Page 187 - FortWorthFY23AdoptedBudget

Debt Service Funds

Debt Service Fund Statement

FUND SUMMARY

FY2021 FY2022 FY2022 FY2023 Change from Adopted
Final Adopted Adjusted Adopted Amount %
Property Tax 117,134,086 121,072,221 121,072,221 138,508,506 17,436,285 14.40%
Charge for Service 98,809 - - - - 0.00%
Use of Money & Property 11,527,549 3,074,790 3,074,790 3,450,000 375,210 12.20%
Transfer In 365,774,831 132,440,031 431,640,056 136,437,929 3,997,898 3.02%
Total Revenues 494,535,275 256,587,042 555,787,067 278,396,435 21,809,393 8.50%

Use of Fund Balance - 1,771,999 11,343,058 - (1,771,999) -100.00%

Capital Accts 5,587,111 - - -
Debt Service Accts 492,371,471 254,611,148 564,067,144 275,411,715 20,800,567 8.17%
Transfer Out - 2,975,650 2,975,650 - (2,975,650) -100.00%
Total Expenses 497,958,583 257,586,798 567,042,794 275,411,715 17,824,917 6.92%

Contribution to Fund Balance - 772,243 87,331 2,984,720 2,212,477 286.50%

Revenues Over(Under) Expenses $ (3,423,307) $ - $ - $ - $ - 0%

FUND PURPOSE AND GOALS

Debt service funds account for the accumulation of financial resources for the payment of principal, interest, and
related costs on long-term obligations paid primarily from taxes levied by the city. The city will utilize seven debt
service funds to accumulate the resources to make principal and interest payments on existing bond issues. Debt
service funds include the General Debt Service Fund, Culture and Tourism Debt Service Fund, Venue Debt Service
Fund, Stormwater Debt Service Fund, Solid Waste Debt Service Fund, Municipal Parking Debt Service Fund, and a
Water Debt Service Fund. The total FY2023 debt service requirements, for all funds’ outstanding debt are
$275,411,715 (does not include capital leases, energy conservation loans, or handling charges).

TOTAL GENERAL OBLIGATION DEBT

Of the total debt amount projected for the upcoming fiscal year (FY2023), $144,211,071 is for general obligation
bonds, certificates of obligation, loans, and tax notes.

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