Page 125 - Grapevine Budget FY21

FY 2020-21 APPROVED OPERATING BUDGET
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
DEBT SERVICE FUND

2017-18 2018-19 2019-20 2019-20 2020-21
Actual Actual Budget Estimate Approved

BEGINNING FUND BALANCE: 10,922,698 8,918,787 7,749,784 7,749,784 7,304,467

OPERATING REVENUE:
Property Taxes Current 11,132,714 12,209,962 13,001,947 12,731,710 13,000,000

Property Taxes Delinquent 176,492 61,832 70,000 115,533 70,000
Interest Income 195,190 202,653 150,000 118,835 150,000
Total Operating Revenue 11,504,395 12,474,446 13,221,947 12,966,078 13,220,000

TRANSFERS IN:
Transfer from CVB Fund 1,195,210 1,057,691 985,670 985,670 998,850
Transfer from Economic Development Fund 1,592,714 1,396,444 1,401,394 1,401,394 1,400,519
Transfer from Capital Projects Fund 309,175 - - - -
Bond Proceeds/Refunding/Premiums - 5,984,173 - - -
Total Transfers In 3,097,099 8,438,308 2,387,064 2,387,064 2,399,369

TOTAL REVENUE AND TRANSFERS 14,601,494 20,912,754 15,609,011 15,353,142 15,619,369

OPERATING EXPENDITURES:
G. O. Bond Interest Payments 3,032,008 2,837,771 3,732,977 3,692,383 3,265,983
G. O. Bond Principal Payments 6,650,000 6,885,000 7,740,000 7,565,000 6,935,000
C. O. Interest Payments 2,196,397 1,825,749 1,076,398 1,057,635 1,622,867
C. O Principle Payments 2,893,694 2,295,590 1,142,553 762,553 2,395,000
Tax and Note Interest Payments 55,645 598,207 558,957 618,319 525,519
Tax and Note Principal Payments 792,599 1,410,000 1,455,000 2,010,000 875,000

Fiscal Agent and Bond Fees 15,064 6,229,440 - 92,569 -

Total Operating Expenditures 15,635,407 22,081,757 15,705,885 15,798,459 15,619,369
TRANSFERS OUT: 970,000 - - - -
TOTAL EXPENDITURES AND TRANSFERS 16,605,407 22,081,757 15,705,885 15,798,459 15,619,369

SURPLUS (DEFICIT) OF REVENUE
OVER (UNDER) EXPENDITURES: (2,003,913) (1,169,003) (96,874) (445,317) -

ENDING FUND BALANCE: 8,918,787 7,749,784 7,652,910 7,304,467 7,304,467

FUND BALANCE REQUIREMENT: 3,084,245 4,355,853 3,098,147 3,116,408 3,081,081

* Fund balance requirement is 20% of total budgeted expenditures (72 days of operation).
The FY 2020-2021 projected Ending Fund Balance represents 46% of total budgeted expenditures (171 days of operation).

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