Page 83 - CityofColleyvilleFY23AdoptedBudget

Budgeted and Historical 2023 Revenues by Source

9

8

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Millions 5

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1

0
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Charges for Services Miscellaneous Revenue Ad Valorem Taxes

The City's last bonds were issued in FY 2016 as a refunding issue. This means its purpose was to re nance the
bonds for a lower interest rate in order to save money over the long term. 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 and new bonds were 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. Furthermore, the City had portions of debt service costs that were paid for through transfers from the
Crime Control and Prevention District as well as the Tax Increment Financing District. Those transfers ceased
in FY9 and FY20, respectively, as the districts' portions of the debt had been paid off.

As mentioned earlier, the City's new debt obligations (Series 2023 Tax and Revenue Certi cates of Obligation)
will show up in future budgets and audits.

Name FY2021 FY2022 Amended FY2022 FY2022 FY2023 FY2022 Amended
Ac tuals Budget Ac tuals Projec ted Budgeted Budget vs. FY2023
Budgeted (%
Change)
Revenue Source
Ad Valorem Taxes $804,631.15 $621,500.00 $621,500.00 $0.00 $601,160.46 -3.3%
Miscellaneous $444.61 $6,000.00 $6,000.00 $0.00 $2,500.00 -58.3%
Revenue

Total Revenue
$805,075.76 $627,500.00 $627,500.00 $0.00 $603,660.46 -3. 8%
Source:

City of Colleyville | Budget Book 2023 Page 83