Page 132 - GrapevineFY24 Adopted Budget
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FY 2023-24 APPROVED OPERATING BUDGET
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
DEBT SERVICE FUND
2020-21 2021-22 2022-23 2022-23 2023-24
Actual Actual Budget Estimate Approved
BEGINNING FUND BALANCE: 7,289,596 6,681,803 6,997,400 6,997,400 8,011,685
OPERATING REVENUE:
Property Taxes Current 13,012,296 12,926,116 13,101,524 13,012,813 13,105,949
Property Taxes Delinquent 97,756 131,464 70,000 119,445 70,000
Interest Income 7,432 55,788 150,000 317,034 150,000
Other Financing Sources 44,945,000 - - - -
Miscllaneous Revenue 4,693 22,915 - 7,094 -
Total Operating Revenue 58,067,177 13,136,283 13,321,524 13,456,386 13,325,949
TRANSFERS IN:
Transfer from CVB Fund 998,850 658,675 659,425 659,425 659,400
Transfer from Economic Development Fund 1,400,519 1,398,894 1,401,444 1,401,444 1,398,169
Total Transfers In 2,399,369 2,057,569 2,060,869 2,060,869 2,057,569
TOTAL REVENUE AND TRANSFERS 60,466,546 15,193,852 15,382,393 15,517,255 15,383,518
OPERATING EXPENDITURES:
G. O. Bond Interest Payments 3,265,983 1,814,132 1,595,543 1,595,543 1,389,543
G. O. Bond Principal Payments 6,935,000 6,220,000 6,485,000 6,485,000 5,710,000
C. O. Interest Payments 1,577,364 1,772,637 1,684,063 1,684,063 2,111,850
C. O Principle Payments 1,695,000 2,875,000 2,675,000 2,675,000 3,235,000
Tax and Note Interest Payments 525,519 498,894 471,444 471,444 443,169
Tax and Note Principal Payments 875,000 900,000 930,000 930,000 955,000
Payment to Bond Refunding Escrow Agent 44,714,639 - - - -
Fiscal Agent and Bond Fees 262,692 8,681 - - -
Miscellaneous Expenses 103,136 118,173 - - -
Total Operating Expenditures 59,954,333 14,207,517 13,841,050 13,841,050 13,844,562
TRANSFERS OUT: 1,120,006 670,738 661,919 661,920 659,556
TOTAL EXPENDITURES AND TRANSFERS 61,074,339 14,878,255 14,502,969 14,502,970 14,504,118
SURPLUS (DEFICIT) OF REVENUE
OVER (UNDER) EXPENDITURES: (607,793) 315,597 879,424 1,014,285 879,400
ENDING FUND BALANCE: 6,681,803 6,997,400 7,876,824 8,011,685 8,891,085
FUND BALANCE REQUIREMENT: 11,826,608 2,802,579 2,730,289 2,730,289 2,730,982
* Fund balance requirement is 20% of total budgeted expenditures (72 days of operation).
The FY 2023-2024 projected Ending Fund Balance represents 64% of total budgeted expenditures (234 days of operation).
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