Page 322 - Hurst Adopted FY22 Budget
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APPROVED FISCAL YEAR 2022 BUDGET
property tax supported bonds or, if approved, through the General Fund budget. A corporation
was formed to issue revenue bonds and authorize principal and interest payments from the
Half-Cent Sales Tax proceeds. Importantly, the completed CIP projects will not impact General
Fund operational costs. Maintenance and operation costs for the new facilities and
improvements will instead be paid from sales tax proceeds as authorized by the State
Legislature effective September 1, 1993. City of Hurst Officials were instrumental in
communicating the need for an amendment to the Industrial Development Act of 1979, Article
5190.6, Section 4B, which now allows sales tax proceeds to not only construct major facilities
and improvements but pay costs necessary to operate them. The City maintains a multi-year
financial plan for the Half-Cent Community Services Fund to ensure all operating costs created
by projects can continue to be absorbed by this special revenue fund.
CAPITAL IMPROVEMENTS PROGRAM FUNDING
Due to the nature and total cost of approved projects, General Obligation Bonds, Certificates of
Obligation and Revenue Bonds are major sources of funding. In an effort to reduce the issuance
of future debt, for reasons previously discussed, the City pursues other sources of capital
funding. This includes State & Federal grants, interlocal agreements, sales taxes, donations, and
the use of excess operating revenues to finance projects on a pay-as-you-go basis. The following
information provides a summary of past and future debt issuance and identifies the types of
projects funded primarily through debt. Alternative sources of funding for capital projects are
also discussed.
2012 Bond Election (General Obligation)
On May 12, 2012, voters approved $16.5 million to construct a Justice Center and related
parking facilities. The facility is approximately 61,000 square feet and includes the police
department and municipal court. There is also a parking garage constructed to handle police,
employee and visitor parking. The new center opened in February 2015.
2019 Bond Election (General Obligation)
In 2019, Voters approved $7.5 million to construct a new Animal Control Center. The facility is
approximately 8,300 square feet.
Public Property Finance Contractual Obligations, Series 2020
Issued to purchase a new Fire Engine.
Certificates of Obligation
In 2019, $2 million in Certificates of Obligation were issued for miscellaneous streets and
drainage. Certificate of Obligation funding allows the City to maintain the outstanding
quality of its street, drainage, water and wastewater systems while remaining in line with the
goals of the City’s multi-year financial forecast.
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