Page 337 - Southlake FY22 Budget

DEBT SErVICE FUnDS EXPEnDITUrES

COmmuniTy enhanCemenT and develOPmenT COrPOraTiOn (CedC) deBT
serviCe fund

The Community Enhancement and Development Corporation Debt Service Fund is used to account for the accumulation
CEDC - DEBT SERVICE FUND
of financial resources for payment of long-term principle and interest costs for debt incurred to construct Champions
Club at The Marq Southlake. Parks/Recreation

2022 Proposed and 2021 Revised Budget

$ Increase/ $ Increase/
2020 2021 2021 (Decrease) % Increase/ 2022 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
Adopted
REVENUES
Interest Income $9,036 $5,000 $1,000 ($4,000) -80.0% $1,050 ($3,950) -79.0%
Total Revenues $9,036 $5,000 $1,000 ($4,000) -80.0% $1,050 ($3,950) -79.0%

EXPENDITURES
Principal $1,340,000 1,410,000 $1,410,000 $0 0.0% $1,475,000 $65,000 4.6%
Interest 1,102,406 1,018,806 1,018,806 0 0.0% 968,056 (50,750) -5.0%
Admin. Expenses 5,000 8,000 8,000 0 0.0% 8,000 0 0.0%
Total Expenditures $2,447,406 $2,436,806 $2,436,806 $0 0.0% $2,451,056 $14,250 0.6%

Net Revenues ($2,438,370) ($2,431,806) ($2,435,806) $0 ($2,450,006) $14,250

Bond Proceeds $0 $0 $0 $0
Transfers In $2,429,906 $2,436,806 $2,429,906 (6,900) $2,451,056
Total Other Sources
(Uses) $2,429,906 $2,436,806 $2,429,906 $2,451,056

Beginning Fund Balance $574,713 $566,249 $566,249 $560,349
Ending Fund Balance $566,249 $571,249 $560,349 $561,399

fy 2022 highlighTs:

• The Community Enhancement and Development Corporation is responsible for paying principal and interest on
outstanding debt. For FY 2022, the CEDC Debt Service Fund will cover total expenditures of $2,451,056 for this
purpose.

336 FY 2022 City of Southlake | BUDGET BOOK
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