Page 329 - Southlake FY22 Budget

DEBT SErVICE FUnDS EXPEnDITUrES

deBT serviCe fund

This fund accumulates ad valorem tax dollars to pay for the annual portion of tax supported debt outstanding.
DEBT SERVICE FUND
2022 Proposed and 2021 Revised Budget

$ Increase/ $ Increase/
2020 2021 2021 (Decrease) % Increase/ 2022 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Adopted Adopted -Decrease
Proposed
REVENUES
Ad Valorem Taxes $6,154,505 $5,878,283 $5,878,283 $0 0.0% $5,395,275 ($483,008) -8.2%
Miscellaneous Income $0 $0 $0 $0 0.0% $0 $0 0.0%
Interest Income 77,486 55,000 6,000 (49,000) -89.1% 6,300 (48,700) -88.5%
Total Revenues $6,231,991 $5,933,283 $5,884,283 ($49,000) -0.8% $5,401,575 ($531,708) -9.0%

EXPENDITURES
Principal $6,506,675 $6,766,201 $6,766,201 $0 0.0% $4,675,306 ($2,090,895) -30.9%
Interest $1,216,124 $853,720 $853,720 0 0.0% $651,326 (202,394) -23.7%
Admin. Expenses $10,912 $19,500 $19,500 0 0.0% $19,500 0 0.0%
Total Expenditures $7,733,711 $7,639,421 $7,639,421 $0 0.0% $5,346,132 ($2,293,289) -30.0%

Net Revenues ($1,501,720) ($1,706,138) ($1,755,138) ($49,000) $55,443 $1,761,581

Transfers In 174,243 174,609 174,609 0 173,859
Transfer Out 0 0 0 0
Total other Sources/(Uses) $174,243 $174,609 $174,609 $173,859

Beginning Fund Balance $5,963,041 $4,635,564 $4,635,564 $3,055,035
Ending Fund Balance $4,635,564 $3,104,035 $3,055,035 $3,284,337

fy 2022 highlighTs:

• For FY 2022, revenues are estimated at $5,401,575 with $5,395,275 coming from ad valorem taxes and $6,300
from interest income. Transfers into the fund are budgeted at $173,859 from the Storm Water Utility District to
pay the debt service for the bonds issued on the District’s behalf. Total expenditures are $5,346,132 for annual
principal and interest payments, as well as related administrative costs.

• The Debt Service Fund will end the current fiscal year with undesignated reserves of $3,284,337. The fund balance
allows us to meet our fund balance policy which states that the City of Southlake “…shall also maintain Reserve
Funds for all statutorily required reserve funds to guarantee debt service.”

328 FY 2022 City of Southlake | BUDGET BOOK
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