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Accounts Payable & Debt Balances 6/8/2012

June 11, 2012

These figures show the accounts payable and debt balances for the City of Prattville. All other items listed, except for Accounts Payable, Group Health and Community Initiatives, are the bond issues that the City makes payments on each May and November. The payment made on November 1st, 2011 paid off the GO 2006 Warrant. We have now paid off the BankTrust line of credit ($1,000,000) and the last bridge loan as well. We placed $1 million in the debt services account to cover the May 1, 2012 debt service bond payment. We did not need to take out a loan and we made that debt service bond payment on April 27, 2012. This is significant and positive progress.

Account payable varies month-to-month based on projects, break-downs, maintenance and usage. As of this date, accounts payable due is still within the 30-day window. June 2012 is a three-payday month. With this being the case, Finance will prioritize payroll before placing the City's contribution in the healthcare internal service account. All sales tax increase dollars are moved to the debt service account each month upon receipt. One of the long-term goals of Mayor Gillespie's is a payroll reserve fund thereby alleviating the 3 payperiod issue that happens twice each year. A payroll reserve fund will also help us be prepared in the instance of a natural disaster (i.e., when Kmart, Wal-Mart and Sears were shut down due to the tornado, it significantly and negatively impacted our sales tax base for those months). It has been imperative to Mayor Gillespie that the money owed to the healthcare account be replenished. It has remained a priority since he was appointed as Mayor to reduce the $1.4 million owed and get the fund current.

In the last 16.5 months, the City of Prattville has decreased its overall debt by $11,560,704.74 or 17.7%. We added $189,551.31 owed this month to our total due to the aforementioned accounts payable and healthcare funding, however, most debt service decreased in this same period. While the decrease in percentage could be perceived as a step backward, it is still positive progress in that long-term debt has decreased in the amount of $76,130.34 since May 11th.

Note: EDI stands for Economic Development Improvements. SRF is for State Revolving Funds. GO means General Obligation. If you have any additional questions, you may contact our Interim Finance Director Doug Moseley at doug.moseley@prattvilleal.gov

 

As of 1/19/11
As of 6/8/12
Accounts Payable 2,477,104.45 105,784.29
Due to Community Initiatives* 37,250.00 0.00
Due to Group Health 1,423,757.00 335,684.28
Bridge Loan 3,100,000.00 0.00
2006A EDI 19,765,000.00 19,645,000.00
2006B EDI 8,240,000.00 7,840,000.00
2007 EDI 14,235,000.00 13,525,000.00
GO 2006 Warrant 760,000.00 0.00
GO 2009 Refund 5,980,000.00 5,570,000.00
2009 Chevron 1,795,000.00 1,765,000.00
SRF 96 1,335,000.00 1,165,000.00
SRF 06 1,680,000.00 1,500,000.00
Banktrust Roof 435,477.73 395,163.59
Banktrust Elmore 724,206.69 402,007.62
Banktrust Line of Credit 1,000,000.00 0.00
Diversified Lenders 36,872.20 0.00
Amfund 310,000.00 246,666.67
Fire Training Facility 384,191.79 363,999.02
Pumper Truck 406,024.02 349,871.31
Regions Leases 332,831.64 113,676.91
Saulsberry Leases 78,372.29 27,395.89
Suntrust Leases 645,532.73 270,666.22
65,181,620.54 53,620,915.80

* As of 1/19/11, the 2011 budget was not passed and therefore, the 2011 budget allocations are not included in the 1/19/11 balance.

 
Character Trait for December

IACC Eagle LogoSensitivity
Using my senses to perceive the true attitudes and emotions of others.

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