Page 112 - Hurst Adopted FY22 Budget

APPROVED FISCAL YEAR 2022 BUDGET

Debt Issuance

The following summarizes the City’s debt issuances and refunding’s for 2010 through 2021.

• During 2011-2012, $2.7 million of General Obligation bonds were refunded. The 2012
Bond Election was approved by voters and $16.5 million in General Obligation Bonds
were also issued for the construction of a Justice Center and related parking facilities.
• In 2012-2013 $7.83 million of General Obligation bonds were refunded resulting in
approximately $226,000 in savings for the General Debt Service Fund.
• During 2014-2015, $4.915 million of General Obligation bonds were refunded resulting
in approximately $325,000 in savings for the General and Enterprise Debt Service Fund.
The City issued a total of $3 million in debt for Public Works projects such as the
continual widening and development of Pipeline Road, as well as, miscellaneous Water
and Sanitary Sewer Replacements.
• During 2015-2016, most of the 2008 debt issued was refunded in the amount of
$12.555 million resulting in approximately $2.3 million in savings for the General Debt
Service Fund, Enterprise Fund, Hotel/Motel Fund, and Half-Cent Community Services
Fund. The City issued a total of $5.4 million in debt for Community Services projects such
as the renovation of Central Aquatics Center and the Roof Repair at the Recreation
Center.
• During 2016-2017, the city issued tax notes in the amount of $1.18 million for the
purchase of a new 100-foot ladder truck for Fire.
• During 2018-2019, the city issued $7.5 million in voter approved GO Bonds for the
construction of a new Animal Control Center. The city also issued $2 million in
certificates of obligation for infrastructure improvements.
• In 2020, Public Property Finance Contractual Obligations were used for a new Fire
Engine.
• In 2020 - 2021 $13.50 million of General Obligation bonds were refunded resulting in
approximately $1.8 million in savings for the General and Enterprise Debt Service Funds.

The total property tax rate and the portion of the rate allocated to debt service have remained
relatively stable over the past ten years. New commercial and residential development,
combined with net increases in appraised values of existing properties have increased property
tax revenues over the last ten years, allowing the City to grant tax relief (e.g., maximum
homestead exemption and senior and disabled tax ceiling) while at the same time collecting
sufficient revenue to fund enhancements in operations and capital expenditures. In FY
2010-2011, due to declining property values, the City approved a debt tax rate that was six
percent higher than the 2010 rate. In fiscal year 2012- 2013, the tax rate increased just over 3
cents from $.578 to $.6084978 to support the issuance of voter approved General Obligation
debt. The tax rate for fiscal year 2013-2014 remained the same as the previous year at
$.6084978. Due to the growth in values, the City adopted a tax rate decrease of approximately
a quarter cent for fiscal year 2014-2015, which will put the tax rate at the same level as 1992
at $.606.

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