Page 134 - Grapevine FY22 Adopted Budget v2
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FY 2021-22 APPROVED OPERATING BUDGET
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANC
DEBT SERVICE FUND
2018-19 2019-20 2020-21 2020-21 2021-22
Actual Actual Budget Estimate Approved
BEGINNING FUND BALANCE: 8,918,787 7,304,467 6,844,294 6,844,294 6,051,081
OPERATING REVENUE:
Property Taxes Current 12,209,962 12,744,716 13,000,000 13,000,223 13,352,507
Property Taxes Delinquent 61,832 121,102 70,000 151,846 70,000
Interest Income 202,653 118,855 150,000 7,430 150,000
Total Operating Revenue 12,474,446 12,984,673 13,220,000 13,159,499 13,572,507
TRANSFERS IN:
Transfer from CVB Fund 1,057,691 985,670 998,850 998,850 658,675
Transfer from Economic Development Fund 1,396,444 1,401,394 1,400,519 1,400,519 1,398,894
Bond Proceeds/Refunding/Premiums 5,984,173 - - - -
Total Transfers In 8,438,308 2,387,064 2,399,369 2,399,369 2,057,569
TOTAL REVENUE AND TRANSFERS 20,912,754 15,371,737 15,619,369 15,558,868 15,630,076
OPERATING EXPENDITURES:
G. O. Bond Interest Payments 2,837,771 3,692,383 3,265,983 3,275,083 1,814,132
G. O. Bond Principal Payments 6,885,000 7,565,000 6,935,000 7,390,000 6,220,000
C. O. Interest Payments 1,825,749 1,102,935 1,622,867 1,815,481 2,018,375
C. O Principle Payments 2,295,590 1,232,553 2,395,000 2,015,000 3,300,000
Tax and Note Interest Payments 598,207 573,019 525,519 538,306 498,894
Tax and Note Principal Payments 1,410,000 1,540,000 875,000 960,000 900,000
Fiscal Agent and Bond Fees 6,229,440 126,020 - 358,211 -
Total Operating Expenditures 22,081,757 15,831,910 15,619,369 16,352,081 14,751,401
TRANSFERS OUT: - - - - -
TOTAL EXPENDITURES AND TRANSFERS 22,081,757 15,831,910 15,619,369 16,352,081 14,751,401
SURPLUS (DEFICIT) OF REVENUE
OVER (UNDER) EXPENDITURES: (1,169,003) (460,173) - (793,213) 878,675
ENDING FUND BALANCE: 7,749,784 6,844,294 6,844,294 6,051,081 6,929,756
FUND BALANCE REQUIREMENT: 4,355,853 3,123,007 3,081,081 3,225,616 2,909,865
* Fund balance requirement is 20% of total budgeted expenditures (72 days of operation).
The FY 2021-2022 projected Ending Fund Balance represents 47% of total budgeted expenditures (171 days of operation).
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