Page 39 - City of Westworth Village FY22 Budget

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DEBT SERVICE FUND

Debt Service revenue is allocating a portion of the city’s assessed ad valorem tax, along with
transfers from the Water and Hawks Creek Golf Club enterprise funds. The Debt Service fund
makes the annual payment for city-issued debt.

Debt Service expense includes principal and interest payments for city-issued debt. This
includes certificate of obligation and general obligation refunding bonds. The city contemplates
issuing additional debt in future years to fund drainage infrastructure and street improvements.

Debt Service Fund Overview
Actual Actual Actual Adopted Projected Proposed
2018 2019 2020 2021 2021 2022
Debt Service Revenue
Interest Revenue $ 12,097 $ 8,663 $ 2,412 $ 8,500 $ 1,000 $ 1,000
HC Apartment Pmt $ 114,622 $ 93,220 $ 89,843 $ 89,843 $ 89,843 $ -
Ad Valorem Tax $ 616,399 $ 655,022 $ 752,807 $ 776,121 $ 776,121 $ 779,937
Misc $ 114,467 $ 144,009 $ 55,297 $ 143,064 $ 143,672 $ 144,063
Total Revenue $ 857,585 $ 900,913 $ 900,359 $ 1,017,528 $ 1,010,636 $ 925,000

Debt Service Expenses
Debt Service $ 950,101 $ 878,378 $ 837,991 $ 920,686 $ 920,686 $ 925,500
Total Expenses $ 950,101 $ 878,378 $ 837,991 $ 920,686 $ 920,686 $ 925,500

Goals and Objectives:
Goal: Maintain a fiscally conservative approach to financing the needs of the city
1. Objective: Maintain a low tax supported debt per capita
2. Objective: Maintain reserves to 40% of total yearly debt

Performance Indicators:

Goal Indicator FY 2019 Actual FY 2020 Actual FY 2021 Projection FY 2022 Target
1 Tax Supported Debt Per Capita $292 $279 $297 $299
2 Reserves to Debt (EOY) 23% 25% 44% 40%

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