Page 338 - CityofSouthlakeFY27Budget

TABLE OF CONTENTS

DEBT SERVICE FUND

DEBT SERVICE FUND
2027 Proposed and 2026 Revised Budget

Debt Service
$ Increase/ $ Increase/
2025 2026 2026 (Decrease) % Increase/ 2027 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Ad Valorem Taxes $6,132,810 $6,496,725 $6,315,150 ($181,575) -2.8% $6,305,126 ($191,599) -2.9%
Miscellaneous Income $0 $0 $0 $0 0.0% $0 $0 0.0%
Interest Income 123,425 85,000 72,000 (13,000) -15.3% 65,000 (20,000) -23.5%
Total Revenues $6,256,235 $6,581,725 $6,387,150 ($194,575) -3.0% $6,370,126 ($211,599) -3.2%

EXPENDITURES
Principal $6,123,304 $6,346,251 $6,346,251 $0 0.0% $5,583,198 ($763,053) -12.0%
Interest $925,965 $1,250,546 $1,250,546 0 0.0% $1,668,425 417,879 33.4%
Admin. Expenses $7,532 $19,500 $19,500 0 0.0% $19,500 0 0.0%
Total Expenditures $7,056,801 $7,616,297 $7,616,297 $0 0.0% $7,271,123 ($345,174) -4.5%

Net Revenues ($800,566) ($1,034,572) ($1,229,147) ($194,575) ($900,997) $133,575

Transfers In 401,762 400,552 400,552 0 504,832
Transfer Out 0 0 0 0
Total other Sources/(Uses) $401,762 $400,552 $400,552 $504,832

Beginning Fund Balance $2,268,218 $1,869,414 $1,869,414 $1,040,819
Ending Fund Balance $1,869,414 $1,235,394 $1,040,819 $644,654

FY 2027 HIGHLIGHTS

For FY 2027, revenues are estimated at $6,370,126 with $6,305,126 coming from ad valorem taxes and
$65,000 from interest income. Transfers into the fund are budgeted at $504,832 from the Storm Water
Utility District to pay the debt service for the bonds issued on the District’s behalf. Total expenditures
are $7,271,123 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 $644,654. 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.”

338 FY 2027 City of Southlake | Budget Book FY 2027 City of Southlake | Budget Book 339