Page 277 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 7 Debt Service Funds
Debt Service Fund 301 Overview

Required by Texas law, the Debt Service Fund ( Property Tax) is used to manage payments related
to the Interest and Sinking ( I& S) component of the ad valorem ( property) tax rate. In most Texas
municipalities, the Interest & Sinking levy funds the majority of annual debt service payments. The
Town has separated the Debt Service Fund into two separate funds to more clearly denote the
debt being paid with ad valorem tax which is a small portion of the Town’ s total debt. In prior
years, this Debt Service Fund was used primarily to manage debt service payments associated
with the various street projects.
Dept Proj# Acct# Account Description 2019 Issue
In FY17/ 18 this fund absorbed the series 2013
16 34 73000 Roanoke Road R& D South $ 480,180
refunding debt payments ( originally series
16 40 73000 Sam School Road R& D 281,960
2008) of the Westlake Academy Arts and 16 58 73000 Ottinger Road R& D 983,954
Sciences building. This debt payment was 16 60 73000 Pearson Lane R& D 404,125
originally in Debt Service Fund 300 and was 16 75 73000 Flashing Crosswalk Lights 80,000
paid via a transfer in from the Visitors 16 78 73000 Solana Pavement Repair 90,000
Association Fund. The decision was made 16 79 73000 Wyck Hill Pavement Resurface 54,450
16 80 73000 FM1938 Pavement Repairs 80,000
to move this payment to Debt Service Fund
17 77 73000 WA-Pond Repairs 82,000
301 to be covered by property tax revenues
19 42 74400 Trail Connection at 114/ Solana 30,000
as these bonds are tax supported.
19 43 74400 Trail - Dove/ Pearson/ Aspen 290,016
19 52 74400 Trail - WA to Cemetery 300,949
In FY18/ 19, Series 2019 CO is a proposed 19 67 74400 Wayfinding Signage 229,500
issuance for approximately $ 3.387M and is 3,387,134
for future road, facility and trail Road Improvements $ 2,454,669
Improvements noted in the chart on the Facility Improvements $ 82,000
right. Trail Improvements $ 850,465

Revenues and Other Sources
Ad valorem property tax revenues are budgeted to be $256,878
This amount represents a 14% decrease of $40,106 from the prior year estimated.
o primarily due to more than anticipated taxes received in the prior year to be
used on current year debt, currently estimated at $30,821

Expenditures and Other Uses
Debt service expenditures are budgeted to be $287,699
This amount represents a 3% increase of $9,575 from the prior year estimated.
o This increase is due to the inclusion of the Series 2019 Road and Trail
Improvements as noted above.

Bond Issuances
2,095,000 Series 2011 Certificates of Obligation
o Street infrastructure Improvements

3,400,000 Series 2019 Certificates of Obligation
o Road and Trail Improvements

Bond Refundings
2,200,000 Series 2013 General Obligation Refunding Bonds
o Refunding of Series 2008 for construction of the Arts and Sciences Building

263