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Debt Service Fund

Rock Creek PID Debt Service

FUND SUMMARY

FY2020 FY2021 FY2021 FY2022 Change from Adopted

Final Adopted Adjusted Adopted Amount %
Use of Money & Property 32,590 - - - - 0.00%
Use of Fund Balance - 1,573,175 - - (1,573,175) -100.00%
Revenue $ 32,590 $ 1,573,175 $ - $ - $(1,573,175) -100.00%

Debt Service Accts 898,175 1,573,175 - - (1,573,175) -100.00%
Expenses $ 898,175 $ 1,573,175 $ - $ - $(1,573,175) -100.00%

FUND PURPOSE AND GOALS
Rock Creek Ranch PID continues with development on 1,755-acres located in southwest Fort Worth off the
Chisholm Trail Parkway. The development will include commercial, mixed-use and residential, as well as a new
80-acre campus for Tarleton State University. The campus opened in August 2019 and is expected to have 2,500
students. The Rock Creek PID Debt Service Fund was created to pay for debt issued to finance the improvements
related to the development. The debt takes the form of special assessment revenue bonds that are secured by
pledged revenue of annual installments levied against the property within the PID. The debts are special and
limited obligations of the city, and shall never be payable out of funds raised or to be raised by taxation or from
any other revenues, properties or income of the city. The city is acting as the property owner's agent within the
district in collecting future assessments, forwarding collections to trustees, approving bond proceed
disbursements, and initiating any future foreclosures.

During FY2021, it was determined that the Rock Creek PID Debt Service Fund should be classified and accounted
for as a fiduciary fund in adherence with GASB. FY2021 debt activity and balances were transitioned to a fiduciary
fund mid-year. All future actions will occur in the Rock Creek Debt Trust Fund and can be found in the Fiduciary
Fund section of this document.

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