City of DeSoto Debt Service Fund Overview
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 issues 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), and DeSoto Development Corporation.
A summary of the City's bond ratings is found in the appendix.
Revenues in the Debt Service Fund are budgeted at $ 1 4,527,861 a n in crease of 37.63 % from the previously year. The I & S property tax rate for FY20 2 3 -2 4 is $0.1 81607 per $100 valuation. The I&S rate is 2 6.50 % of the total property tax rate of $0. 685092 per $100 valuation. Property tax collections, which include delinquent taxes and penalties, are budgeted at $ 12 . 8 million and represent 8 8.36 % of total fund revenue. A Tax Note was issued for $3,400,000 with a one year amortization. The note was issued to maintain funding capacity and flexibility for future capital improvement program projects. Transfers from other funds , budgeted at $ 1. 2 million , represents the second largest source of funding, followed by intergovernmental revenues , budgeted at $ 358 , 40 7. Interest revenue is budgeted at $ 10 0 ,000.
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