Page 428 - Hurst FY19 Approved Budget

CITY OF HURST

DEBT SERVICE FUND

FOR FISCAL YEAR 2018-2019

The Debt Service Fund, also known as General Obligation Interest and Sinking Fund,
was established by ordinance to provide for the payment of general obligation bond
principal and interest as they come due. The property tax rate is required to be annually
computed and levied to provide the funding necessary to pay principal and interest.
This fund is also used to provide for the payment of fiscal agent fees. The General
Obligation debt is financed by property taxes and interest earned on investments. Of the
Approved $0.58 tax rate, the amount needed to fund the 2018-2019 debt payment will
be $0.108449. Debt issuance finances the City’s purchase of land and the construction
and reconstruction of buildings, street and drainage facilities and other infrastructure.

Savings associated with bond refundings:
Fiscal Year SAVINGS
2003-2004 $279,213
2008-2009 $198,350
2010-2011 $339,611
2011-2012 $120,312
2012-2013 $261,674
2014-2015 $227,565
2015-2016 $191,848
2016-2017 $160,890

BEGINNING FUND BALANCE 10/1/18 $572,000

REVENUES:
CURRENT COLLECTIONS $3,366,086
DELINQUENT COLLECTIONS $10,000
INTEREST EARNINGS $10,000

TOTAL REVENUES $3,386,086

COLLECTION & TAX FREEZE ALLOWANCE: ($200,491)

TOTAL FUNDS AVAILABLE $3,757,595

EXPENDITURES:
DEBT SERVICE $3,226,086

ESTIMATED FUND BALANCE 9/30/19 $531,509

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