Debt can serve several different purposes, it is useful in matching the costs to acquire or maintain an asset, to the benefits received from the asset; one year’s debt payment equals one year’s use.
It allows governments to build and acquire assets that the government would not otherwise be able to do. It is also useful as an economic development tool. In other words debt is not something that should necessarily be avoided or eliminated, but rather debt is something that should be used and managed effectively.
Council and staff take managing debt very seriously as indicated with the new debt that was issued for the current street projects. Council has directed staff not to include the yearly debt payment, that is not paid for by special assessments, in the Debt Levy (the debt levy is the part of the overall levy that is paid for by the property taxes) but instead to use Local Government Aid along with State Aid for those payments.
The City has been reducing the outstanding debt in the last few years. From 2016 to 2018 the City has decreased it outstanding debt by 26.91%. The current outstanding debt for the City is $29,916,019 (Principal and Interest). After the 2023 Principal and Interest Payments the outstanding debt will be $25,301,541 . Of this amount $15,365,938 is General Obligation Debt (cover by the Debt Levy) and $9,935,603 is Enterprise Fund Debt.
- 2023 BOND PAYMENTS
- 2022 - 2026 DEBT SERVICE FUNDS
- 2022 BOND PAYMENTS
- 2021 DEBT SERVICE FUND
- 2021 BOND PAYMENTS
- CITY OF BIG LAKE PRINICIPAL AND INTEREST DEBT - 2010 AND ON
- OUTSTANDING PRINCIPAL DEBT
- CITY'S YEARLY DEBT PAYMENTS
- CITY OF BIG LAKE DEBT - (P&I) BREAKDOWN - ENTERPRISE AND GENERAL
- PROPERTY TAX LEVY FOR DEBT 2017-2025
- PROPERTY TAX LEVY CHANGE FOR DEBT 2016-2031
- DEBT SUMMARY INFORMATION
- DEBT SCHEDULE AND PROJECTS
- Very strong management conditions
- Very strong budgetary flexibility
- Very strong liquidity
- Strong budgetary performance
- Strong institutional framework score
- Strong economy
- City of Big Lake full bond rating report @(Model.BulletStyle == CivicPlus.Entities.Modules.Layout.Enums.BulletStyle.Decimal ? "ol" : "ul")>