Page 125 - CITY OF AZLE, TEXAS
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DEBT SERVICE FUND – IN BRIEF
Current debt service for outstanding obligations and associated fees is $788,841. This is a
decrease of $1,186 from FY 2021-22. To finance the current debt service obligation, the budget
provides for estimated ad valorem taxes of $683,868, delinquent tax revenue of $4,000,
penalties and interest of $3,500, interest income of $1,000, and $96,473 from reserves. This
one-time draw on reserves represents a 62.1% decrease in fund balance. This decrease is not
expected to have a negative impact on City operations.
Total outstanding debt obligations for the City as of October 1, 2022 funded by ad valorem taxes
are $11,330,000, which is a decrease of $530,000 from the total outstanding debt obligations for
the previous year. This decrease is attributable to the normal annual retirement of debt. The
total amount of debt secured by ad valorem taxes is $19,300,000, however, $7,970,000 of that
debt is accounted for in the Utility Fund.
The ad valorem tax rate for the interest and sinking fund is $0.053948 per $100 valuation, which
is a decrease of $0.010115 from the 2021 interest and sinking tax rate.
City of Azle FY 2022-2023 Budget 114
