Page 252 - Southlake FY24 Budget

Debt Service Fund

DID YOU This fund accumulates ad valorem tax dollars to pay for the annual portion of
KNOW? tax supported debt outstanding.
DID YOU
KNOW? DEBT SERVICE FUND

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2 2024 Proposed and 2023 Revised Budget t
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$ Increase/ $ Increase/
2022 2023 2023 (Decrease) % Increase/ 2024 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
Debt Service
REVENUES
Ad Valorem Taxes $5,372,684 $5,943,869 $5,943,869 $0 0.0% $5,862,343 ($81,526) -1.4%
Miscellaneous Income $0 $0 $0 $0 0.0% $0 $0 0.0%
Interest Income (17,970) 6,300 110,000 103,700 1646.0% 95,000 88,700 1407.9%
Total Revenues $5,354,714 $5,950,169 $6,053,869 $103,700 1.7% $5,957,343 $7,174 0.1%
EXPENDITURES
Principal $4,675,306 $5,795,832 $5,795,832 $0 0.0% $5,656,358 ($139,474) -2.4%
Interest $651,326 $935,100 $935,100 0 0.0% $1,093,281 158,181 16.9%
Admin. Expenses $25,084 $19,500 $19,500 0 0.0% $19,500 0 0.0%
Total Expenditures $5,351,716 $6,750,432 $6,750,432 $0 0.0% $6,769,139 $18,707 0.3%
Net Revenues $2,998 ($800,263) ($696,563) $103,700 ($811,796) ($11,533)
Transfers In 173,859 402,554 402,554 0 397,341
Transfer Out 0 0 0 0
Total other Sources/(Uses) $173,859 $402,554 $402,554 $397,341
Beginning Fund Balance $3,110,539 $3,287,396 $3,287,396 $2,993,387
Ending Fund Balance $3,287,396 $2,889,687 $2,993,387 $2,578,932
FY 2024 Highlights
For FY 2024, revenues are estimated at $5,957,343 with $5,862,343 coming from ad valorem taxes and
$95,000 from interest income. Transfers into the fund are budgeted at $397,341 from the Storm Water
Utility District to pay the debt service for the bonds issued on the District’s behalf. Total expenditures are
$6,769,139 for annual principal and interest payments, as well as related administrative costs.
The Debt Service Fund will end the current fiscal year with undesignated reserves of $2,578,932. The fund
balance allows us to meet our fund balance policy which states that the City of Southlake “…shall also
maintain Reserve Funds for all statutorily required reserve funds to guarantee debt service.”

252 FY 2024 City of Southlake | Budget Book