Page 520 - CityofColleyvilleFY23AdoptedBudget

A913,325

$7,100 (0.78% vs. 2022 year)

Colleyville's preference is to use debt nancing very sparingly, and only when cash-on-hand is insuf cient to meet
project demands. In fact, prior to FY21 the City had three additional debt issuances funded through Drainage Fees,
Water Utility Fees, and the Economic Development Corporation (CEDC) sales tax. The City's two revenue bonds
matured in FY18 and FY21, respectively, and the City exercised the call function of the CEDC bonds to pay them off
early in FY21. This resulted in approximately $4.8m in bond principal paid in FY21 and total interest payment savings of
$650,000 over the life of the bonds.

At this time, only the 2016 General Obligation Refunding Bonds (paid for through property taxes) and public safety
vehicle/equipment leases remain. The City will undergo one additional debt issuance in December of 2023 to fund the
purchase and renovation of property to create a city-operated recreation center for an initial investment of over $10m.
Other than that new issue and ongoing public safety vehicle leases, no additional debt is anticipated for the
foreseeable future.

City of Colleyville | Budget Book 2023 Page 520