Page 265 - CityofSouthlakeFY25AdoptedBudget

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
2025 Proposed and 2024 Revised Budget Debt Service

$ Increase/ $ Increase/
2023 2024 2024 (Decrease) % Increase/ 2025 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Ad Valorem Taxes $5,886,605 $5,862,343 $5,697,043 ($165,300) -2.8% $6,253,136 $390,793 6.7%
Miscellaneous Income $0 $0 $0 $0 0.0% $0 $0 0.0%
Interest Income 155,007 95,000 130,000 35,000 36.8% 130,000 35,000 36.8%
Total Revenues $6,041,612 $5,957,343 $5,827,043 ($130,300) -2.2% $6,383,136 $425,793 7.1%
EXPENDITURES
Principal $5,795,832 $5,656,358 $5,771,358 $115,000 2.0% $6,123,304 $466,946 8.3%
Interest $935,100 $1,093,281 $1,202,056 108,775 9.9% $925,966 (167,315) -15.3%
Admin. Expenses $7,367 $19,500 $19,500 0 0.0% $19,500 0 0.0%
Total Expenditures $6,738,299 $6,769,139 $6,992,914 $223,775 3.3% $7,068,770 $299,631 4.4%

Net Revenues ($696,687) ($811,796) ($1,165,871) ($354,075) ($685,634) $126,162

Transfers In 402,554 397,341 397,341 0 401,762
Transfer Out 0 0 0 0
Total other Sources/(Uses) $402,554 $397,341 $397,341 $401,762

Beginning Fund Balance $3,287,396 $2,993,263 $2,993,263 $2,224,733
Ending Fund Balance $2,993,263 $2,578,808 $2,224,733 $1,940,861

FY 2025 Highlights

For FY 2025, revenues are estimated at $6,383,136 with $6,253,136 coming from ad valorem taxes and
$130,000 from interest income. Transfers into the fund are budgeted at $401,762 from the Storm Water
Utility District to pay the debt service for the bonds issued on the District’s behalf. Total expenditures are
$7,068,770 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 $1,940,861. 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.”

FY 2025 City of Southlake | Budget Book 265