Page 104 - FY 2024-25 ADOPTED BUDGET

INSPECTIONS

The 2024-25 Budget for the Inspections division totals $397,342 for an increase of $40,888 compared to the 2023-
24 re-estimate of $356,455.

The Budget includes funds for a scheduled merit increase for the three employees; this amount is for salaries and
for fringe benefits. The Budget includes funds for an increase in health, dental, and life insurance premiums, along
with a 3.0 percent COLA and 3.0 percent inflation “catch up” adjustment.

TRANSFERS AND OTHER EXPENSES

Transfers and other uses of funds included in the 2024-25 Budget total $300,000. This total is the same amount as
the 2023-24 re-estimate of $300,000.

The 2024-25 Budget includes the transfer of $250,000 from the General Fund to the Capital Asset Replacement
Fund for the purchase of future capital assets, and $50,000 to the IT/Facilities Fund for the possible use with the
construction of the new municipal complex.

DEBT SERVICE

The 2024-25 Budget includes Debt Service expenditures of $1,533,863. These costs are $934 more than the 2023-
24 re-estimate of $1,532,929. Principal expenditures for 2024-25 are $985,000; this total is $35,000 more than the
2023-24 re-estimate of $950,000. Interest expenses for 2024-25 are $544,763 for a net decrease of $34,066
compared to the 2023-24 re-estimate of $578,829. Fiscal charges for 2023-24 and for 2024-25 are $4,100.

The City’s Series 2005 General Obligation Bonds matured in 2020-21. Also, in 2020-21 the City issued $22,000,000

in General Obligation bonds for the construction of a new municipal complex. In 2021-22 the City’s 2011 General
Obligation Bonds matured.

In November 2013, the City re-financed general obligation bonds. This transaction results in lower interest
payments for 2023-24 and for future years.

The City issued certificates of obligation in the summer of 2007; this debt has no financial impact on the City. A
transfer to the Debt Service Fund from the Stormwater Utility Fund is made to cover the payment of this debt.

In 2005, the City issued $2,500,000 in certificates of obligation to finance projects and expenses related to the Tax
Increment Financing (TIF) District. In 2012, the City of Benbrook sold $1,280,000 in certificates of obligation for TIF
projects; these costs are included in the TIF Fund for 2016-17 and future years. The TIF is required to repay these
expenses to the City when funds are available. In June 2014, the City issued certificates of obligation for the TIF. A
transfer is made from the TIF Fund to the Debt Service Fund to pay for the TIF related debt. These bonds have all
matured in 2021-22. The TIF expired in November 2022.

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