City of Coral Springs, Florida Notes to Financial Statements

Note 10. Long-Term Liabilities (Continued)

Pledged Revenue

General long-term debt bonds are collateralized by multiple sources. For example, the general obligation bonds are secured by ad-valorem taxes on all taxable property within the City and the full faith and credit and taxing power of the City. The City has pledged certain revenue to repay certain bonds and notes outstanding as of September 30, 2022. The following table reports the revenue, sometimes net of related operating expenses, pledged for each debt issue, the amounts of such revenue received in the current year, the current year principal and interest paid on the debt, the date through which the revenue is pledged under the debt agreement, and the total pledged future revenue for each debt, which is the amount of the remaining principal and interest on the bonds and loans as of September 30, 2022:

Current

Annual Debt Service Requirements on Long-Term Debt

On September 30, 2022, the annual debt service requirements on long-term debt (other than compensated absences) over the term of the debt is listed below:

City of Coral Springs, Florida

Notes to Financial Statements

Note 10. Long-Term Liabilities (Continued)

Refunded Debt

The City has a bond issue that has been defeased and remains outstanding. Such debt is considered extinguished in an in-substance defeasance and, accordingly, is not reflected in the accompanying City financial statements. The following schedule is a summary of the remaining balance outstanding of defeased bonds as of September 30, 2022:

Note 11. Industrial Development Bonds

Under the provisions of the Florida Industrial Development Financing Act, to promote the City’s economy and to increase the purchasing power and opportunities for gainful employment, the City authorized and issued the following conduit debt, Industrial Development Bonds. The balances as of September 30, 2022, follow:

These bonds do not constitute a debt or liability of the City within the meaning of any constitutional or statutory limitation and, accordingly, are not reflected in the accompanying financial statements.

City of Coral Springs, Florida

Notes to Financial Statements

Note 12. Restricted Net Position

Restricted net position in the government-wide governmental activities statements include $3,861,035 for fire safety protection, $1,621,151 for charter school operations, $2,645,904 related to forfeited confiscated property proceeds restricted for law enforcement activity, $1,472,622 for preservation and protection of public arts, $908,838 for tree preservation, $568,742 for affordable housing programs and $35,527,737 for pension benefits

Restricted net position in the Water and Sewer Fund of $1,764,486 are unspent impact fees restricted for capital improvements.

Restricted net position for the Community Redevelopment Agency (CRA) of $1,182,889 are unspent tax increment financing revenues restricted for capital projects.

Note 13. Risk Management

The City is exposed to various risks of loss related to torts: theft of, damage to and destruction of assets; errors and omissions; injuries to employees; employee health and natural disasters The City’s Self-Insurance Internal Service Fund is used to account for and finance both uninsured and insured risks of loss Coverage is provided as follows:

Settled claims have not exceeded the City’s aggregate excess coverage in force for the last three years

All operating funds of the City participate in the program and make payments to the Self-Insurance Internal Service Fund based on estimates of the amounts needed to pay prior and current claims. The estimated liability on pending claims on September 370, 2022 of $6,404,515, is based on the requirements of Governmental Accounting Standards Board Statement No 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicated that it is probable that a loss has occurred, and the amount of the loss can be reasonably estimated Liabilities include an amount for claims that have been incurred but not reported (IBNR).

Changes in the balances of claims payable for 2022 and 2021, are as follows: