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Mercedes ISD CFO outlines debt service fund, I&S rate and reserve plans
Summary
The district's CFO told trustees the Debt Service Fund shows $4,125,064 in revenue and that an estimated $600,000 fund balance could be used to reserve and reduce current debt service; principal and interest obligations for the coming year were detailed.
During the Aug. 20 public hearing, Sylvia Garza, Mercedes ISD chief financial officer, reviewed the district’s Debt Service Fund and options to reserve fund balance. Garza said Debt Service Fund revenue is estimated at $4,125,064, with local revenue of $2,589,593 and state revenue of $1,535,471; she listed principal payments of $2,460,000 and interest of $1,062,073.
Garza noted an estimated fund balance of $600,000 that the district could use to maintain the interest and sinking (I&S) rate at 0.334 and to pay down current debt to save interest expense. The presentation was informational only and trustees did not take action on debt-service decisions at the hearing.
