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Local News

December 12, 2012

2012 debt service payments made for Honey Creek Resort State Park bonds

CENTERVILLE — An independent auditor's report for Honey Creek Premier Destination Park Authority for fiscal year ending June 30, 2012 states all required debt service payments were made.

"Despite economic conditions which have negatively affected investment returns and Park revenue, the Authority has made all required debt service payments," states Des Moines-based McGladrey LLP in an audit released Nov. 19.

Honey Creek Premier Destination Park Authority was authorized by state code on June 15, 2005 and consists of the state treasurer, auditor and director of management of the state. Its function is to implement and administer the bonds used to construct Honey Creek Resort State Park and establish a stable source of revenue.

The audit shows total assets, liabilities, revenues and expenses were lower from 2011.

•Total assets are listed at $30,438,978 in 2011 and $29,914,521 in 2012.

•Total liabilities are listed at $33,332,704 in 2011 and $32,832,940 in 2012.

•Total revenues are listed at $1,482,695 for 2011 and $1,471,478 for 2012.

•Total expenses are listed at $1,511,678 in 2011 and $1,496,171 in 2012.

The Authority in 2012 paid $1,492,685 in interest and $485,000 in principal on the bonds which went from $33,000,000 in 2011 to $32,515,000 in 2012.

During the year ended June 30, 2012, the Iowa Department of Natural Resources provided $1,938,610 to the Authority for payment of bond principal and interest.

The ending fund balance for FY 2012 decreased by $507,930 from FY 2011 due mostly to the principal payment made this year.

The Honey Creek Destination Bonds (Series 2006) bear interest at rates ranging from 4 percent to 5 percent and mature in varying annual amounts ranging from $370,000 to $2,210,000, with the final term maturity due in the year ending June 30, 2036. The balance outstanding on June 30, 2012 was $32,515,000.

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