General Accounting Division
Indebtedness Section
The Indebtedness Section of the Accounting Division is responsible for the accounting of Debt Service Funds and related Capital Projects Funds. The section currently prepares financial statements for the City of San Diego/Metropolitan Transit Development Board (MTDB) Authority, the Convention Center Expansion Financing Authority (CCEFA) and the San Diego Facilities and Equipment Leasing Corporation (SDFELC), which are all component units of the reporting entity of the City as well as other debt service funds included in the City of San Diego Reporting Entity. There is one Principal Accountant who oversees the section, three accountant II's and one Account Audit Clerk.
Debt Service Funds
Debt Service Funds are created to account for the accumulation and expenditure of resources for debt service payments on general long-term debt. Long-term debt is any debt with a maturity of more than one year.
Debt Service Funds included in the City of San Diego Reporting Entity include the Public Safety Communications Project and Other Special Assessments Funds.
Other Debt Service Funds Maintained by Indebtedness
The City of San Diego/Metropolitan Transit Development Board Authority Fund accounts for the activities of the City of San Diego/Metropolitan Transit Board Authority (the "Authority"). The Authority, created by a joint Exercise of Powers Agreement between the City of San Diego and the San Diego Metropolitan Transit Development Board ("MTDB"), was established to acquire, construct, maintain, repair, manage, operate and control facilities, to provide public capital improvements including mass transit guideways, public transit systems and related transportation facilities that primarily benefit the City and also assist MTDB in their regional transportation administration.
Convention Center Expansion Financing Authority Fund accounts for the capital improvement activities of the Convention Center Expansion Financing Authority (the "Authority"). The Authority, created by the City of San Diego and the San Diego Unified Port District, facilitates the financing, acquisition and construction of an expansion to the existing convention center. Revenues are derived from the issuance of bonds, revenue from other agencies and interest earnings on investments.
San Diego Facilities and Equipment Leasing Corporation accounts for the capital improvement activities of the San Diego Facilities and Equipment Leasing Corporation (the "Corporation"). The Corporation was established as a non-profit organization to acquire and lease to the City of San Diego real and personal property to be used in the municipal operations of the City. This fund accounts for proceeds from the issuance of Certificates of Participation used to finance construction projects in Balboa and Mission Bay parks.