,920.00 19,920.00
t 1/1/2016 2,075 1.92 110 19,920.00 129,920.00 149,840.00
7/1/2016 18,864.00 18, 864.00
1/1/2017 1,965 1.92 115 18,864.00 133,864.00 152,728.00
7/1/2017 17,760.00 17,760.00
1/1/2018 1,850 1.92 115 17,760.00 132,760.00 150,520.00
7/1/2018 16,656.00 16,656.00
1/1/2019 1,735 1.92 120 16,656.00 136,656.00 153,312.00
7/1/2019 15,504.00 15, 504.00
1/1/2020 1,615 1.92 120 15,504.00 135,504.00 151,008.00
7/1/2020 14,352.00 14,352.00
1/1/2021 1,495 1.92 125 14,352.00 139,352.00 153,704.00
7/1/2021 13,152.00 13,152.00
1/1/2022 1,370 1.92 125 13,152.00 138,152.00 151,304.00
7/1/2022 11,952.00 11,952.00
1/1/2023 1,245 1.92 130 11,952.00 141,952.00 153,904.00
7/1/2023 10,704.00 10, 704.00
1/1/2024 1,115 1.92 130 10,704.00 140,704.00 151,408.00
7/1/2024 9,456.00 9,456.00
1/1/2025 985 1.92 130 9,456.00 139,456.00 148,912.00
7/1/2025 8,208.00 8,208.00
1/1/2026 855 1.92 135 8,208.00 143,208.00 151,416.00
7/1/2026 6,912.00 6,912.00
1/1/2027 720 1.92 140 6,912.00 146,912.00 153,824.00
7/1/2027 5,568.00 5,568.00
1/1/2028 580 1.92 140 5,568.00 145,568.00 151,136.00
7/1/2028 4,224.00 4,224.00
1/1/2029 440 1.92 145 4,224.00 149,224.00 153,448.00
7/1/2029 2,83 2.00 2,832.00
1/1/2030 295 1.92 145 2,832.00 1 47,832.00 150,664.00
7/1/2030 1,440.00 1,440.00
1/1/2031 150 1.92 150 1,440.00 151,440.00 152,880.00
Totals $2,395 $463,920.00 $2,858,920.00 $2,858,920.00
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
29
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF AMORTIZATION OF $22,350,000 PRINCIPAL AMOUNT OF
OUTSTANDING SEWAGE WORKS REVENUE BONDS OF 2011, SERIES A
Principal payable annually on January 1st.
Interest payable semiannually on January 1st and July 1st.
Interest rate as indicated.
Payment Principal Interest Debt Service Bond Year
Date Balance Rate Principal Interest Total Total
(In $1,000's) ( %) (In $1,000's) ( In Dollars )
01/01/13 $22,350 2.68 $565 $299,490.00 * $864,490.00 $864,490.00
07/01/13 291,919.00 291,919.00
01/01/14 21,785 2.68 585 291,919.00 876,919.00 1,168,838.00
07/01 /14 284,080.00 284,080.00
01/01/15 21,200 2.68 595 284,080.00 879,080.00 1,163,160.00
q-
07/01/15 276,107.00 276,107.00
01/01/16 20,605 2.68 615 276,107.00 891,107.00 1,1 67,214.00
07/01/16 267,866.00 267,866.00
01/01/17 19,990 2.68 630 267, 866.00 897, 866.00 1,165,732.00
07/01/17 259,424.00 259,424.00
01/01/18 19,360 2.68 650 259,424.00 909,424.00 1,168,848.00
07/01 /18 250,714.00 250,714.00
01/01/19 18,710 2.68 670 250,714.00 920,714.00 1,171,428.00
07/01/19 241,736.00 241,736.00
01/01/20 18,040 2.68 670 241,736.00 91 1 ,736.00 1,153,472.00
07/01/20 232,758.00 232,758.00
01/01/21 17,370 2.68 685 232,758.00 917,758.00 1,150,516.00
07/01 /21 223,579.00 223,579.00
01/01/22 16,685 2.68 710 223,579.00 933, 579.00 1,157,158.00
07/01/22 214,065.00 214,065.00
01/01/23 15,975 2.68 730 214,065.00 944,065.00 1 ,158,130.00
07/01/23 204,283.00 204,283.00
01/01/24 15,245 2.68 750 204,283.00 954,283.00 1,158,566.00
07/01 /24 1 94,233.00 194,233.00
01/01/25 14,495 2.68 775 194,233.00 969,233.00 1,1 63,466.00
07/01/25 183,848.00 183,848.00
01/01/26 13,720 2.68 800 183,848.00 983,848.00 1,167,696.00
07/01 /26 173,1 28.00 173,128.00
01/01/27 1 2,920 2.68 820 173,128.00 993,1 28.00 1,166,256.00
07/01/27 162,140.00 162,140.00
01/01/28 12,100 2.68 855 162,140.00 1,017,140.00 1,179,280.00
07/01/28 150,683.00 150,683.00
01/01/29 11,245 2.68 880 150,683.00 1,030,683.00 1,181,366.00
07/01/29 13 8,891.00 138,891.00
01/01/30 10,365 2.68 2,745 138,891.00 2,883,891.00 3,022,782.00
07/01/30 102,108.00 102,108.00
01/01/31 7,620 2.68 2,925 102,108.00 3,027,108.00 3,129,216.00
07/01/31 62,913.00 62,913.00 `
01/01/32 4,695 2.68 4,695 62,913.00 4,757,913.00 4,820,826.00
Totals $22,350 $8,128,440.00 $30,478,440.00 $30,478,440.00 ''
* Subject to actual draws
(The Accountants' Compilation Report and the accompanying
comments are an integral part of this statement.)
32
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF AMORTIZATION OF $3,485,000 PRINCIPAL AMOUNT OF
OUTSTANDING SEWAGE WORKS REVENUE BONDS OF 2010, SERIES C
Principal payable annually on January 1st.
Interest payable semiannually on January 1st and July 1st.
Interest rates as indicated.
Assumed
Payment Principal Interest Debt Service Bond Year
Date Balance Rate(s) Principal Interest Total Total
(In $1,000's) ( %) (In $1,000's) ( In Dollars )
01/01/13 $3,485 2.00 $845 $41,950.00 $886,950.00 $886,950.00
07/01/13 33,500.00 33,500.00
01/01/14 2,640 2.20 860 33,500.00 893,500.00 927,000.00
07/01/14 24,040.00 24,040.00
01/01/15 1,780 2.60 880 24,040.00 904,040.00 928,080.00
07/01/15 12,600.00 12,600.00
01/01/16 900 2.80 900 12,600.00 912,600.00 925,200.00
Totals $3,485 $182,230.00 $3,667,230.00 $3,667,230.00
(See Accountants' Compilation Report and the accompanying
summary of accounting policies.)
31
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF AMORTIZATION OF $20,550,000 PRINCIPAL AMOUNT OF
PROPOSED SEWAGE WORKS REVENUE BONDS OF 2011, SERIES C
Principal payable annually on January 1st.
Interest rate as indicated.
Payment Principal Interest Debt Service Bond Year
Date Balance Rate Principal Interest Total Total
(In $1,000's) ( %) (In $1,000's) ( In Dollars )
01/01/13 $158,235.00 * $158,235.00 $158,235.00
07/01/13 158,235.00 * 158,235.00
01/01/14 $20,550 1.54 $885 158,235.00 * 1,043,235.00 1,201,470.00
07/01 /14 15 1,420.50 15 1,420.50
01/01/15 19,665 1.54 899 151,420.50 1,050,420.50 1,201,841.00
07/01/15 144,498.20 144,498.20 ir
01/01/16 18,766 1.54 913 144,498.20 1,057,498.20 1,201,996.40
07/01/16 137,468.10 137,468.10
01/01/17 17,853 1.54 927 137,468.10 1,064,468.10 1,201,936.20 `t
07/01/17 I30,330.20 130,330.20
01/01/18 16,926 1.54 941 130,330.20 1,071,330.20 1,201,660.40
07/01/18 123,084.50 123,084.50
01/01/19 15,985 1.54 956 123,084.50 1,079,084.50 1,202,169.00
07/01/19 115,723.30 115,723.30
01/01/20 15,029 1.54 970 115,723.30 1,085,723.30 1,201,446.60
07/01/20 108,254.30 108.254.30
01/01/21 14,059 1.54 985 108,254.30 1,093,254.30 1,201,508.60
07/01/21 100,669.80 100,669.80
01/01/22 13,074 1.54 1,000 100,669.80 1,100,669.80 1,201, 339.60
07/01/22 92,969.80 92,969.80
01/01/23 12,074 1.54 1,016 92,969.80 1,108,969.80 1,201,939.60
07/01/23 85,146.60 85,146.60
01/01/24 11,058 1.54 1.031 85,146.60 1,116,146.60 1,201,293.20
07/01/24 77,207.90 77,207.90
01/01/25 10,027 1.54 1,047 77, 207.90 1,124,207.90 1,201,415.80
07/01/25 69,146.00 69,146.00
01/01/26 8,980 1.54 1,063 69,146.00 1,132,146.00 1,201,292.00
07/01/26 _ 60,960.90 60,960.90
01/01/27 7,917 1.54 1,080 60,960.90 1,140,960.90 1,201,921.80
07/01/27 52,644.90 52,644.90
01/01/28 6,837 1.54 1,096 52,644.90 1,148,644.90 1,201,289.80
07/01/28 44,205.70 44,205.70
01/01/29 5,741 1.54 I ,113 44,205.70 1,157,205.70 1,201,411.40
07/01/29 35,635.60 35,635.60
01/01/30 4,628 1.54 1,130 35,635.60 1,165,635.60 1,201,271.20
07/01/30 26,934.60 26,934.60
01/01/31 3,498 1.54 1.148 26,934.60 1,174,934.60 1,201,869.20
07/01/31 18,095.00 18,095.00
01/01/32 2,350 1.54 1.166 18,095.00 1,184,095.00 1,202,190.00
07/01 /32 9,116.80 9,116.80
01/01/33 1,184 1.54 1,184 9,116.80 1,193, 1 16.80 1,202,233.60
vl
Totals $20,550 $3,641,730.40 $24,191,730.40 $24,191,730.40
* Subject to actual draws
(The Accountants' Compilation Report and the accompanying
comments are an integral part of this statement.)
34
JEFFERSONVILLE (INDIANA) MUNICIPAL SEWAGE WORKS
SCHEDULE OF AMORTIZATION OF $772,000 PRINCIPAL AMOUNT OF
OUTSTANDING SEWAGE WORKS REVENUE BONDS OF 2011, SERIES B
Principal payable annually on January 1st.
Interest rate as indicated.
Payment Principal Interest Debt Service Bond Year
Date Balance Rate Principal Total Total
(In $1,000's) ( %) (In $1,000's)
01/01/13 $772 0.00 $39 $39,000.00 $39,000.00
07/01/13 -
01/01/14 733 0.00 39 39,000.00 39,000.00
07/01/14 -
01/01/15 694 0.00 39 39,000.00 39,000.00
07/01/15 -
01/01/16 655 0.00 39 39,000.00 39,000.00
07/01 /16 -
01/01/17 616 0.00 39 39,000.00 39,000.00
07/01/17 -
01/01/18 577 0.00 39 39,000.00 39,000.00
07/01/18 01/01/19 538 0.00 39 39,000.00 39,000.00
07/01/19 01/01/20 499 0.00 39 39,000.00 39,000.00
07/01/20 -
01/01/21 460 0.00 39 39,000.00 39,000.00
07/01/21 01/01/22 421 0.00 39 39,000.00 39,000.00
07/01/22 -
01/01/23 382 0.00 39 39,000.00 39,000.00
07/01/23 -
01/01/24 343 0.00 39 39,000.00 39,000.00
07/01/24 -
01/01/25 304 0.00 38 38,000.00 38,000.00
07/01/25 -
01/01/26 266 0.00 38 38,000.00 38,000.00
07/01/26 -
01/01/27 228 0.00 38 38,000.00 38,000.00
07/01/27 -
01/01/28 190 0.00 38 38,000.00 38,000.00
07/01/28 -
01/01/29 152 0.00 38 38,000.00 38,000.00
07/01/29 -
01/01/30 114 0.00 38 38,000.00 38,000.00
07/01/30 -
01/01/31 76 0.00 38 38,000.00 38,000.00
07/01/31 -
01/01/32 38 0.00 38 38,000.00 38,000.00
Totals $772 $772,000.00 $772,000.00
(The Accountants' Compilation Report and the accompanying
comments are an integral part of this statement.)
33