Page 47 - CityofWataugaAdoptedBudgetFY24

General Obligation Debt Service
Multi-Year Financial Plan

Budget Estimate Budget Planning Planning Planning
2022-2023 2022-2023 2023-2024 2024-2025 2025-2026 2026-2027
BEGINNING BALANCE 782,055 782,055 827,043 1,036,226 889,649 913,741

REVENUES
Ad valorem taxes 3,400,000 3,450,000 4,149,000 3,721,388 3,971,111 4,342,453
Delinquent taxes 11,000 8,000 11,000 13,000 13,000 13,000

Penalties 11,000 15,000 11,000 12,000 12,000 12,000
Interest Income 2,000 35,000 40,000 38,000 36100 34,295
Transfer from EDC/Fund Balance Reserves 153,200 153,200 149,000 324,852 324,852 324,852
Total Revenues 3,577,200 3,661,200 4,360,000 4,109,240 4,357,063 4,726,600

EXPENDITURES
Principal (2,845,000) (2,910,000) (3,180,000) (3,135,000) (3,435,000) (3,735,000)
Interest (770,348) (704,612) (968,817) (1,118,817) (895,972) (970,972)
Bank Charges (1,400) (1,600) (2,000) (2,000) (2,000) (2,000)
Total Expenditures (3,616,748) (3,616,212) (4,150,817) (4,255,817) (4,332,972) (4,707,972)

Recommended Reserves per Policy (361,675) (361,621) (318,000) (313,500) (343,500) (373,500)
ENDING FUND BALANCE 742,507 827,043 1,036,226 889,649 913,741 932,369

Tax Rate Variable
Assessed Taxable Value/$100 16,248,453 16,248,453 18,423,407 18,976,109 19,545,392 20,131,754

Amount generated by 1¢ tax 160,860 160,860 182,392 187,863 193,499 199,304

SR Tax Ceiling 2,519,073 2,519,073 3,031,512 3,122,457 3,216,131 3,312,615
SR Tax Freeze $ 270,000 270,000 289,613 298,301 307,250 316,468
I&S Rate 0.195013 0.195013 0.210490 0.182211 0.189347 0.202002
General Fund 0.375187 0.375187 0.359710 0.361456 0.363211 0.364974
Total Tax Rate 0.570200 0.570200 0.570200 0.543668 0.552558 0.566976
Voter Approval I&S 0.195013 0.195013 0.210490 0.182211 0.189347 0.202002
Voter Approval M&O 0.389187 0.389187 0.395228 0.361456 0.363211 0.364974
Total Voter approval rate 0.584200 0.584200 0.605718 0.543668 0.552558 0.566976
Total Voter Approval Levy 6,260,450 6,260,450 7,208,632 6,790,441 7,028,107 7,274,091

CHANGE IN TAX RATE (0.010200) (0.010200) 0.000000 (0.026532) 0.008891 0.014418
Debt Issuance Variable:
Beginning debt outstanding** 24,670,000 24,670,000 30,710,000 34,618,000 41,627,000 48,789,000
Principal Retired (2,845,000) (2,910,000) (3,180,000) (3,135,000) (3,435,000) (3,735,000)

Principal Issued (Proposed)* 8,950,000 8,950,000 7,088,000 10,144,000 10,597,000 11,241,000

Ending debt outstanding 30,775,000 30,710,000 34,618,000 41,627,000 48,789,000 56,295,000
*Proposed debt issuances based on Capital Improvement Plan and Capital Outlay Plan
Debt M&O and M&O Rollback amount calculated at 99% collection rate
Voter approval rate allows for 3.5% increase

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