Page 59 - City of Watauga FY22 Adopted Budget

General Obligation Debt Service
Multi-Year Financial Plan

Year 1 Year 2 Year 3 Year 4 Year 5
Budget Projected Projected Projected Projected
2021-2022 2022-2023 2023-2024 2024-2025 2025-2026
BEGINNING BALANCE 774,272 535,517 485,501 431,735 378,503
REVENUES
Ad valorem taxes 2,720,000 2,778,001 2,760,824 2,772,622 2,961,729
Delinquent taxes 12,000 13,000 13,000 13,000 13,000
Penalties 10,000 12,000 12,000 12,000 12,000
Interest Income 5,000 3,500 3,500 3,500 3,500
Transfer from EDC 157,503 153,178 149,077 149,852 149,852
Total Revenues 2,904,503 2,959,679 2,938,401 2,950,974 3,140,081

EXPENDITURES
Principal (2,510,000) (2,325,000) (2,215,000) (2,200,000) (2,350,000)
Interest (632,058) (683,495) (775,967) (803,006) (845,972)
Bank Charges (1,200) (1,200) (1,200) (1,200) (1,200)
Total Expenditures (3,143,258) (3,009,695) (2,992,167) (3,004,206) (3,197,172)

Recommended Reserves per Policy (314,326) (232,500) (221,500) (220,000) (235,000)

ENDING FUND BALANCE 535,517 485,501 431,735 378,503 321,411

Tax Rate Variable
Assessed Taxable Value/$100 14,768,825 15,064,202 15,365,486 15,672,795 15,986,251
Amount generated by 1¢ tax 144,734 147,629 150,582 153,593 156,665
SR Tax Freeze 165,000 173,250 181,913 191,008 200,559
I&S Rate 0.184955 0.188174 0.183344 0.180517 0.189048
General Fund 0.395445 0.401260 0.407161 0.413149 0.419225
Total Tax Rate 0.580400 0.589435 0.590505 0.593666 0.608273

Rollback I&S 0.184955 0.188174 0.183344 0.180517 0.189048
Rollback M&O 0.412638 0.401260 0.407161 0.413149 0.419225
Total Rollback Rate 0.597593 0.589435 0.590505 0.593666 0.608273
M&O Rollback Amount 5,972,295 5,923,774 6,131,106 6,345,695 6,567,794

CHANGE IN TAX RATE (0.000004) 0.009035 0.001070 0.003161 0.014607

Debt Issuance Variable:
Beginning debt outstanding** 20,630,000 22,620,000 24,295,000 24,080,000 25,880,000

Principal Retired (2,510,000) (2,325,000) (2,215,000) (2,200,000) (2,350,000)

Principal Issued (Proposed)* 4,500,000 4,000,000 2,000,000 4,000,000 3,700,000

Ending debt outstanding 22,620,000 24,295,000 24,080,000 25,880,000 27,230,000
*Proposed debt issuances based on Capital Improvement Plan and Capital Outlay Plan
Debt M&O and M&O Rollback amount calculated at 98% collection rate
Rollback rate allows for 3.5% increase
2024 debt will be determined by GO bond election for proposed police station project

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