Fund Balance Summary
Fund Balance
Per the Town ’ s Annual Comprehensive Financial Report ( ACFR ), the total amount of unassigned fund balance in the General Fund stood at $ 13.7 million at the end of FY 2022-2023 . At the end of FY 2023-2024 , staff is projecting unassigned fund balance to be approximately $ 16.4 million or 22 percent of the Town ’ s budgeted expenditures .
The FY 2024-2025 budget includes $ 200,373 in appropriations from American Rescue Plan ( ARP ) funding for the following one-time capital purchase of replacement vehicles and other capital equipment .
In addition to the Town ’ s unassigned general fund balance , this budget also includes appropriations from other fund balances :
• Water / Sewer balance will be used to make the FY2024-2025 appropriation to capital reserves for capacity fee debt service totaling $ 207,915 .
Debt Service Fund
As part of the FY2024-2025 Adopted Budget Council approved renaming the Revenue Savings Plan to the Debt Service fund . As part of the change , Council also recommended 8.5 cents of the total ad valorem tax rate to be dedicated to the Debt Service Fund to help meet debt service needs for capital projects . This is a change from the previous model which calculated projected growth on specific revenue sources . As a result , the Town will contribute $ 7.8 million in FY2024-2025 .
Debt Service Fund dollars are presented as a committed component of fund balance . Debt Service Fund reserve is available to meet debt service obligations but will not be needed in FY2024-2025 . The Town will utilize $ 6.3 million of the Debt Service Fund reserve to fund existing and new debt service obligations . The Town ’ s transfer of $ 7.8 million to the Debt Service Fund will bring the cumulative total reserved in the Debt Service Fund to $ 10.8 million .
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