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), Parks Development Corporation and the Economic Development Corporation.
Revenues in the Debt Service Fund are budgeted at $7, 965,883 a n in crease of 3.62 % from the previously year. The I & S property tax rate for FY20 20 -2 1 is calculated at $0.151394 per $100 valuation. The I & S rate is equivalent to 21.58% of the total property tax rate of $0.701 554 per $100 valuation. Property tax collections, which include delinquent taxes and penalties, are budgeted at $7. 362 million and represent 9 2.42 % of total fund revenue. Intergovernmental Revenue is budgeted at $358,407 represents the second largest source of funding, followed by transfers from other funds that are budgeted at $235,564. Interest revenue is budgeted at $ 10 ,000.
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