Page 81 - CityofColleyvilleFY23AdoptedBudget

$10M

$7.5M

$5M

Ac tual Revenue Source
$2 .5M
Budgeted Revenue Source
Over Budget Revenue Source
Ac tual Expenditures
$0
Budgeted Expenditures
$ -2500000
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

As stated above, the City has made a concerted effort to reducing its debt footprint, particularly as pertains
to municipal bonds. The City's Economic Development Corporation recently called $4.775M in bond principle
in FY 2021, saving a total of $645K in interest payments through 2029. Unfortunately, the City's remaining
bond issue is not callable, meaning Colleyville property tax payers will be funding that debt until it expires in
2027. The remaining bond issue is secured by property tax.

Please note that the City's last bonds were issued in FY 2016. This was a refunding debt issue, meaning it's
purpose was to re nance the bonds for a lower interest rate. The issue was structured such that the City
received $6.225M in its remaining debt and subsequently paid that same amount to an escrow agent. New
bonds were then issued for a lower interest rate. This transaction shows up in the City's general ledger,
meaning revenues and expenses for FY 2016 will look substantially higher than in other years.

City of Colleyville | Budget Book 2023 Page 81