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Wayzata spends down bond proceeds on long-term facilities; Capital Projects Fund drops to $4.14M
Summary
The Capital Projects – Building Construction Fund fell by $3.88M in FY24 as the district spent bond proceeds on long-term facilities projects; the Debt Service Fund ended FY24 with $3.15M available for debt service.
District officials reviewed capital activity for FY24, reporting that the Capital Projects – Building Construction Fund ended the year with a restricted fund balance of $4,140,307 after a $3,877,008 spenddown. Management said the decrease reflected planned construction and long-term facilities maintenance projects funded from prior bond proceeds.
Debt service activity matched expectations: the Debt Service Fund had $3,145,880 available for general debt service at June 30, 2024. The district’s outstanding general obligation bonds and certificates of participation were disclosed in the ACFR, and scheduled debt-service obligations through maturity were included in the audit schedules. Management and auditors reviewed the district’s debt capacity; the district’s net general obligation debt was $192,220,927 at June 30, 2024.
Administrators said capital spending would continue under the district’s long-term facilities maintenance plans and that the board and staff would monitor timing and cash flow of projects tied to construction and maintenance.
