FINAL ADOPTED BUDGET FY2022-23

DEBT SERVICE FUND Bond Retirement General Obligations: The Debt Service Fund is an accounting entity established to record the retirement of the City's general obligation bonded indebtedness. Expenditures in this fund include principal and interest payments on the City's debt as well as administrative costs associated with selling bonds.

Actual 2020-21

Budget 2021-22

Adopted 2022-23

Projected

2023-24

Expenditures by Program Bond Retirement General Obligations

41,201,763

36,792,881

36,297,815

41,673,373

Total

41,201,763

36,792,881

36,297,815

41,673,373

Actual

Budget 2021-22

Adopted 2022-23

Projected

2020-21

2023-24

Full-time Equivalents by Program Bond Retirement General Obligations

2.05

2.05

2.05

2.05

Total

2.05

2.05

2.05

2.05

Actual

Budget 2021-22

Adopted 2022-23

Projected

2020-21

2023-24

Expenditures by Type Personnel Costs

233,599

215,779

227,020

236,541

40,968,164 41,201,763

Maintenance & Operations

36,577,10 2 36,792,88 1

36,070,795 36,297,815

41,436,832 41,673,373

Total

Revenues by Type Other Revenues

1,097,763 40,104,000

446,882

658,644

1,569,373 40,104,000

Interfund Transfers

24,790,423 8,697,060 33,934,365

27,696,130 7,943,041 36,297,815

-

Appropriated Fund Balance

-

Total

41,201,763

41,673,373

Budget Highlights: The FY 22-23 Adopted Budget is increasing by 4,903,948, or 13.5%. 

The budgeted contribution to the Debt Service Fund will increase from $27.7 million to $40.1 million. This $12.4 million increase is necessary due to planned issuance of the remaining $36 million from the 2016 Bonds and the $135 million in proposed 2022 Bonds in FY 22-23.  The City launched the Bond Tracker tool available on the City’s website. This tool provides regular updates on the progression of adopted bond projects.

Adopted 2022-23 Budget

152