Page 84 - FY 2023-24 ADOPTED BUDGET

CONTRACTUAL SERVICES

The projected cost of contractual services in 2023-24 in the amount of $1,522,905 decreases by $1,387,318 from
the 2022-23 re-estimate of $2,910,223. This decrease is due to the TIF expiring and the City no longer pays property
taxes to the TIF. This category includes funds for utilities, professional services, dues and memberships, training,
and printing services.

Funds are included in the 2023-24 Budget for the general election and for a run-off election. Funds are included for
Benbrook residents to participate in Tarrant County’s Home Project.

MAINTENANCE AND REPAIR

Maintenance and repair costs decreased by $23,001 from the 2022-23 re-estimate of $3,957,191 to the 2023-24
Budget allocation of $3,934,190. Funds for vehicle, equipment, radio, and software maintenance costs are
budgeted near the 2022-23 re-estimate level for 2023-24. Additional funds in the amount of $850,000 are included
in the Public Works Department for the maintenance and repair of streets and roadways.

CAPITAL OUTLAY

The purchase of capital outlay equipment in 2023-24 in the amount of $199,840 is $27,974 more than the $171,866
re-estimate for 2022-23. Funds for both fiscal years are for replacement of four Police Department vehicles. There
were no other capital purchases due to the COVID-19 pandemic, 3.5% property tax cap, inflation, and fears of a
recession. A capital outlay is defined as an item or piece of equipment that costs a minimum of $5,000, has a useful
life of more than one year, and/or is recorded as a fixed asset on the City's official inventory.

DEBT SERVICE

Debt service requirements increased by $624,400 from $908,229 in 2022-23 to $1,532,629 in 2023-24. Principal
payments increase by $635,000 in 2023-24 to $950,000 from $305,000 in 2022-23; interest expenses decreased by
$20,600 from $599,429 in 2022-23 to $578,829 in 2023-24. Agent fees remain at $3,800.

TRANSFERS AND USE OF UNAPPROPRIATED RESERVES

The 2023-24 Budget and the 2022-23 re-estimate include the transfer of reserves from the General Fund to the
Capital Asset Replacement Fund; these funds are designated for the purchase of major pieces of equipment in
future years. The 2022-23 transfer was $250,000; the 2023-24 transfer is $250,000, plus a $50,000 transfer from
the General Fund to the IT/Facilities Fund for the possible use with the construction of the new municipal complex.

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