Page 88 - Benbrook FY2021

INSPECTIONS

The 2020-21 Budget for the Inspections division totals $369,460 for an increase of $38,430 over the 2019-20 re-estimate of $331,030.

The Budget includes funds for a scheduled merit increase for the three employees; this amount is for salaries and for fringe benefits. The Budget
includes funds for an increase in health, dental, and life insurance premiums.

TRANSFERS AND OTHER EXPENSES

Transfers and other uses of funds included in the 2020-21 Budget total $500,000. This total is $197,830 more than the amount included in the
2019-20 re-estimate of $302,170.

The 2019-20 re-estimate included the transfer of $250,000 from the General Fund to the Capital Asset Replacement Fund, $650,000 from
General Fund reserves to the Clearfork Emergency Access Bridge Account of the Capital Projects Fund, and $302,170 to the newly created
Wall Repair Fund.

The 2020-21 Budget includes the transfer of $500,000 from the General Fund to the Capital Asset Replacement Fund for the purchase of a
Fire Truck.

DEBT SERVICE

The 2020-21 Budget includes Debt Service expenditures of $1,610,241. These costs are $52,317 more than the 2019-20 re-estimate of
$1,557,924. Principal expenditures for 2020-21 are $1,520,000; this total is $90,000 more than the 2019-20 re-estimate of $1,430,000.
Interest expenses for 2020-21 are $86,441 for a net decrease of $40,680 compared to the 2019-20 re-estimate of $127,624. Fiscal
charges for 2019-20 and for 2020-21 are $3,800.

Bank of America proposed revising the City’s Series 2005 General Obligation Bonds from a 3.49% rate to a 1.85% rate effective February
1, 2015. The offer was reviewed by the City’s financial advisor, recommended by City Staff, and approved by City Council. Significant savings
has occurred, and the bonds were retired in 2019-20.

In November 2013, the City re-financed general obligation bonds. This transaction results in lower interest payments for 2020-21 and for
future years.

The City issued certificates of obligation in the summer of 2007; this debt has no financial impact on the City. A transfer to the Debt Service
Fund from the Stormwater Utility Fund is made to cover the payment of this debt.

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