Page 128 - Azle City Budget 2019
P. 128
DEBT SERVICE FUND – IN BRIEF
Current debt service for outstanding obligations and associated fees is $832,389. This is an
increase of $4,762 from FY 2017-18. To finance the current debt service obligation, the budget
provides for estimated ad valorem taxes of $814,389, delinquent tax revenue of $8,500,
penalties and interest of $5,000, and interest income of $4,500.
Total outstanding debt obligations for the City as of October 1, 2018 funded by ad valorem taxes
are $13,215,000, which is a decrease of $455,000 from the total outstanding debt obligations
that were projected for October 1, 2017. This decrease is attributable to the normal annual
retirement of debt. None of the City’s current obligations expire this year.
The ad valorem tax rate for the interest and sinking fund is $0.091719 per $100 valuation, which
is a decrease of $0.009687 from the 2017 interest and sinking fund tax rate.
City of Azle 2018-2019 Budget 116
