Page 9 - PantegoFY24AdoptedBudget

DEBT SERVICE FUND

Revenues for the Debt Service Fund are allocated from Ad Valorem (Property) tax collections, a
transfer from the Water and Sewer Department and a small amount of interest income. The Debt Service
fund supports two outstanding debt issuances: the 2019 Certificates of Obligation (CO’s) Bonds, which
were issued in the Spring of 2019, and the 2023 Certificate of Obligation (CO’s) Bonds issued in the Spring
of 2023. The Debt Service payment, principal, and interest, for FY 2023-2024 will be $1,134,732.

SPECIAL REVENUE FUNDS

The Special Revenue Funds account for the accumulation and disbursement of restricted resources.
Special Revenue Funds consist of the Shamburger Fund, Municipal Court Security Fund, and Municipal
Court Technology Fund.

Shamburger Fund – This fund was created as a bequeath to the Town from one of its departed citizens.
The Shamburger Fund is used to account for the care and feeding of stray animals found within the Town
limits.

Expenditures incurred and proposed in this fund are for the supplies and cost of services incurred in
carrying out its mandate. The proposed Budget for the Shamburger fund remains unchanged from the
prior fiscal year. These funds are meant to be depleted.

Municipal Court Security Fund – This fund was created by the State Legislature to fund the security
and protection of the municipal court. This fund accounts for the cost of security for both the court room
and the court office. Revenue sources come from a portion of the fees collected on every infraction
adjudicated by the Town. Total revenues in this fund are estimated at $17,725 for FY 2023-2024.

Municipal Court Technology Fund – This fund was also created by the State Legislature to fund
improvements in technology in the municipal court system. Revenue sources for this fund are derived
from fees assessed, as provided by law, per conviction in the Town of Pantego. Municipal Court revenues
are estimated at $18,900 for Court fines and fees for FY 2023-2024.

CAPITAL PROJECT FUNDS

These sets of funds are used to report major capital acquisitions and construction projects. Capital
Project Funds include Street Improvement Fund, Capital Project/Equipment Replacement Fund, and a
Capital Project Fund tied to the issuance of the 2019 Certificates of Obligation.

Street Improvement Fund – This fund was established to account for a ¼ (.25) cent sales tax allocation
voted on by the citizens of Pantego every four years. The revenue is restricted by state statute to be used
for existing road improvements and maintenance. Sales tax is budgeted to be $390,000.

The repair and upgrade of the Town’s streets and roads continues to be a top priority of the Town Council
and staff.

The proposed Budget also includes a transfer out to the General Fund in the amount of $164,434 for the
cost of labor incurred by this fund.

ADOPTED BUDGET FY2023-24 TOWNOFPANTEGO.COM/BUDGET PAGE 7