Page 307 - Southlake FY20 Budget

Debt Service Funds Expenditures

Debt Service Fund

This fund accumulates ad valorem tax dollars to pay for the annual portion of tax supported debt outstanding.
DEBT SERVICE FUND
2020 Proposed and 2019 Revised Budget
02:20 PM
08/13/19
$ Increase/ $ Increase/
2018 2019 2019 (Decrease) % Increase/ 2020 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Ad Valorem Taxes $6,730,183 $6,544,427 $6,567,627 $23,200 0.4% $6,217,941 ($326,486) -5.0%
Miscellaneous Income $0 $0 $0 $0 0.0% $0 $0 0.0%
Interest Income 59,115 45,000 100,000 55,000 122.2% 95,000 50,000 111.1%
Total Revenues $6,789,298 $6,589,427 $6,667,627 $78,200 1.2% $6,312,941 ($276,486) -4.2%

EXPENDITURES
Principal $8,991,103 $4,885,194 $5,005,059 $119,865 2.5% $6,525,302 $1,640,108 33.6%
Interest $1,601,692 $1,281,041 $1,334,834 53,793 4.2% $1,223,388 (57,653) -4.5%
Admin. Expenses ($3,015) $19,500 $19,500 0 0.0% $19,500 0 0.0%
Total Expenditures $10,589,780 $6,185,735 $6,359,393 $173,658 2.8% $7,768,190 $1,582,455 25.6%

Net Revenues ($3,800,482) $403,692 $308,234 ($95,458) ($1,455,250) ($1,858,942)

Transfers In 3,442,046 173,658 173,658 0 174,243
Transfer Out 0 0 0 0
Total other Sources/(Uses) $3,442,046 $173,658 $173,658 $174,243

Beginning Fund Balance $5,784,050 $5,425,614 $5,425,614 $5,907,506
Ending Fund Balance $5,425,614 $6,002,964 $5,907,506 $4,626,499

FY 2020 Highlights:

• For FY 2020, revenues are estimated at $6,312,941 with $6,217,941 coming from ad valorem taxes and $95,000
from interest income. Transfers into the fund are budgeted at $174,243 from the Storm Water Utility District to
pay the debt service for the bonds issued on the District’s behalf. Total expenditures are $7,768,190 for annual
principal and interest payments, as well as related administrative costs.

• The Debt Service Fund will end the current fiscal year with undesignated reserves of $4,626,499. The fund balance
allows us to meet our fund balance policy which states that the City of Southlake “…shall also maintain Reserve
Funds for all statutorily required reserve funds to guarantee debt service.”

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