City of DeSoto Debt Service Fund Overvie w
The Debt Service Fund is used for the accumulation of resources for and the payment of general long term debt principal, interest and related costs on general obligation and certificates of obligation bonds issued by the City. Revenues are generated by the collection of property taxes dedicated to interest and sinking fund requirements (I&S), interest income, and transfers from the Hotel Occupancy Fund, Fire Training Fund, Southwest Regional Communication Center (SWRCC), Parks Development Corporation and the Economic Development Corporation.
Debt Service Fund Revenues By Source Total Budget $7,632,431
Tax Revenue 93.55%
Transfers in 1.79%
Intergovernmental Revenue 4.65%
Revenues in the Debt Service Fund are budgeted at $7,632,431 an increase of 1.20% from the previous year. The I&S property tax rate for FY 2016-17 is calculated at $0.2100 per $100 valuation, a decrease of $0.015 from the previous fiscal year’s rate. The I&S rate is equivalent to 28.19% of the total property tax rate of $0.7449 per $100 valuation. Property tax collections, which include delinquent taxes and penalties, are budgeted at $7.1 million and represent 93.55% of total fund revenues. Intergovernmental Revenue is budgeted at $354,531 represents the second largest source of funding, followed by transfers from other funds that are budgeted at $136,400. Interest revenue is budgeted at $1,500.
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