Page 221 - City of Bedford FY20 Approved Budget
P. 221
City of Bedford
Program Summary
FY 2019-2020
Fund: Debt Service
Department: Administrative Services Division: Administration
PROGRAM DESCRIPTION
The Administrative Services Department is responsible for the oversight and management of the Debt Service Fund. The Debt Service
Fund is used to account for money that will be used to pay the interest and principal of long-term debts. Bonds used by a government
to finance major construction projects, to be paid by tax levies over a period of years, require a debt service fund to account for their
repayment. This fund is utilized to manage all aspects of payment of long term general obligation debt. The Finance Division is
responsible for the oversight and management of the City's assets.
EXPENDITURE SUMMARY
ACTUAL ACTUAL BUDGET PROJECTED BUDGET
16/17 17/18 18/19 18/19 19/20
Personnel Services* - - - - -
Supplies - - - - -
Maintenance - - - - -
Contractual Services 7,681 7,728 23,000 23,000 23,000
Utilities - - - - -
Sundry 6,617,103 7,381,623 7,834,570 7,834,570 7,498,742
Capital Outlay - - - - -
TOTAL: $6,624,784 $7,389,351 $7,857,570 $7,857,570 $7,521,742
*This area does not have any personnel assigned.
SIGNIFICANT CHANGES
Decrease in scheduled debt service payments ($335,828)
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