FY25 GFOA Budget - Flipbook - Page 81
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FINANCIAL SUMMARY
Bond Payments for the Construction of Station 3
Bond Payments to the Village of Bartlett
FY 2018 - 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 will be completed in FY26.
District EAV – Village EAV
X
Annual Total =
Amount Owed
District EAV
P a g e 81 | BARTLETT FIRE PROTECTION DISTRICT | FINANCIAL SUMMARY
