Revenues:

Federal Sources:

Federal Direct

Local Sources:

$

500,000

$

1,070,189

$

853,475

$

(216,714)

Investment Earnings

270,163

268,168

(91,205)

(359,373)

Total Revenues

770,163

1,338,357

762,270

(576,087)

Expenditures:

Debt Service:

Principal

45,476,512

45,476,512

44,839,798

636,714

Interest

19,806,291

19,905,057

38,157,607

(18,252,550)

Fiscal Charges

1,610,819

1,596,259

1,068,836

527,423

Total Expenditures

66,893,622

66,977,828

84,066,241

(17,088,413)

Excess (Deficiency) of Revenues

Over Expenditures

(66,123,459)

(65,639,471)

(83,303,971)

(17,664,500)

Other Financing Sources (Uses):

Proceeds of Refunding Certificates of Participation

-

-

138,875,000

138,875,000

Premium on Refunding Certificates of Participation

-

-

22,955,231

22,955,231

Payments on Refunded Bond Escrow Agent

-

-

(143,634,664)

(143,634,664)

Transfers In

67,461,119

67,490,280

65,839,426

(1,650,854)

Transfer Out

-

(604,247)

(604,246)

1

Total Other Financing Sources

67,461,119

66,886,033

83,430,747

16,544,714

Net Change in Fund Balance

1,337,660

1,246,562

126,776

(1,119,786)

Fund Balances, Beginning

13,806,852

13,806,852

13,806,852

-

Fund Balances, Ending

$ 15,144,512

$ 15,053,414

$ 13,933,628

$ (1,119,786)