Page 331 - Hurst FY20 Approved Budget

CITY OF HURST
DEBT SERVICE FUND
FOR FISCAL YEAR 2019-2020

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 proposed $0.597299
tax rate, the amount needed to fund the 2019-2020 debt payment will be $0.119063. 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 10/1/19 $650,000

REVENUES:

CURRENT COLLECTIONS 4,065,428
DELINQUENT COLLECTIONS 10,000
INTEREST EARNINGS 10,000

TOTAL REVENUES $4,085,428

COLLECTION & TAX FREEZE ALLOWANCE: ($275,981)

TOTAL FUNDS AVAILABLE $4,459,447

EXPENDITURES:

DEBT SERVICE $3,860,410

ESTIMATED FUND BALANCE 9/30/20 $599,037

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