Page 39 - Westworth Village FY21 Budget

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DEBT SERVICE FUND

Debt Service revenue is allocating a portion of the city’s assessed ad valorem tax,

along with transfers from the Water and Hawks Creek Golf Club enterprise funds,
as well as a payment-in-lieu-of-taxes from the Hawks Creek Apartments. The
Debt Service fund makes the annual payment for city-issued debt.

Debt Service expense includes principal and interest payments for city-issued

debt. This includes certificate of obligation and general obligation refunding
bonds. The city contemplates issuing additional debt in future years to fund
drainage infrastructure and street improvements.

Economic Development (WRA) Fund Overview

Goals and Objectives:
Goal: Maintain a fiscally conservative approach to financing the needs of the city
1. Objective: Maintain a low tax supported debt per capita
2. Objective: Increase reserves to 30% of total yearly debt by 2022

Performance Indicators:

Goal Indicator FY 2019 Actual FY 2020 Projection FY 2021 Target
1 Tax Supported Debt Per Capita $292 $317 $306
2 Reserves to Debt (EOY) 23% 23% 23%

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