PROFORMA ANALYSIS OF CHARTER BONDING LIMITATIONS
In addition to the legal debt margin, the City Charter §C21-9 places limitations on the issuance of new debt. The City Council can authorize the issuance of debt not exceeding 5% of the average gross annual budget for the preceding three years. Debt exceeding 5% but not in excess of 10% requires a permissive referendum. Debt in excess of 10% requires approval of the voting public in a general or special election. For purposes of this calculation, "gross annual budget" is defined as the total appropriations of the General Fund, the special revenue funds (Cable TV Fund and Nature Center Fund), and the enterprise funds (Boat Basin Fund and Golf Club Fund). All other fund budgets - the K.T. Woods Permanent Fund, the Debt Service Fund, the Capital Projects Fund, and the internal service funds (Risk Retention Fund and Building and Vehicle Maintenance Fund) are not included in the calculation, as their budgets are supported primarily by revenues and transfers charged to other funds.
	Gross Annual Budgets (As Adopted)
Fund:	2002	2003	2004
General Fund	$    20,095,118	$    21,212,206	$    24,159,589
Cable TV Fund	173,220	169,578	214,698
Nature Center Fund1	330,311	130,051	-
Boat Basin Fund	653,182	408,211	485,579
Golf Club Fund	3,873,788	4,128,867	4,480,697
Total gross annual budgets	$    25,125,619	$    26,048,913	$    29,340,563
Total of preceding three years' gross annual budgets			$    80,515,095
Average of preceding three years' gross annual budgets			$    26,838,365
	Subject to		Subject to
	City Council		Permissive
	Vote		Referendum
Maximum charter bonding limit	$      1,341,918		$      2,683,837
Less outstanding principal at December 31, 2004:
2000 Serial Bonds	(301,282)		(918,645)
2001 Serial Bonds	(501,578)		(183,614)
2002 Serial Bonds	-		(909,726)
2003 Serial Bonds	-		(269,120)
Charter bonding limit at December 31, 2004	$        539,058		$        402,732
1 Nature Center Fund activities consolidated into the General Fund beginning in fiscal 2004.
Note: 2004 debt will be authorized pursuant to mandatory referendum or exempt per Charter.