FY2016-17 Budget Final

CITY OF DESOTO SOARING FOR EXCELLENCE

OFFICE OF THE CITY MANAGER

~Interest and Sinking Fund~

This particular fund is utilized to address the principal and interest payments on debt acquired by the City. The methodology used to calculate the rate is derived from the taxable value of property and the monetary amount required financing debt service payments. In FY2016, the I & S tax rate was set at $.2250. The FY2017 I & S tax rate will be reduced to $.2100 per $100 of property valuation.

~Conclusion~

First and foremost, I sincerely would like to thank the DeSoto City Council for their unwavering support over the past six (6) FYs as it relates to the progressive vision of the Administration. Throughout the duration of this time, numerous changes were implemented throughout the organization to improve the overall efficiency and effectiveness of all municipal affairs. The results of this much needed transformation from antiquated governmental practices to more modem approaches toward public management have been extremely positive. Specifically, in terms of improving the financial health and leadership in several departments that were underperforming. Secondly, I wholeheartedly would like to thank the Internal Budget Committee (Tishia Jordan, Lora Stallings, Tracie Hlavinka, Tracy Cormier, Letitia Shelton, Kathleen Shields and Alicia Dorsey) for their steadfast dedication and due diligence throughout the entire FY2017 budget process. I also would like to thank those in the Budget and Finance Departments who work alongside of us to create these financial documents. Lastly, I personally would like to thank my Executive Leadership Team for their boundless commitment to improving the quality of life for all those who live and work in our City! n _ ';;J::r Ricb;hD City Manager

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