Page 315 - Southlake FY20 Budget

Debt Service Funds Expenditures

Community Enhancement and Development Corporation (CEDC) Debt Service

Fund

The Community Enhancement and Development Corporation Debt Service Fund is used to account for the accumulation
of financial resources for payment of long-term principle and interest costs for debt incurred to construct The Marq
CEDC - DEBT SERVICE FUND
Southlake Phase II. Parks/Recreation
2020 Proposed and 2019 Revised Budget
02:57 PM
08/13/19
$ Increase/ $ Increase/
2018 2019 2019 (Decrease) % Increase/ 2020 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Interest Income $28,418 $5,000 $43,000 $38,000 760.0% $40,000 $35,000 700.0%
Total Revenues $28,418 $5,000 $43,000 $38,000 760.0% $40,000 $35,000 700.0%

EXPENDITURES
Principal $1,190,000 $0 $1,280,000 $1,280,000 12799999900.0% $1,340,000 $1,340,000 13399999900.0%
Interest 1,252,239 1,163,406 1,163,406 0 0.0% 1,081,906 (81,500) -7.0%
Admin. Expenses (8,000) 8,000 8,000 0 0.0% 8,000 0 0.0%
Total Expenditures $2,434,239 $1,171,406 $2,451,406 $1,280,000 109.3% $2,429,906 $1,258,500 107.4%

Net Revenues ($2,405,821) ($1,166,406) ($2,408,406) $1,280,000 ($2,389,906) $1,258,500

Bond Proceeds $0 $0 $0 $0
Transfers In $2,450,240 $2,451,406 $2,451,406 0 $2,429,906
Total Other Sources (Uses) $2,450,240 $2,451,406 $2,451,406 $2,429,906

Beginning Fund Balance $479,050 $523,469 $523,469 $566,469
Ending Fund Balance $523,469 $1,808,469 $566,469 $606,469

FY 2020 Highlights:

• The Community Enhancement and Development Corporation is responsible for paying principal and interest on
outstanding debt. For FY 2020, the CEDC Debt Service Fund will cover total expenditures of $2,429,906 for this
purpose.

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