Page 104 - FY 2023-24 ADOPTED BUDGET

The Budget includes funds for a scheduled merit increase for the three employees; this amount is for salaries and
for fringe benefits. The Budget includes funds for an increase in health, dental, and life insurance premiums, along
with a 3.0 percent COLA.

TRANSFERS AND OTHER EXPENSES

Transfers and other uses of funds included in the 2023-24 Budget total $300,000. This total is the same amount as
the 2022-23 re-estimate of $300,000.

The 2023-24 Budget includes the transfer of $250,000 from the General Fund to the Capital Asset Replacement
Fund for the purchase of future capital assets, and $50,000 to the IT/Facilities Fund for the possible use with the
construction of the new municipal complex.

DEBT SERVICE

The 2023-24 Budget includes Debt Service expenditures of $1,532,629. These costs are $624,400 more than the
2022-23 re-estimate of $908,229. Principal expenditures for 2023-24 are $950,000; this total is $645,000 more

than the 2022-23 re-estimate of $305,000. Interest expenses for 2023-24 are $578,829 for a net decrease of
$20,600 compared to the 2022-23 re-estimate of $599,429. Fiscal charges for 2022-23 and for 2023-24 are $3,800.

The City’s Series 2005 General Obligation Bonds matured in 2020-21. Also, in 2020-21 the City issued $22,000,000
in General Obligation bonds for the construction of a new municipal complex. In 2021-22 the City’s 2011 General
Obligation Bonds matured.

In November 2013, the City re-financed general obligation bonds. This transaction results in lower interest
payments for 2023-24 and for future years.

The City issued certificates of obligation in the summer of 2007; this debt has no financial impact on the City. A
transfer to the Debt Service Fund from the Stormwater Utility Fund is made to cover the payment of this debt.

In 2005, the City issued $2,500,000 in certificates of obligation to finance projects and expenses related to the Tax
Increment Financing (TIF) District. In 2012, the City of Benbrook sold $1,280,000 in certificates of obligation for TIF
projects; these costs are included in the TIF Fund for 2016-17 and future years. The TIF is required to repay these
expenses to the City when funds are available. In June 2014, the City issued certificates of obligation for the TIF. A
transfer is made from the TIF Fund to the Debt Service Fund to pay for the TIF related debt. These bonds have all
matured in 2021-22. The TIF expired in November 2022.

89