Page 22 - Hurst FY19 Approved Budget
P. 22

approved the purchase of training software, server upgrades, bulletproof vests,
                            and other tactical equipment for Police while also approving additional bunker
                            gear, gloves, and hoods to support the Hurst fire department’s health and safety.
                            The increased costs are necessary to continue to provide the service levels our
                            community expects.  Cost increases are largely offset by a steady increase property
                            tax revenue.

                       Debt Service Fund

                            The Debt Service Fund accumulates ad valorem (property) tax dollars which are
                            dedicated in the I&S rate to pay principal and interest on the city’s tax supported
                            indebtedness. Annual debt service remained relatively flat as compared to the
                            prior year.  Refinancing over the past decade has provided substantial savings
                            for the city.  Staff and City Council evaluate the city’s tax rate, debt position, and
                            infrastructure needs on an annual basis.  Bonds are issued for capital projects,
                            including public safety, public works infrastructure, facilities and other assets.

                            •  During 2011-2012, $2.7 million of General Obligation bonds were
                              refunded.  The 2012 Bond Election was approved by voters and $16.5
                              million in General Obligation Bonds were also is-sued for the construction
                              of a Justice Center and related parking facilities.
                            •  In 2012-2013 $7.83 million of General Obligation bonds were refunded
                              resulting in approxi-mately $226,000 in savings for the General Debt
                              Service Fund.
                            •  During 2014-2015, $4.915 million of General Obligation bonds were
                              refunded resulting in ap-proximately $261,674 in savings for the General
                              Debt Service Fund. The City issued a total of $3 million in debt for Public
                              Works projects such as the continual widening and development of
                              Pipeline Road, as well as, miscellaneous Water and Sanitary Sewer
                              Replacements.
                            •  During 2015-2016, most of the 2008 debt issued was refunded in the
                              amount of $12.6 million resulting in approximately $2.1 million in savings
                              for the General Debt Service Fund, Enterprise Fund, Hotel/Motel Fund, and
                              Half-Cent Community Services Fund. The City issued a total of $5.4 million
                              in debt for Community Services projects such as the renovation of Central
                              Aquat-ics Center and the Roof Repair at the Recreation Center.
                            •  During 2016-2017 the city issued $1.18 million in new debt for a new
                              ladder truck and issued an additional $1.5 million for refunding of existing
                              debt.
                            •  During 2017-2018 the city partnered with the Texas Water Development
                              Board (TWDB) to is-sue $1.36 million in debt at below market interest rates.
                              TWDB also approved a clean water grant equal to 15% of the projects
                              costs.  The debt and grant proceeds will be used to replace a portion of the






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