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Accounts Payable & Debt Balances

These figures show the accounts payable and debt balances for the City of Prattville. The final payment was made on the GO 2006 Warrant on November 1st, 2011. The May 1, 2012 debt service payment was made without the need of a bridge loan. In February, 2013, the BankTrust line of credit was paid off, as was the Saulsberry lease. During May 2013, the City Hall roof and the Fire Training Facility debts were paid off. In the month of August, 2013, the Suntrust Leases and the pumper truck were paid off. In August, 2013, the Wastewater Enterprise fund borrowed money for the purchase of 150+ acres of land to be utilized for a sludge application field, and possible expansion of the South Industrial Park.

On April 16th, 2013, the Prattville City Council voted to refinance the 2006A General Obligation Refunding Warrants. This refinancing will save the City of Prattville $922,757.28 over the life of the bonds. These bonds will now be reflected on our Accounts Payable & Debt Balance reports as the 2013A General Obligation Refunding Warrants. These refinanced bonds expire the same fiscal year as the old ones and show a balance due of $9,815,000. During the refinancing process, the City was reevaluated by Standard & Poor's Ratings Services, who raised the City's credit rating from A- to A. This upgraded rating speaks to the credit-worthiness of the City of Prattville. S&P's summary letter states: "the upgrade reflects the city's improved financial position following the implementation of improved budgeting practices and expenditure reductions."

In July of 2014 a portion of the 2007 General Obligation Warrants were refinanced. This refinancing will save the City of Prattville $1,161,113 over the life of the bonds. These bonds will now be reflected on our Accounts Payable & Debt Balance reports as the 2014A General Obligation Refunding Warrants. These refinanced bonds expire the same fiscal year as the old ones and show a balance due of $9,955,000. During the refinancing process, the City was reevaluated by Standard & Poor’s Ratings Services, who raised the City’s credit rating two steps from A to AA-. In November of 2014 the City paid off the remaining $2,150,000 balance of the 2007 General Obligation Warrant.

In October of 2014 the City Wastewater Enterprise Fund paid off the $1,305,000 balance of the 2006 State Revolving Fund. This bond was used to upgrade the Pine Creek Interceptor.

In April of 2015 a portion of the 2006A and 2006B General Obligation Warrants were refinanced. This refinancing will save the City of Prattville $1,182,155 over the life of these bonds. These bonds will now be reflected on our Accounts Payable & Debt Balance reports as the 2015A General Obligation Refunding Warrants. These refinanced bonds expire the same fiscal year as the old ones and show a balance due of $12,280,000. During the refinancing process, the City was reevaluated by Standard & Poor’s Ratings Services, who affirmed the AA- rating. In November of 2015 the City paid off the remaining $1,065,000 balance of the 2006A General Obligation Warrant.

In March of 2016 the City Wastewater Enterprise Fund paid off the $420,000 balance of the 1996 State Revolving Fund. This bond was used to upgrade sludge digesters and to upgrade the Autauga Creek Wastewater Treatment Plant.

"This approval rating in these difficult times by S&P proves that teamwork coupled with a business-type approach pays off," stated Mayor Bill Gillespie, Jr.
Account payable varies month-to-month based on projects, break-downs, maintenance and usage. Since November 2012, accounts payable due are within a 30-day window. 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 which prepares the City for instances such as the 3 pay period issue (approximately $550,000 per pay period, including retirees) that happens twice each year, 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), etc. It has been imperative to Mayor Gillespie that the money owed to the healthcare account be replenished. The amount due fluctuates each month due to that month's obligation. As of February 2013, that fund has been brought current and is owed no money.

Debt Balances

 

May 31, 2017

April 30, 2017

March 31, 2017

February 28, 2017

January 31, 2017

December 31, 2016

November 30, 2016

October 31, 2016

September 30, 2016

August 31, 2016

July 31, 2016

June 30, 2016

May 31, 2016

April 30, 2016

March 31, 2016

February 29, 2016

January 31, 2016

December 31, 2015

November 30, 2015

October 31, 2015

September 30, 2015

August 31, 2015

July 31, 2015

June 30, 2015

May 31, 2015

April 30, 2015

March 31, 2015

February 28, 2015

January 31, 2015

December 31, 2014

November 30, 2014

October 31, 2014

September 30, 2014

August 31, 2014

July 31, 2014

June 30, 2014

May 31, 2014

April 30, 2014

March 31, 2014

February 28, 2014

January 31, 2014

December 31, 2013

November 30, 2013

October 31, 2013

September 30, 2013

August 31, 2013

July 31, 2013

June 30, 2013

May 31, 2013

April 30, 2013

March 31, 2013

February 26, 2013

January 29, 2013

December 21, 2012

December 4, 2012

November 27, 2012

October 22, 2012

September 17, 2012

July 30, 2012

July 17, 2012

June 8, 2012

May 10, 2012

April 2, 2012

March 5, 2012

February 2, 2012

January 6, 2012

November 3, 2011



Character Trait for August

IACC Eagle LogoPunctuality
Showing esteem for others by doing the right thing at the right time.

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