Page 99 - CityofHaltomFY24Budget

City Of Haltom City Annual Budget, Fy2024 Debt Service Fund City Of Haltom City Annual Budget, Fy2024 Debt Service Fund

DEBT SERVICE FUND
Legal Debt Limit for General Obligation Debt BUDGET SUMMARY

Actual Adopted Projected Adopted
All taxable properties within the City is subject to the annual assessment, levy, and collection of FUND 05 FY2022 FY2023 FY2023 FY2024
ad valorem tax sufficient to provide for the principal and interest principal on City issued General
Obligation Bonds. Article XI, Section 5, of the Texas Constitution is applicable to the City, limiting Fund Balance, Beginning 1,708,498 1,906,605 1,906,605 2,494,713
the maximum ad valorem tax rate to $2.50 per $100 of assessed property valuation (for all City Revenues
purposes). Self-supporting debt that will be repaid by revenues generated through the ongoing Property Tax Revenue 7,166,425 7,214,306 7,214,306 7,151,428
activities in the enterprise funds or other non-governmental funds are not subject to the same legal Interest Income (185,288) 20,000 854,350 213,588
Transfer from General Fund
-

-

-

-
debt limit. Limits for self-supporting debt are instead set by the ability of the issuing entity’s city Transfer from Economic Dev. Fund - - - -
charter, profit and loss considerations, or other governing body lconstraints. Transfer from Oil and Gas 293,412 - - -
Proceeds from Bond Issuance 5,445,000 - - -
Premiums on Bond Issuance 781,295 - - -
Total Revenues 13,500,844 7,234,306 8,068,656 7,365,016
The City limits the total annual tax-supported debt service to no more than 25% of total spending. Funds Available 15,209,342 9,140,911 9,975,261 9,859,728
The property tax supported debt is the equivalent to 17% of total expenditures. The adopted debt
service budget of $9,307,309 includes $7,488,984 of debt supported by property taxes, $1,549,701 Expenditures
is supported by the Water & Sewer revenues, and $268,624 is supported by Drainage Fund Principal 5,510,000 4,530,000 4,530,000 4,685,000

1,696,307
2,945,549
2,786,984

2,945,549

Interest
revenues. For FY2024, the debt services portion of the tax rate is at $0.195452. Paying Agent Fees 3,046 5,000 5,000 17,000
Bond Issuance Cost 6,187 - - -
Refunded Escrow Bond Payments 4,397,197 - - -
Transfer to Water & Sewer Fund 1,690,000 - - -
The chart below displays the relationship of the City’s adopted total tax rate of $0.567283 in relation Total Expenditures 13,302,737 7,480,549 7,480,549 7,488,984
to the legal limit of $2.50. The City’s current tax rate is 22.7% of the legal limit.
Fund Balance, Ending 1,906,605 1,660,362 2,494,713 2,370,744

Debt Service Fund Expenditures
$6
$5
$4
Millions $3
Tax Rate Current Available $2
Limit Tax Rate Tax Rate
$2.50 $0.567283 $1.932717 $1
$0

Principal Interest