DEPARTMENT BUDGET SUMMARY:
DEBT SERVICE
DEPARTMENT BUDGET:
The 2000-2001 Adopted Budget is $24,203,460. This reflects a decrease of $130,990 or 0.5 % under the 1999-2000 Adopted Budget.
Debt Service is the cost of principal and
interest payments on bond maturities and other obligations for the construction
and renovation of schools, libraries, streets, and other public works projects
and public facilities. It also includes long term lease payments as well as
interest and principal payments for rolling stock lease purchase agreements.
The lease payment by the City to the Pension
Commission for the 10 Prospect Street office building is included here. The
annual fixed payment of $612,000 is based on a payment of $8.50 per square foot
per annum through 2000-2001. During the succeeding five years the annual per
square foot cost will reflect market value, not to exceed $10.00 per square
foot.
A bond sale is scheduled for June of 2000 for an estimated $20,000,000 to
provide funding for the following projects:
|
Hartford Public Library: Central Branch at 500 Main Street |
|
Hartford Public Library: Three City-owned branch locations (Goodwin Memorial, Campfield Avenue and Albany Avenue.) |
|
Major Street Reconstruction and Drainage improvements |
|
Hartford Public High School Renovations |
|
McDonough School Renovations |
|
Various School Renovations |
|
Function |
Principal |
Interest |
Total |
||
|
Public Works |
4,409,250 |
1,858,430 |
6,267,680 |
||
|
Civic Center |
1,415,000 |
820,870 |
2,235,870 |
||
|
Education |
9,230,750 |
5,857,160 |
15,087,910 |
||
|
Bonded Debt Service |
15,055,000 |
8,536,460 |
23,591,460 |
||
|
10 Prospect Street Office Building |
612,000 |
0 |
612,000 |
||
|
Total Debt Service |
15,667,000 |
8,536,460 |
24,203,460 |
||
DEPARTMENT BUDGET SUMMARY: