GOLF COURSE DEBT SERVICE BUDGET SUMMARY This fund is established to account for the resources necessary to pay the principal and interest on the $6.0M golf course general obligation bonds, issued in June of 2001, the $1.2M Certificates of Obligation, issued in June of 2003; and the $4M Refunding Bonds, issued in October, 2011 -- used to refund the $6M G.O. and $1.2M C.O. bonds. It is anticipated the operations of the Golf Course will not provide sufficient revenues to provide funds for all the necessary debt service. Therefore, the Lake Jackson Development Corporation has set aside $550,000 in ½ cent sales tax revenues (Economic Development Fund) for the life of the bonds to ensure funds are available for debt service payments. In 2021-2022 it is anticipated that the debt service will be paid by the $428,100 transfer from the Economic Development Fund.
RESOURCES Fund Balance
ACTUAL 2019-20 $
Revenues Transfer from Econ. Devl. Total Resources
$
EXPENDITURES Principal Interest Paying Agent Fees
$
Total Expenditures
Ending Fund Balance
$
BUDGET 2020-21
0 $
ESTIMATE 2020-21 0 $
ADOPTED 2021-22
0 $
0
471,300 471,300
444,000 444,000
444,000 444,000
428,100 428,100
471,300 $
444,000 $
444,000 $
428,100
ACTUAL
BUDGET
ESTIMATE
ADOPTED
2019-20
2020-21
2020-21
2021-22
415,000 $ 56,300
420,000 $ 24,000
420,000 $ 24,000
405,000 23,100
471,300
444,000
444,000
428,100
0 $
0 $
FY 2021-2022 Adopted Budget - 291
0 $
0
