Page 259 - Southlake FY23 Budget

DEBT SERVICE FUnDS ExPEnDITURES

Debt Service FunD

This fund accumulates ad valorem tax dollars to pay for the annual portion of tax supported debt outstanding.
DEBT SERVICE FUND
2023 Proposed and 2022 Revised Budget

$ Increase/ $ Increase/
2021 2022 2022 (Decrease) % Increase/ 2023 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Ad Valorem Taxes $5,930,642 $5,395,275 $5,395,275 $0 0.0% $5,943,869 $548,594 10.2%
Miscellaneous Income $0 $0 $0 $0 0.0% $0 $0 0.0%
Interest Income (2,750) 6,300 6,000 (300) -4.8% 6,300 0 0.0%
Total Revenues $5,927,892 $5,401,575 $5,401,275 ($300) 0.0% $5,950,169 $548,594 10.2%

EXPENDITURES
Principal $6,766,201 $4,675,306 $4,675,306 $0 0.0% $5,795,832 $1,120,526 24.0%
Interest $853,720 $651,326 $651,326 0 0.0% $935,100 283,774 43.6%
Admin. Expenses $7,605 $19,500 $19,500 0 0.0% $19,500 0 0.0%
Total Expenditures $7,627,526 $5,346,132 $5,346,132 $0 0.0% $6,750,432 $1,404,300 26.3%

Net Revenues ($1,699,634) $55,443 $55,143 ($300) ($800,263) ($855,706)

Transfers In 174,609 173,859 173,859 0 402,554
Transfer Out 0 0 0 0
Total other Sources/(Uses) $174,609 $173,859 $173,859 $402,554

Beginning Fund Balance $4,635,564 $3,110,539 $3,110,539 $3,339,541
Ending Fund Balance $3,110,539 $3,339,841 $3,339,541 $2,941,832

FY 2023 HiGHliGHtS:

For FY 2023, revenues are estimated at $5,950,169 with $5,943,869 coming from ad valorem taxes and $6,300 from
interest income. Transfers into the fund are budgeted at $402,554 from the Storm Water Utility District to pay the
debt service for the bonds issued on the District’s behalf. Total expenditures are $6,750,432 for annual principal and
interest payments, as well as related administrative costs.

The Debt Service Fund will end the current fiscal year with undesignated reserves of $3,339,541. The fund balance
allows us to meet our fund balance policy which states that the City of Southlake “…shall also maintain Reserve
Funds for all statutorily required reserve funds to guarantee debt service.”

258 FY 2023 City of Southlake | BUDGET BOOK
WWW.CITYOFSOUTHLAKE.COM