FY2024 adopted budget book — official finance index

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Bond Series
Scheduled
Payments General Fund TAD Fund SPLOST Reserves Total Funding
2005 Series 3,235,013 3,235,013 3,235,013
2016 Series SG1
794,454 694,454 100,000 794,454
2019 Series2
389,810 2,255,000 2,255,000
2021 Series3
3,895,050 1,721,918 2,173,132 3, 895,050
TOTAL 8,314,327 5,651,385 2,255,000 2,173,132 100,000 10,179,517
NOTES
As summarized by the table below, staff recommends funding from cash reserves a portion of the FY 2024 payments owed for the
2016 Series (Smyrna Grove). As of June 30, 2023, there will be approximately $1.02M set aside for future debt obligations, so using
$100K of this toward the FY 2024 payments will reduce the reserves for future debt obligations to $920K.
Recommended FY 2024 Funding for General Fund Bond Obligations
Funding Source
1. The 2016 Series Smyrna Grove bonds are a refinancing of the 2014 Series bonds.
2. The 2019 Series is being amortized by the tax increment from redevelopment within the Tax Allocation District. Since the
contributions from the Smyrna tax increment and the Cobb County tax increment are expected to exceed the scheduled payments,
the additional revenues will be applied as an additional principal payment.
3. The 2021 Series principal payments are shared between the General Fund and 2022 SPLOST revenues. Percentages are based on
a cost allocation formula. All interest payments are made by the General Fund.
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