Page 323 - Hurst Adopted FY22 Budget

APPROVED FISCAL YEAR 2022 BUDGET

All Certificate of Obligation projects currently funded are discussed in the Street Bond
Fund, Drainage Bond Fund, Water and Sewer Bond Fund, Half-Cent Sales Tax Fund and Other
Funding Sources sections of this document. The descriptions included on these pages provide
the reader with a detailed explanation of each funded project.

Revenue Bonds

In the past, the City has issued Revenue Bonds backed by sales taxes restricted to the Half-Cent
Community Services Fund. The funding associated with these type revenue bonds has been
exhausted and most Community Services projects are now being completed on a pay-as-you-
go basis utilizing sales tax proceeds.

Alternate Funding Sources

The City of Hurst performs projects on a pay-as-you-go basis when possible. Pay-as-you-
go funding is provided largely through special revenue funds. The City has legally created
special revenue funds to account for the collection of sales taxes, hotel/motel occupancy
taxes, court technology and security fees, commercial vehicle fines, peg fees and park
donations. The City adopted storm water drainage fees in 2009, which are available to
fund future capital projects. Each project manager within the City is responsible
for identifying grant dollars for project completion and other needs. Aside from sales
taxes, the most often used alternative funding source is the Special Projects Fund. At the
end of each fiscal year, a certain percentage of budget savings from the General and/or
Enterprise Funds are transferred to the Special Projects Fund through the City
Manager’s ordained authority. Through Council and City Manager approval, projects
are subsequently created utilizing Special Projects Fund reserves.

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