Page 22 - Proposed budget cover and insert sheets

CITY OF HURST

DEBT SERVICE FUND
FY 2024-2025 PROPOSED BUDGET
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 proposed 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, 2024 $351,907

REVENUES

CURRENT COLLECTIONS 3,644,077
DELINQUENT COLLECTIONS 10,000
INTEREST EARNINGS 10,557

TOTAL REVENUES $3,664,634

COLLECTION & TAX FREEZE ALLOWANCE ($305,384)

TOTAL FUNDS AVAILABLE $3,711,157

EXPENDITURES

DEBT SERVICE $3,384,380

ESTIMATED FUND BALANCE SEPTEMBER 30,2025 $326,777