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General Debt Service
All taxable property within the City is subject to the assessment, levy and collection by the City of a continuing, direct annual ad valorem tax that is sufficient to provide for the payment of principal and of interest on all ad valorem tax debt within the limits prescribed by law. Article XI, Section 5, of the Texas Constitution is applicable to the City, and provides for a maximum ad valorem tax rate of $2.50 per $100 taxable assessed valuation for all City purposes. The Home Rule Charter of the City adopts the constitutionally authorized maximum tax rate of $2.50 per $100 taxable assessed valuation. Administratively, the Attorney General of the State of Texas will permit allocation of $1.50 of the $2.50 maximum tax rate for all general obligation debt service, as calculated at the time of issuance and based on a 90% collection rate.
Allowable debt levy per $100 valuation $1.500000
Levy for Debt Service $0.160509
Percentage of allowable debt levy used 10.7%
The primary source of revenue for the General Debt Service Fund is the ad valorem property tax. The proposed ad valorem tax rate of $0.56 is split into two rates. Approximately 29% ($0.160509) of the tax revenue is used to pay principal and interest on the City’s outstanding general obligation debt. The remaining 71% ($0.378201) of the revenue generated by the tax rate is used to pay for maintenance and operating costs incurred in the General Fund.
Estimated Ad Valorem Tax Revenue
Fiscal Year 2018 2019 2020 2021 FY 2020 TO FY 2021 CHANGE Tax Year 2017 2018 2019 2020 $ Change % Change
Estimated Tax Roll 1,455,653,995 1,658,547,850 1,935,983,668 2,206,782,929 270,799,261 13.99%
TIF Property Value Value Used for Revenue Calculation Proposed Tax rate per $100 Valuation 80,364,580 116,878,339 177,844,682 180,206,589 2,361,907 1.33%
1,375,289,415 1,541,669,511 1,758,138,986 2,026,576,340 268,437,354 15.27%
0.621111 0.621111 0.580000 0.538710 (0.04129) -7.12%
Revenue from Taxes Estimated Collection Rate
8,542,074 9,575,479 10,197,206 10,917,360 720,154 7.06% 99% 99% 99% 99% 99%
Estimated Current Year Funds Available 8,456,653 9,479,724 10,095,234 10,808,187 712,953 7.06%
Distribution of Current Tax Collections
Fiscal Year Tax Year
Maintenance & Operations Rate 0.358330 0.393237 0.380567 0.378201 (0.002366) -0.66%
2018 2019 2020 2021
FY 2020 TO FY 2021 CHANGE
2017 2018 2019 2020 $ Change % Change
M&O Yield 4,878,794 6,001,791 6,623,988 7,587,887 963,899 19.76% Debt Service Rate 0.262781 0.227874 0.199433 0.160509 (0.03892) -14.81% Debt Service Yield 3,577,859 3,477,930 3,471,245 3,220,300 (250,945) -7.01% Total Rate 0.621111 0.621111 0.580000 0.538710 (0.041290) -6.65% Total Yield 8,456,653 9,479,721 10,095,234 10,808,187 712,953 8.43%
The Debt Service (DS) portion of the tax rate covers the City’s bond payments and other outstanding debt. This portion of the tax rate is not flexible, and is set by a calculation based on the required fiscal year payments of the City’s debt. Fiscal Year 2021’s debt service rate is $0.160509. This is a decrease of $0.03337 (-17.21%) from the Fiscal Year 2020 rate, resulting in $3,220,300 in revenue to be used for debt payments.
The Debt Service tax rate is calculated by subtracting any revenue paid from other sources from the annual required debt payment and then dividing that result by the adjusted taxable value and multiplying by 100.
(Total annual debt payment) – (Non-tax revenue) ÷ (Adjusted Taxable Value) x 100 = Debt Service Tax Rate
((5,937,711 – 2,684,883) ÷ 2,026,576,340) x 100 = $0.160509
General Debt Service Prinicipal Interest Annual Payment Paid from Other Tax Rate Series 2008 General Obligation - TXDOT Pass Through - 149,312.50 149,312.50 149,312.50 -
Series 2011 General Obligation Refunding - 96,806.26 96,806.26 0.004777 Series 2011 Combo Certificates of Obligation 190,000.00 99,831.00 289,831.00 0.014302 Series 2012 General Obligation Refunding 190,000.00 7,567.50 197,567.50 0.009749 Series 2012 Certificates of Obligation 45,000.00 16,650.00 61,650.00 0.003042 Series 2014 Certificates of Obligation 230,000.00 123,063.00 353,063.00 353,063.00 Series 2014 General Obligation Refunding (2005A) 215,000.00 24,325.00 239,325.00 0.011809
Series 2015 General Obligation Refunding (2007) - 329,475.00 329,475.00 - 0.016258 Series 2016 General Obligation Refunding (2007) 1,545,000.00 97,075.00 1,642,075.00 0.081027
Series 2016 Certificates of Obligation (Redbud) 105,000.00 56,906.00 161,906.00 - 0.007989
Series 2017 Subordinate Lien Pass Through Refunding 1,745,000.00 349,450.00 2,094,450.00 1,860,257.50 0.011556
Series 2017 Tax Notes (Fire Equipment) 290,000.00 32,250.00 322,250.00 322,250.00 -
4,555,000.00 1,382,711.26 5,937,711.26 2,684,883.00 0.160509
PASS THROUGH TOLL AGREEMENT
In addition to revenue from the debt service portion of the tax rate, the city receives an annual payment from the Texas Department of Transportation (TxDOT) as part of a Pass Through Tolling agreement. With this agreement, the City sold the 2008 General Obligation Bonds to fund the expansion of three state owned roadways within the city limits, and oversaw the construction. Upon completion of the projects, responsibility for the roadways was returned to the state and TxDOT began to reimburse the City annually. Repayment is structured with a minimum annual payment, with an additional accelerated portion (amount above the guaranteed minimum annual payment) based on traffic counts. The minimum annual payment is $2,009,570. The City Council has deemed any amount above
the minimum payment be held as committed fund balance and, if possible, used for early redemption in order to reduce future interest payments. The city has redeemed an additional $15,032,448 resulting in $7,660,350 in interest savings. Combined with general obligation refunding and increasing property values, this early redemption process has also helped to decrease the debt service tax rate by $0.21 since Fiscal Year 2014. To date, the 2014 Certificates of Obligation and the 2017 Tax Notes have not impacted the debt service tax rate. The proceeds from the certificates were used to fund construction of Fire Station #2 and the new Animal Shelter, and the proceeds from the tax notes funded fire department equipment. The payments have been made from fund balance in the Debt Service fund. This fund balance is the result of interest collected in the fund, as well as delinquent and penalty taxes that have accumulated over prior years and is restricted to use on debt payments.
GENERAL DEBT SERVICE FUND STATEMENT
History Projected Budget
2019 Actual 2020 Budget2020 Revised2021 Budget % Change
Beginning Fund Balance
Revenue Property Tax Revenue
3,641,051 3,052,097 3,048,331 2,606,453 -14.60%
3,507,883 3,471,245 3,545,095 3,220,300 -7.23%
Property Tax Penalty Income 18,133 15,000 10,000 15,000 -
Delinquent Property Tax
33,510 20,000 70,000 20,000 Interest Income 29,523 50,000 20,000 20,000 -60.00% TXDOT Pass Through Toll Reimbursement 4,019,140 4,019,140 4,019,140 4,019,140 7,608,190 7,575,385 7,664,235 7,294,440 -3.71%
Transfers In General Fund (Fire Engine) Capital Purchase (Pinson Farm) Total Revenue 50,293 - - - - 51,108 - - - - 7,709,591 7,575,385 7,664,235 7,294,440 -3.71%
Expenditures Fees Paid to Agencies for Bonds Bonds Retired Bond Interest 10,200 8,500 8,500 8,500 6,389,699 4,450,000 6,457,447 4,555,000 2.36% 1,902,412 1,640,166 1,640,166 1,382,711 -15.70% 8,302,311 6,098,666 8,106,113 5,946,211 -2.50%
Council Committed Fund Balance Ending Fund Balance
178,633 2,011,693 180,756 2,190,326 8.88% 2,869,698 2,517,123 2,425,697 1,764,356 -29.91%
The thirteen current outstanding tax supported debt issues owed as of Fiscal Year 2021 total $46,752,687. This is the total of $38,315,000 in remaining principal payments and $8,437,687 in interest.
General Debt Service Fiscal Year Principal Interest Total Payments
2021 4,555,000 1,382,711 5,937,711 2022 4,725,000 1,215,249 5,940,249 2023 3,900,000 1,035,265 4,935,265 2024 3,190,000 909,781 4,099,781 2025 3,015,000 802,825 3,817,825 2026 3,170,000 692,775 3,862,775 2027 3,380,000 572,587 3,952,587 2028 1,705,000 476,713 2,181,713 2029 1,760,000 412,838 2,172,838 2030 1,840,000 345,556 2,185,556 2031 1,905,000 273,416 2,178,416 2032 2,815,000 202,950 3,017,950 2033 1,515,000 86,019 1,601,019 2034 515,000 19,178 534,178 2035 160,000 7,350 167,350 2036 165,000 2,475 167,475
38,315,000 8,437,687 46,752,687
2008 General Obligation Bonds
2008 General Obligation Bonds
Original Issue Amount: $39,605,000 Fiscal Year Principal Interest Total Payments 2021 - 149,313 149,313 Original Date of Issue: July 15, 2008 2022 - 149,313 149,313 Maturity Date: August 15, 2033 2023 40,000 149,313 189,313 2024 75,000 147,213 222,213 Use of Bond Proceeds 2025 125,000 143,275 268,275 2026 175,000 137,650 312,650 "Proceeds from the sale of the Bonds will be 2027 535,000 129,775 664,775 used to (i) provide funds for the design, 2028 160,000 101,688 261,688 development, construction, extension, 2029 170,000 94,288 264,288 expansion and/or improvement of certain state 2030 185,000 86,213 271,213 2031 240,000 77,425 317,425 highway facilities and roadways located within 2032 370,000 66,025 436,025 the City and as more specifically described in 2033 1,020,000 48,450 1,068,450 the {Pass Through} Agreement, (ii) pay interest 3,095,000 1,479,938 4,574,938 on the Bonds for the period authorized by State law, and (iii) pay the costs of issuance on the Bonds..."
Initial Design of three Pass Through Toll Projects Total Project Cost: $9,598,084 2008 Bond Allocation: $8,687,712 Completion Date: March 2013
FM 548 @ US HWY 80 Roadway Reconstruction & Widening Total Project Cost: $14,818,921 2008 Bond Allocation: $8,867,416 Completion Date: October 2015
Bond Interest Recognizing that there would be a gap between the time where bond payments became due and the time that TxDOT began making the Pass Through Reimbursements, $3,239,848 of the bond issue was used to decrease the annual Series 2008 Bond Payments from Fiscal Year 2009 to Fiscal Year 2012. This reduced the impact on the debt service tax rate over three years.
Bond Issuance Costs Total Cost: $315,153
Pass Through Toll Program – Early Redemption The Pass Through Toll Program is an agreement between the City and the Texas Department of Transportation (TxDOT). With this agreement, the City sold the 2008 General Obligation Bonds to fund the expansion of three state owned roadways within the city limits, and oversaw the construction. Upon completion of the projects, responsibility for maintenance of the roadways was returned to the state and TxDOT began to reimburse the City annually.
TxDOT began making annual payments to the City in Fiscal Year 2013. This repayment is structured with a minimum annual payment and an additional accelerated portion (the amount above the guaranteed minimum annual payment) based on traffic counts. The minimum annual payment is $2,009,570. The City Council has deemed any amount above the minimum payment be held as committed fund balance and, if possible, used for early redemption in order to reduce future interest payments. As of 2021, the City has redeemed an additional $15,032,448 resulting in $7,660,350 in interest savings.
Fiscal Year
2013
2014 2015
2016
2017
2018
2019 2020 Pass Through Reimbursement Amount Amount Applied to the annual 2008 Bond Payments Remaining Available for Early Redemption
Early Redemption Interest Savings
3,606,373 2,009,570 1,596,803 1,590,000 1,359,450
3,685,934 2,009,570
1,676,364 1,675,000 1,281,313 3,901,756 2,009,570 1,892,186 1,890,000 1,260,175
4,019,140 2,009,570 2,009,570 1,955,000 1,088,700
4,019,140 2,009,570 2,009,570 1,910,000 894,750
4,019,140 2,009,570 2,009,570 2,005,000 631,575
4,019,140 2,009,570 2,009,570 2,000,000 528,075 4,019,140 2,009,570 2,009,570 2,007,447 616,313 31,289,763 15,032,447 15.213,203 15,032,447 7.660,350
Refunding The following amounts have been refunded from the 2008 General Obligation Bonds:
2011 General Obligation Refunding
2011 General Obligation Refunding
Original Issue Amount: $2,295,000 Fiscal Year Principal Interest Total Payments Original Date of Issue: August 2, 2011 2021 96,806 96,806 Maturity Date: August 15, 2032 2022 96,806 96,806 2023 96,806 96,806 2024 96,806 96,806 Interest savings from this refunding will be 2025 96,806 96,806 $114,573. 2026 96,806 96,806 2027 96,806 96,806 Use of Bond Proceeds 2028 95,000 96,806 191,806 "Proceeds from the sale of the Tax-Exempt 2029 95,000 2030 100,000 93,006 89,206 188,006 189,206 Bonds will be used (i) to refund a portion of 2031 105,000 85,081 190,081 the City's outstanding tax-exempt debt ...as 2032 1,900,000 80,750 1,980,750 described on Schedule 1 {in the Official 2,295,000 1,122,494 3,417,494 Statement} for restructuring purposes ... and (ii) to pay the costs of issuance associated with the sale of the Tax-Exempt Bonds.."
Tax and Waterworks and Sewer System (Limited Pledge) Revenue Certificates of Obligation, Series 2005A Principal Amount Refunded: $20,000 Interest Savings: $410 Proceeds from the 2005A Certificates of Obligation funded: - East Side Drainage Project
Pass Through Toll Revenue and Limited Tax Bonds, Series 2008 Principal Amount Refunded: $1,200,000 Interest Savings: $94,825
Bond Issuance Costs Total Cost: $165,000
2011 Combo Certificates of Obligation Fiscal Year Principal Interest Total Payments
2021 190,000 99,831 289,831 2022 200,000 92,031 292,031 2023 205,000 83,931 288,931 2024 215,000 75,531 290,531 Use of Bond Proceeds 2025 225,000 66,731 291,731 "Proceeds from the sale of the Certificates 2026 230,000 57,631 287,631 will be used for (a) street improvements, 2027 240,000 48,231 288,231 including drainage, curbs, gutters, bridges, 2028 250,000 38,431 288,431 utility line relocation, traffic signalization, and 2029 260,000 28,231 288,231 the acquisition of land and rights-of-way 2030 275,000 17,394 292,394 2031 285,000 5,878 290,878 therefor; (b) park and recreation facilities, 2,575,000 613,853 3,188,853 including acquisition of land therefor; (c) animal control facilities; (d) professional services rendered in connection with (1) such projects and the financing thereof and (2) the design of a new fire station; and (e) cost of issuance associated with the sale of the Certificates."
Bond Issuance Total Cost: $149,690
Gateway Bridge Design Total Project Cost: $2,735,310 2011 Certificate of Obligation Allocation: $2,735,310 Completion Date: June 2013
Mick Spellman Amphitheater at Forney Community Park Total Project Cost: $2,684,675 2011 Certificate of Obligation Allocation: $200,000 - designated for Park Trails Completion Date: May 15, 2012
Fire Station #2 Design Total Project Cost: $4,102,209 Design Cost: $405,066 2011 Certificate of Obligation Allocation: $337,215 Completion Date: Design was complete in December 2015, project is ongoing.
Animal Shelter Design Total Project Cost: $2,138,899 Design Cost: $107,780 2011 Certificate of Obligation Allocation: $100,000 Completion Date: Design was completed in April 2015, project is ongoing.
Liberty Hill Redesign Total Project Cost: $162,785 2011 Certificate of Obligation Allocation: $162,785 Completion Date: September 2014
2012 General Obligation Refunding
2012 General Obligation Refunding Fiscal Year Principal Interest Total Payments
2021 190,000 7,568 197,568 2022 195,000 4,680 199,680 2023 195,000 1,609 196,609
580,000 13,856 593,856
Use of Bond Proceeds "Proceeds from the sale of the Bonds will be used to refund a portion of the City's outstanding debt ...and to pay the costs of issuance associated with the issuance of the Bonds."
Tax and Waterworks and Sewer System Surplus Revenue Certificates of Obligation, Series 2000B Principal Amount Refunded: $350,000 Interest Savings: $63,937 Proceeds from the 2000B Certificates of Obligation funded: - A partial widening of Pinson Road (FM740) - A portion of the Central Fire Station Expansion
Tax and Waterworks and Sewer System Surplus Revenue Certificates of Obligation, Series 2003 Principal Amount Refunded: $1,830,000 Interest Savings: $384,759 Proceeds from the 2003 Certificates of Obligation funded: - Mulberry Park: Extend Forney Middle School Parking Lot - Mulberry Park: ADA Concessions & Restroom at the Baseball Complex - Mulberry Park: Restrict Access to Parking via Fence - Mulberry Park: City Maintenance Building - Mulberry Park: Remove Old Concession and metal buildings - Henderson Park: Irrigate Soccer Complex - Henderson Park: Dirtwork - Mulberry Park: Regrade Baseball Fields - Eastside Park: Replace Play Structure - Mulberry Park: Extend Parking lot at Johnson Elementary & Baseball Complex - Eastside Park: Install Crushed Granite for Shaded Areas - Mulberry Park: Upgrade Restroom & Concession Facility at the Softball Complex - Hamblen Park: Install Linear fence and stone park sign - FISD: Install Practice Fields at 3 Elementary Schools - FISD: Install Practice Fields at Forney High School - Forney Community Park Design
Bond Issuance Total Cost: $55,000
Use of Bond Proceeds "Proceeds from the sale of the Certificates will be used for the purpose of paying contractual obligations incurred for (i) the acquisition of Mulberry Park: and (ii) paying legal, fiscal and engineering fees in connection with such project."
2012 Certificates of Obligation Fiscal Year Principal Interest Total Payments
2021 45,000 16,650 61,650 2022 50,000 15,700 65,700 2023 50,000 14,700 64,700 2024 55,000 13,650 68,650 2025 55,000 12,550 67,550 2026 55,000 11,313 66,313 2027 60,000 9,875 69,875 2028 60,000 8,375 68,375 2029 65,000 6,813 71,813 2030 65,000 5,025 70,025 2031 65,000 3,075 68,075 2032 70,000 1,050 71,050
695,000 118,775 813,775
2014 General Obligation Refunding
2014 General Obligation Refunding Fiscal Year Principal Interest Total Payments
2021 215,000 24,325 239,325 2022 220,000 2023 230,000 18,900 14,113 238,900 244,113 Use of Bond Proceeds 2024 240,000 8,825 248,825 "Proceeds from the sale of the Bonds will be 2025 245,000 3,069 248,069 used (i) to refund a portion of the City's 1,150,000 69,231 1,219,231 outstanding debt (the Refunded Obligations) as described on Schedule I [in the Official Statement} and (ii) to pay the costs of issuance associated with the sale of the Bonds.. "
Tax and Waterworks and Sewer System Surplus Revenue Certificates of Obligation, Series 2005A Principal Amount Refunded: $2,148,109 Interest Savings: $213,278 Proceeds from the 2005A Certificates of Obligation funded: - Eastside Drainage Project
2014 Certificates of Obligation
2014 Certificates of Obligation
Use of Bond Proceeds "Proceeds from the sale of the Certificates will be used for (i) the construction of public works, to wit: (a) constructing and equipping a new fire station and (b) constructing and equipping a new animal shelter, and (2) cost of issuance associated with the sale of the Certificates."
Fiscal Year Principal Interest Total Payments
2021 230,000 123,063 353,063 2022 235,000 118,413 353,413 2023 240,000 113,363 353,363 2024 250,000 107,538 357,538 2025 260,000 100,838 360,838 2026 265,000 93,619 358,619 2027 275,000 86,194 361,194 2028 285,000 78,138 363,138 2029 295,000 69,069 364,069 2030 310,000 59,238 369,238 2031 320,000 47,800 367,800 2032 330,000 34,800 364,800 2033 345,000 21,300 366,300 2034 360,000 7,200 367,200
4,000,000 1,060,569 5,060,569
Fire Station #2 Total Project Cost (Budget): $4,102,209 2014 Certificate of Obligation Allocation: $3,013,994 Estimated Project Completion Date: February 2017 Animal Shelter Total Project Cost: $2,138,899 2014 Certificate of Obligation Allocation: $2,000,000 Estimated Project Completion Date: April 2017 All proceeds from the 2014 Certificates of Obligation have been spent. To date, the 2014 Certificate of Obligation have not impacted the debt service tax rate. These payments have been made from fund balance in the General Debt Service Fund. This fund balance is the result of interest collected in the fund, as well as delinquent and penalty taxes that have accumulated over prior years and is restricted to use on debt payments
2015 General Obligation Refunding
2015 General Obligation Refunding Fiscal Year Principal Interest Total Payments
2021 - 329,475 329,475 2022 - 329,475 329,475 2023 980,000 312,325 1,292,325 2024 1,805,000 263,588 2,068,588 2025 1,865,000 194,700 2,059,700 2026 1,935,000 118,700 2,053,700 2027 2,000,000 40,000 2,040,000
8,585,000 1,588,263 10,173,263
Use of Bond Proceeds "Proceeds from the sale of the Bonds will be used (i) to refund certain outstanding obligations of the City described on Schedule I {in the Official Statement}... for debt savings; and (ii) to pay the costs associated with the issuance of the Bonds."
2016 Certificates of Obligation
Use of Bond Proceeds "Proceeds from the sale of the Certificates will be used for (1) street improvements, including drainage, curbs, gutters, utility line relocation, street lighting, and /or the acquisition of land and rights-of-way therefor, and (2) the cost of issuance associated with the sale of the Certificates."
Redbud Roadway Reconstruction Total Project Cost (Budget): $2,833,079 2016 Certificate of Obligation Allocation: $2,500,000 Estimated Project Completion Date: July 2018
2016 Certificates of Obligation Fiscal Year Principal Interest Total Payments
2021 105,000 56,906 161,906 2022 105,000 54,281 159,281 2023 110,000 51,056 161,056 2024 115,000 47,681 162,681 2025 115,000 44,156 159,156 2026 120,000 39,956 159,956 2027 125,000 36,306 161,306 2028 130,000 33,675 163,675 2029 130,000 30,831 160,831 2030 135,000 27,681 162,681 2031 140,000 24,156 164,156 2032 145,000 20,325 165,325 2033 150,000 16,269 166,269 2034 155,000 11,978 166,978 2035 160,000 7,350 167,350 2036 165,000 2,475 167,475
2,105,000 505,085 2,610,085
2016 General Obligation Refunding
Use of Bond Proceeds "Proceeds from the sale of the Bonds will be used (i) to refund a portion of the City's outstanding debt (the Refunded Obligations) as described on Schedule I {in the Official Statement}... and (ii) to pay the costs of issuance associated with the sale of the Bonds..."
2016 General Obligation Refunding (2007) Fiscal Year Principal Interest Total Payments
2021 1,545,000 97,075 1,642,075 2022 1,590,000 50,050 1,640,050 2023 655,000 13,100 668,100
3,790,000 160,225 3,950,225
Use of Bond Proceeds "Proceeds from the sale of the Bonds will be used (i) to refund a portion of the 2008 Bonds (as shown in Schedule I) (the “Refunded Bonds”) and (ii) for payment of professional services of attorneys, financial advisors and other professionals in connection with the issuance of the Bonds.”
2017 Subordinate Lien Pass Through Toll Refunding (2008) Fiscal Year Principal Interest Total Payments 2021 1,745,000 349,450 2,094,450 2022 1,830,000 262,200 2,092,200 2023 885,000 170,700 1,055,700 2024 115,000 144,150 259,150 2025 120,000 140,700 260,700 2026 390,000 137,100 527,100 2027 145,000 125,400 270,400 2028 725,000 119,600 844,600 2029 745,000 90,600 835,600 2030 770,000 60,800 830,800 2031 750,000 30,000 780,000
8,220,000 1,630,700 9,850,700
Interest Savings: $1,228,114 All of the proceeds from the 2017 Subordinate Lien Pass Through Toll Revenue and Limited Tax Refunding Bonds have been spent.
2017 Tax Notes
2017 Tax Notes Fiscal Year Principal Interest Total Payments 2021 290,000 32,250 322,250 2022 300,000 23,400 323,400 2023 310,000 14,250 324,250 2024 320,000 4,800 324,800
1,220,000 74,700 1,294,700
issuance of the Notes.” Use of Proceeds “Proceeds from the sale of the Notes will be used to pay for (i) public safety equipment and (ii) professional services of attorneys, financial advisors and other professionals in connection with the projects and the
2017 Fire Arial Platform Total Purchase Budget: $1,341,519 2017 Tax Note Allocation: $1,341,519 Estimated Completion Date: December 2018
2017 Fire Engine/Pumper Total Purchase Budget: $727,500 2017 Tax Note Allocation: $713,481 Cost variance is funded from the General Fund. Estimated Completion Date: September 2018
