BFPD FY26 GFOA Budget - Flipbook - Page 87
| FINANCIAL SUMMARY
Bond Payments for the Construction of Station 3
Bond Payments to the Village of Bartlett
FY2018-2028
Fiscal Year
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
$
$
$
$
$
$
$
$
$
$
$
Total Amount
354,488
354,888
359,888
358,625
351,250
348,650
350,600
351,113
350,913
-
Amount Owed to Village
49,664
49,720
50,420
50,243
49,210
48,846
49,119
49,191
49,163
-
$
$
$
$
$
$
$
$
$
$
$
In 2007, the District entered into an agreement with the Village of Bartlett (Village) to fund the construction
of Station 3. Strategically located on the west side of the District, the construction of this station was deemed
crucial for the continued safety of the District’s service area. However, due to budgetary restraints on the
District resulting from PTELL, it was determined that the District would not be able to individually fund this
venture. Consequently, the Village agreed to assist the District in funding this project to ensure the protection
of its residents.
The agreement, dated July 17, 2007, states that the Village would issue Fire Bonds on behalf of the District
which would be paid off by Village residents. Additionally, the District would be responsible for covering the
portion of its service area that does not reside within the Village’s boundaries. As illustrated above, the
District is given a total amount due each year, and then a formula is utilized to dictate which percentage of
this total the District is responsible for paying to the Village. This formula is calculated utilizing the EAV
(Equalized Assessed Value) of each entity, and is listed below. Furthermore, the District is responsible for
two payments each year. One in June, which uses the prior year’s EAV to calculate its percentage, and one in
December, which uses the current year’s EAV. This bond payment is included in the District’s Capital
Building Fund on page 136 of this document. The District’s final anticipated bond payment to the Village is
scheduled to be completed in this fiscal year (FY26).
District EAV – Village EAV
X
Annual Total =
Amount Owed
District EAV
P a g e 87 | BARTLETT FIRE PROTECTION DISTRICT | FINANCIAL SUMMARY
