Page 18 - Proposed Operating Budget FY24

CITY OF HURST
DEBT SERVICE FUND
FOR FISCAL YEAR 2023‐2024
REVENUES AND EXPENDITURES

The Debt Service Fund, also known as General Obligation Interest and Sinking Fund, was

established by ordinance to provide for the payment of general obligation bond principal and

interest as they come due. The property tax rate is required to be annually computed and levied

to provide the funding necessary to pay principal and interest. This fund is also used to provide
for the payment of fiscal agent fees. The General Obligation debt is financed by property taxes

and interest earned on investments. The final tax rate will be dependent upon the

certified taxable values from the Tarrant Central Appraisal District, which are not yet available.

Every year the City's finance staff reviews market conditions and evaluates opportunities to
refund, or refinance, existing debt to achieve savings. Refunding opportunities are contingent

upon current rates and demand for municipal bonds. The last five refundings bonds have saved

the City over $5.2 million dollars in interest costs across all bond funds. The savings are achieved
through taking advantage of lower interest rates in the municipal bond market, the City of Hurst
will not pursue refundings that extend the original maturity date of the bonds.
ESTIMATED BEGINNING FUND BALANCE OCTOBER 1, 2023 $383,006
REVENUES
CURRENT COLLECTIONS 3,714,585
DELINQUENT COLLECTIONS 10,000
INTEREST EARNINGS 15,000
TOTAL REVENUES $3,739,585
COLLECTION & TAX FREEZE ALLOWANCE ($338,437)
TOTAL FUNDS AVAILABLE $3,784,154
EXPENDITURES
DEBT SERVICE $3,415,385
ESTIMATED FUND BALANCE SEPTEMBER 30,2024 $368,769