Page 113 - FY 2023-24 ADOPTED BUDGET

Debt Service Fund that summarize principal and interest requirements for all debt issued and for each issue of
general obligation bonds, certificates of obligation.

FORECAST RESULTS

Based on the current estimates of revenues and expenditures, the City should be able to maintain a property tax
rate at or below the 3.5 percent voter-approval rate throughout the forecast period. Without an increase in the
property tax rate, the City can continue services at current levels without any adjustments in staffing levels.

Reserves can be maintained above the recommended level of $8,000,000 and three months of operating expenses
for the operating budget. In any of the forecast years, the City may have the flexibility to decrease the property tax
rate, enhance services, issue additional debt, or provide a combination of the three depending upon the economic
conditions and political climate at that time. Of course, one adjustment in revenues, expenditures, or a combination
of the two impacts that year as well as all future years of the long-range financial forecast.

Expenditure projections included within the forecast do not reflect any service enhancements (additional
employees, new equipment, or program changes). The projections do include the replacement of existing

equipment based on past equipment replacement practices. Four police vehicles are scheduled for replacement in
each of the forecast years. The projects also include funds for the street overlay and street rebuilding programs for
each year of the forecast. The last payment to the TIF was in 2022-23 and is was $1,444,704. 2023-24 and future
years have been adjusted.

The 2023-24 Budget on which the Long-Range Financial Forecast is based is an atypical budget in that expenditures
for General Fund Departments reflect the addition of relatively few special projects. During the forecast period - as
Benbrook continues to grow in population, in business, and in industrial ventures and establishments - additional

personnel are required in these future forecast years to meet additional needs and requirements for public safety,
public works, and community development. These issues and other special needs that develop in each year of the
forecast are expected to be determined, reviewed, and approved as part of the annual budget process.

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