Page 141 - 2018 Comprehensive Annual Financial Report - City of Winston-Salem

City of Winston-Salem, North Carolina
Debt Service Fund

Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual
For the Fiscal Year Ended June 30, 2018 Exhibit 22

Variance
Positive
Budget Actual (Negative)
Revenues
Property taxes $ 15,192,030 $ 15,317,228 $ 125,198
Local option sales taxes 6,457,200 6,462,876 5,676
Intergovernmental 1,226,300 1,256,609 30,309
Capital lease charges 600,000 550,000 (50,000)
Investment income 200,000 1,808,857 1,608,857
Other - 2,065,442 2,065,442
Total revenues 23,675,530 27,461,012 3,785,482
Expenditures
Other 419,183 369,425 49,758
Debt Service
Principal retirement
Bond 8,145,000 8,145,000 -
Other 7,129,575 7,129,571 4
Interest and fiscal charges 13,314,812 12,542,214 772,598
Total expenditures 29,008,570 28,186,210 822,360
Excess of expenditures over revenues (5,333,040) (725,198) 4,607,842
Other Financing Sources (Uses)
Issuance of refunding limited obligation bonds - 10,795,000 10,795,000
Issuance of limited obligation bonds 2,000,000 2,015,000 15,000
Payment to refunded LOBs escrow agent - (10,725,000) (10,725,000)
Transfers in
General fund 1,986,170 1,986,170 -
Transfers out
Public assembly facilities management fund (2,000,000) (2,000,000) -
Total other financing sources, net 1,986,170 2,071,170 85,000
Excess of revenues and other financing
sources over (under) expenditures and
other financing uses (3,346,870) 1,345,972 4,692,842
Fund balance - beginning 23,618,105 23,618,105 -
Fund balance - ending $ 20,271,235 $ 24,964,077 $ 4,692,842

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