Page 223 - 2020-21 Budget Summary

Tax and Revenue Anticipation Notes

A sum is appropriated to this Fund for payment of the entire debt service on tax and revenue anticipation notes issued
to pay the annual contributions to both the Los Angeles City Employees' Retirement System (Retirement Fund) and the
Fire and Police Pension Fund (Pension Fund) in July. The additional interest earned by the Pension and Retirement
Funds from this early payment is used to discount the required City contribution to both Funds without reducing its
annual receipts. A sum is also appropriated to this Fund for the interest portion of the debt service on notes issued to
alleviate the short-term cash flow deficits that occur early in the fiscal year when certain taxes and revenues have not
yet been received. The principal portion of the notes has not been appropriated in the budget since the principal is
treated as temporary borrowing rather than expenditure.

Actual Adopted Estimated Total
Expenditures Budget Expenditures Budget
2018-19 2019-20 2019-20 2020-21
EXPENDITURES AND APPROPRIATIONS

General Fund
698,381,876 721,229,337 721,229,337 Debt Service - Pensions 767,232,291
495,863,543 568,301,837 568,301,837 Debt Service - Retirement 543,298,868
6,116,764 12,765,413 12,765,413 Debt Service - Cash Flow 13,004,870

1,200,362,183 1,302,296,587 1,302,296,587 Total Tax and Revenue Anticipation Notes 1,323,536,029

Actual Adopted Estimated Total
Expenditures Budget Expenditures Budget
2018-19 2019-20 2019-20 2020-21

SOURCES OF FUNDS
1,200,362,183 1,302,296,587 1,302,296,587 General Fund 1,323,536,029
1,200,362,183 1,302,296,587 1,302,296,587 Total Funds 1,323,536,029

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