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Tusayan finance team outlines proposed debt service fund and tax changes to support new bonds
Summary
Finance staff described a proposed Debt Service Fund beginning in 2027 seeded with an initial $1.8 million transfer and bond proceeds proposed to cover large capital projects; presentation linked potential annual General Fund transfers to a proposed TPT increase and moving restaurant tax to 6%.
Finance staff presented a proposed debt structure to fund capital projects, including creating a new Debt Service Fund in 2027 with an initial transfer from the General Fund of $1.8 million. The packet and presentation identified proposed bond proceeds of about $17.646 million allocated to the Town Hall project and $15 million allocated to the Sports Complex, with estimated bond issuance costs around $600,000 to be paid from the debt service fund.
Staff said the ongoing principal and interest will be paid from annual transfers from the General Fund, and that those transfers are expected to be supported by proposed changes to transaction privilege tax (TPT) rates and moving the restaurant tax to 6%; staff presented half-year and full-year impact estimates beginning January 1, 2027 for a half-year implementation in 2027 and full-year impacts from 2028 onward. Council will consider the proposed tax changes at the July 14 public hearing.
