Page 108 - Grapevine FY19 Operating Budget

FY 2018-19 APPROVED OPERATING BUDGET
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
DEBT SERVICE FUND

2015-16 2016-17 2017-18 2017-18 2018-19
Actual Actual Budget Estimate Approved

BEGINNING FUND BALANCE: 17,358,435 13,760,383 10,922,696 10,922,696 9,998,383

OPERATING REVENUE:
Property Taxes - Current 11,078,151 10,695,120 11,987,538 11,127,124 12,862,510
Property Taxes - Delinquent 86,325 77,252 70,000 175,579 70,000
Interest Income 89,081 145,814 105,000 195,550 150,000
Total Operating Revenue 11,253,558 10,918,185 12,162,538 11,498,253 13,082,510

TRANSFERS IN:
Transfer from CVB Fund 1,081,644 1,081,066 1,195,210 1,195,210 1,057,691
Transfer from Economic Development Fund 1,595,436 1,593,409 1,592,714 1,592,714 1,396,444
Transfer from General Facility CIP Fund 0 0 0 309,175 0
Bond Proceeds/Refunding/Premiums 0 1,412,775 0 0 0
Total Transfers In 2,677,080 4,087,250 2,787,924 3,097,099 2,454,135

TOTAL REVENUE AND TRANSFERS 13,930,638 15,005,435 14,950,462 14,595,352 15,536,645

OPERATING EXPENDITURES:
G.O. Bond Interest Payments 3,587,895 3,359,025 3,063,071 3,063,071 2,837,771
G.O. Bond Principal Payments 9,500,000 8,315,000 6,605,000 6,605,000 6,885,000
C.O. Interest Payments 1,750,690 1,664,721 1,848,151 1,867,631 2,529,417
C.O. Principal Payments 2,000,095 2,396,864 2,293,694 3,213,694 3,115,590
Tax and Note Interest Payments 69,289 89,456 43,120 43,120 21,763
Tax and Note Principal Payments 571,533 587,819 717,595 717,595 590,000
Fiscal Agent & Bond Fees 49,187 1,430,237 60,000 9,554 10,000
Total Operating Expenditures 17,528,689 17,843,122 14,630,631 15,519,665 15,989,541

TRANSFERS OUT: 0 0 0 0 0

TOTAL EXPENDITURES AND TRANSFERS 17,528,689 17,843,122 14,630,631 15,519,665 15,989,541

SURPLUS / (DEFICIT) (3,598,052) (2,837,687) 319,831 (924,313) (452,896)

ENDING FUND BALANCE: 13,760,383 10,922,696 11,242,527 9,998,383 9,545,487

FUND BALANCE REQUIREMENT: 3,457,714 3,519,739 2,886,042 3,061,413 3,154,101

* Fund balance requirement is 20% of total budgeted expenditures (72 days of operation).
The FY 2018-19 projected Ending Fund Balance represents 218 days of operation.

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