Discussion and possible action to amend the 2017 budget for the Debt Service Fund to record the $1,054,467 savings and create a new debt service payment requirement for the refunded Debt, Certificates of Obligation Series 2016, and the Limited Tax Refunding Series 2016A and 2016B sources and uses.
Issue: The Debt Service payment requirements are overstated compared to the fund balance and revenues estimated for 2017 fiscal year.
Sloution: Incorporate the revised debt service payment requirement in the 2017 adopted budget.
Result: The amendment will reflect a balanced budget for budgetary and financial reporting that will agree to the debt service payment requirement for 2017 fiscal year.