Page 37 - CityofMansfieldFY25Budget

Special Revenues Funds

The Special Revenue Funds are used to account for the proceeds of specific revenue resources (other than
major capital projects) that are legally restricted to expenditures for specified purposes. These funds include
Hotel/Motel Tax, Mansfield Park Facilities Development Corporation (MPFDC), and Mansfield Economic
Development Corporation (MEDC).

Debt Service Funds

The Debt Service Funds include the General Debt Service Fund, Water & Sewer Debt Fund, Environmental
Services Debt Fund, MPFDC Debt Fund and MEDC Debt Fund. These funds are used to account for the
accumulation of resources for and the payment of principal and interest on general long-term debt and
revenue bond debt. The primary sources of revenues are ad valorem taxes which are levied by the City for
the General Debt Service Fund, sales tax for the MPFDC and MEDC Debt Service Funds, and user fees for
the Water & Sewer Fund and Environmental Services Fund.

Capital Projects Funds

The Capital Projects Funds account for the financial resources to be used for the acquisition of capital
facilities other than those recorded in Proprietary Funds. The Capital Projects Funds are used to account
for the acquisitions of capital facilities financed by general obligation bond proceeds or certificate of
obligation proceeds, or transfers from other funds. The City's Capital Projects Funds consist of the
following: Street Improvements, Utility Improvements, Drainage Improvements, Building Construction,
MPFDC Construction, MEDC Construction, and Equipment Replacement.

TIRZ (Tax Increment Reinvestment Zone)

The Tax Increment Reinvestment Zone is a specific fund designated to capture the tax increment in a
defined geographic zone. The tax increment is to pay for the public improvements specific to the zone or
area defined by ordinance. Any increase in value or property value increment may be used to pay for the
debt for these public improvements or be used to reimburse the developer for the public improvements paid
for by the developer on behalf of the City.

PROPRIETARY FUND TYPES:

Enterprise Funds

The Enterprise Funds are used to account for operations that are financed and operated in a manner similar
to private business enterprises where the costs (expenses, including depreciation) of providing goods or
services to the general public on a continuing basis are financed through user charges. The City's Enterprise
Funds are the Water & Sewer Utility Fund and Environmental Services Fund.

OPERATING AND CAPITAL BUDGET RELATIONSHIP/ORGANIZATION

The City of Mansfield Budget for Fiscal Year 2024-2025 is comprised of the operating budgets for all
major funds: General Fund, Debt Service Funds, Enterprise Funds, Special Revenue Funds and Capital
Projects Funds. The operating budget includes portions of the City’s 10-Year Strategic Plan which
contains both operational and capital requirements.

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