Page 133 - Grapevine FY20 Approved Budget

FY 2019-20 APPROVED OPERATING BUDGET
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
DEBT SERVICE FUND

2016-17 2017-18 2018-19 2018-19 2019-20
Actual Actual Budget Estimate Approved

BEGINNING FUND BALANCE: 13,760,380 10,922,692 8,918,782 8,918,782 7,717,038

OPERATING REVENUE:
Property Taxes - Current 10,695,120 11,132,714 12,862,510 12,209,826 13,001,947
Property Taxes - Delinquent 77,252 176,492 70,000 (57,672) 70,000
Interest Income 145,814 195,190 150,000 184,778 150,000
Total Operating Revenue 10,918,185 11,504,395 13,082,510 12,336,932 13,221,947

TRANSFERS IN:
Transfer from CVB Fund 1,081,066 1,195,210 1,057,691 1,057,691 985,670
Transfer from Economic Development Fund 1,593,409 1,592,714 1,396,444 1,396,444 1,401,394
Transfer from General Facility CIP Fund 0 309,175 0 0 0
Bond Proceeds/Refunding/Premiums 1,412,775 0 0 5,984,173 0
Total Transfers In 4,087,250 3,097,099 2,454,135 8,438,308 2,387,064

TOTAL REVENUE AND TRANSFERS 15,005,435 14,601,494 15,536,645 20,775,240 15,609,011

OPERATING EXPENDITURES:
G.O. Bond Interest Payments 3,359,025 3,395,020 2,837,771 2,837,770 3,732,976
G.O. Bond Principal Payments 8,315,000 6,940,000 6,885,000 6,885,000 7,740,000
C.O. Interest Payments 1,664,721 1,845,909 2,529,417 1,755,274 1,627,791
C.O. Principal Payments 2,396,864 2,678,694 3,115,590 1,755,590 1,992,553
Tax and Note Interest Payments 89,456 43,119 21,763 668,681 7,563
Tax and Note Principal Payments 587,819 717,599 590,000 1,950,000 605,000
Fiscal Agent & Bond Fees 1,430,237 15,064 10,000 6,124,668 0
Total Operating Expenditures 17,843,122 15,635,405 15,989,541 21,976,983 15,705,883

TRANSFERS OUT: 0 970,000 0 0 0

TOTAL EXPENDITURES AND TRANSFERS 17,843,122 16,605,405 15,989,541 21,976,983 15,705,883

SURPLUS / (DEFICIT) (2,837,687) (2,003,911) (452,896) (1,201,743) (96,872)

ENDING FUND BALANCE: 10,922,692 8,918,782 8,465,886 7,717,038 7,620,166

FUND BALANCE REQUIREMENT: 3,519,739 3,084,244 3,154,101 4,335,186 3,098,147

* 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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