What is an example of debt service?
Total debt service: This is just another word for the total amount of debt you pay each year. This would include your estimated new mortgage payment, property taxes, credit card bills, auto loans, student loans and any other payment you make each month.
What is a debt service fund?
Debt Service Funds record the accumulation of resources and payment of principal and interest on general long-term obligations and payments on certain lease/purchase or other contractual obligations. Debt service payments are generally tax-supported via operating transfers from the General Fund.
How is the debt service fund funded?
Property taxes are the primary funding source for repayment of annual debt service, with about 15% of the tax rate allocated directly to the Debt Service Fund. The allocation for debt service has been reduced over the past decade through controlled limitation of new debt issuance.
Is a debt service fund a governmental fund?
There are five main types of government funds, which includes the general fund, the capital projects fund, the permanent fund, the special revenue fund, and the debt service fund.
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