Page 287 - Hurst Budget FY21

CITY OF HURST
DEBT SERVICE FUND

FOR FISCAL YEAR 2020-2021

The Debt Service Fund, also known as General Obligation Interest and Sinking Fund, was established
by ordinance to provide for the payment of general obligation bond principal and interest as they come
due. The property tax rate is required to be annually computed and levied to provide the funding
necessary to pay principal and interest. This fund is also used to provide for the payment of fiscal
agent fees. The General Obligation debt is financed by property taxes and interest earned on
investments. Of the approved $0.625159 tax rate, the amount needed to fund the 2020-2021 debt
payment will be $0.120973. Debt issuance finances the City's purchase of land and the construction
and reconstruction of buildings, street and drainage facilities and other infrastructure.

Savings associated with bond refundings:

Fiscal Year SAVINGS
2003-2004 $279,213
2008-2009 $198,350
2010-2011 $339,611
2011-2012 $120,312
2012-2013 $261,674
2014-2015 $227,565
2015-2016 $191,848
2016-2017 $160,890

BEGINNING FUND BALANCE 10/1/20 $427,615

REVENUES:

CURRENT COLLECTIONS 4,209,435
DELINQUENT COLLECTIONS 10,000
INTEREST EARNINGS 10,000

TOTAL REVENUES $4,229,435

COLLECTION & TAX FREEZE ALLOWANCE: ($328,142)

TOTAL FUNDS AVAILABLE $4,328,908

EXPENDITURES:

DEBT SERVICE $3,944,435

ESTIMATED FUND BALANCE 9/30/21 $384,473

275