Kyle reduced its debt by almost two percent after this fiscal year’s second-quarter payments.
As of March 31, Kyle’s principal debt totaled $66.72 million, a $1.355 million reduction from 2013 Fiscal Year’s first-quarter numbers, Finance Director Perwez Moheet told council members at their April 16 meeting.
Interest payments made in the same reporting period totaled $1,114,918, for a $2,469,918 total second-quarter debt repayment.
Kyle’s debt was paid down with the city’s debt service fund, which accumulates monies from property tax receipts, utility revenues, Hays County for its share of property taxes within TIRZ (tax increment reinvestment zone), and a small amount from hotel occupancy tax receipts, according to Moheet.
The debt service payments made during the second-quarter met the amounts outlined in this fiscal year’s budget.
Debt principal payments paid down Kyle’s Limited Tax Notes Series 2009 and the General Obligations Refunding Bonds, Series 2009, by $800,000 and $555,000, respectively.
Second-quarter debt interest payments paid down Combination Tax & Certificate of Obligation Series 2007, Combination Tax & Certificate of Obligation Series 2008 and the General Obligations Refunding Bonds Series 2009, by six-figure numbers; the interest payments also helped other city issued debts.
Including interest, Kyle’s debt is just shy of $94 million – $66.72 million in principal debt and $27,056,580 in interest.
