Page 311 - Southlake FY20 Budget

Debt Service Funds Expenditures

Southlake Parks Development Corporation (SPDC) Debt Service Fund

SPDC - DEBT SERVICE FUND
This fund is used to account for the accumulation of financial resources for payment of long-term principle and interest
costs for SPDC-approved park improvements. Parks/Recreation
2020 Proposed and 2019 Revised Budget
10:29 AM
08/15/19
$ Increase/ $ Increase/
2018 2019 2019 (Decrease) % Increase/ 2020 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Interest Income $40,648 $12,000 $74,000 $62,000 516.7% $70,000 $58,000 483.3%
Total Revenues $40,648 $12,000 $74,000 $62,000 516.7% $70,000 $58,000 483.3%

EXPENDITURES
Principal $2,040,000 $2,100,000 $2,100,000 $0 0.0% $2,050,000 ($50,000) -2.4%
Interest 845,814 780,537 780,537 0 0.0% 768,269 (12,268) -1.6%
Admin. Expenses 5,458 6,000 6,000 0 0.0% 6,000 0 0.0%
Total Expenditures $2,891,272 $2,886,537 $2,886,537 $0 0.0% $2,824,269 ($62,268) -2.2%

Net Revenues ($2,850,624) ($2,874,537) ($2,812,537) $0 ($2,754,269) ($62,268)

Bond Proceeds $0 $0 $0 $0
Transfers In $2,885,813 $2,880,537 $2,880,537 0 $2,818,269
Total Other Sources (Uses) $2,885,813 $2,880,537 $2,880,537 $2,818,269

Beginning Fund Balance $1,766,512 $1,801,701 $1,801,701 $1,869,701
Ending Fund Balance $1,801,701 $1,807,701 $1,869,701 $1,933,701

FY 2020 Highlights:

• The Southlake Parks Development Corporation is responsible for paying principal and interest on outstanding
debt. For FY 2020, the SPDC Debt Service Fund will cover total expenditures of $2,824,269 for this purpose.

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