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Indebtedness Section

The Indebtedness Section is responsible for the accounting of Debt Service Funds and related Capital Projects Funds. The section currently prepares financial statements for the Public Facilities Financing Authority (PFFA), the Convention Center Expansion Financing Authority (CCEFA) and the Tobacco Settlement Revenue Funding Corporation (TSRFC), which are all component units of the reporting entity of the City, as well as for the McGuigan loan debt service fund included in the City of San Diego Reporting Entity of the Comprehensive Annual Financial Report (CAFR).

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.

Indebtedness Section Activities

  • Drafting debt related financial statements, footnotes and sections of the Management?s Discussion and Analysis.
  • Preparing annual State and Federal tax filings for the corporations established by the City for the purpose of issuing debt, along with filing the Statement of Domestic Non-profit Corporation with the California Secretary of State.
  • Coordinating and preparing the Annual Local Agency Special Tax and Bond Accountability Act Report required per Government Code Section 50075-77 and 53410-12 for Special Assessment Districts.
  • Preparing the annual State Controller?s Special District Report for PFFA, CCEFA, etc.
  • Coordinating and reviewing annual Arbitrage and Yield Restriction Computations prepared by Consultants as required for all outstanding tax-exempt debt and assisting with processing payments to the IRS as needed.
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