Page 105 - FY 2021-22 ADOPTED BUDGET

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, along
with a 3.5 percent COLA.

TRANSFERS AND OTHER EXPENSES

Transfers and other uses of funds included in the 2021-22 Budget total $300,000. This total is $200,000 less than
the amount included in the 2020-21 re-estimate of $500,000.

The 2020-21 re-estimate included the transfer of $500,000 from the General Fund to the Capital Asset
Replacement. The 2021-22 Budget includes the transfer of $300,000 from the General Fund to the Capital Asset
Replacement Fund for the purchase of a Dump Truck.

DEBT SERVICE

The 2021-22 Budget includes Debt Service expenditures of $1,909,337. These costs are $302,596 more than the
2020-21 re-estimate of $1,606,741. Principal expenditures for 2021-22 are $1,370,000; this total is $150,000 less

than the 2020-21 re-estimate of $1,520,000. Interest expenses for 2021-22 are $535,537 for a net increase of
$449,096 compared to the 2020-21 re-estimate of $86,441. Fiscal charges for 2020-21 and for 2021-22 are $3,800.

The City’s Series 2005 General Obligation Bonds matured in 2020-21. Also, in 2020-21 the City issued $22,000,000
in General Obligation bonds for the construction of a new municipal complex.

In November 2013, the City re-financed general obligation bonds. This transaction results in lower interest
payments for 2021-22 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.

In 2005, the City issued $2,500,000 in certificates of obligation to finance projects and expenses related to the Tax

Increment Financing (TIF) District. In 2012, the City of Benbrook sold $1,280,000 in certificates of obligation for TIF
projects; these costs are included in the TIF Fund for 2016-17 and future years. The TIF is required to repay these
expenses to the City when funds are available. In June 2014, the City issued certificates of obligation for the TIF. A
transfer is made from the TIF Fund to the Debt Service Fund to pay for the TIF related debt.

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