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Schedule 5 (Continued)

CITY OF MYRTLE BEACH, SOUTH CAROLINA CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS Last Ten Fiscal Years (Modified Accrual Basis of Accounting)

Excess (Deficiency) of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing Uses

2001

2002

2003

$

1,883,092 $

7,404,390 $

(9,823,265) $

Fiscal Year

Extraordinary Item Payment to Component Unit

(1)

Net Change in Fund Balances

$

1,883,092 $

7,404,390 $

(9,823,265) $

Debt Service as a Percentage of Noncapital Expenditures (2)

11.41%

10.72%

9.38%

Notes:

(1)

In 2004, the City made a $42,443,983 payment to the Myrtle Beach Convention Center Hotel Corporation, a component unit. The payment was used to extinguish a portion of the component unit's revenue bonds.

(2)

Debt service does not include bond issuance costs and payments to escrow agents.

UNAUDITED

  • -

    119 -

2004

47,282,935

(42,443,983)

4,838,952

9.95%

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