Page 132 - Grapevine FY23 Adopted Budget (1)
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FY 2022-23 APPROVED OPERATING BUDGET
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
DEBT SERVICE FUND
2019-20 2020-21 2021-22 2021-22 2022-23
Actual Actual Budget Estimate Approved
BEGINNING FUND BALANCE: 8,918,787 7,749,787 7,289,595 7,289,595 7,749,410
OPERATING REVENUE:
Property Taxes Current 12,744,716 13,012,296 13,352,507 13,052,214 13,101,524
Property Taxes Delinquent 121,102 97,756 70,000 172,675 70,000
Interest Income 118,855 7,432 150,000 31,389 150,000
Miscllaneous Revenue - - - 22,915 -
Total Operating Revenue 12,984,673 13,117,484 13,572,507 13,279,193 13,321,524
TRANSFERS IN:
Transfer from CVB Fund 985,670 998,850 658,675 658,675 659,425
Transfer from Economic Development Fund 1,401,394 1,400,519 1,398,894 1,398,894 1,401,444
Total Transfers In 2,387,064 2,399,369 2,057,569 2,057,569 2,060,869
TOTAL REVENUE AND TRANSFERS 15,371,737 15,516,853 15,630,076 15,336,762 15,382,393
OPERATING EXPENDITURES:
G. O. Bond Interest Payments 3,692,383 3,265,983 1,814,132 1,814,132 1,595,543
G. O. Bond Principal Payments 7,565,000 6,935,000 6,220,000 6,220,000 6,485,000
C. O. Interest Payments 1,102,935 1,577,364 2,018,375 1,740,062 1,684,063
C. O Principle Payments 1,232,553 1,695,000 3,300,000 2,290,000 2,675,000
Tax and Note Interest Payments 573,019 525,519 498,894 531,469 471,444
Tax and Note Principal Payments 1,540,000 875,000 900,000 1,485,000 930,000
Fiscal Agent and Bond Fees 126,020 337,163 - 125,547 -
Total Operating Expenditures 15,831,910 15,211,029 14,751,401 14,206,210 13,841,050
TRANSFERS OUT: 708,827 766,016 - 670,738 661,919
TOTAL EXPENDITURES AND TRANSFERS 16,540,737 15,977,045 14,751,401 14,876,948 14,502,969
SURPLUS (DEFICIT) OF REVENUE
OVER (UNDER) EXPENDITURES: (1,169,000) (460,192) 878,675 459,814 879,424
ENDING FUND BALANCE: 7,749,787 7,289,595 8,168,270 7,749,409 8,628,834
FUND BALANCE REQUIREMENT: 3,123,007 3,000,532 2,909,865 2,802,321 2,730,289
* Fund balance requirement is 20% of total budgeted expenditures (72 days of operation).
The FY 2022-2023 projected Ending Fund Balance represents 62% of total budgeted expenditures (228 days of operation).
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