Page 225 - FY 2021-22 Proposed Budget

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
2019-20 2020-21 2020-21 2021-22
EXPENDITURES AND APPROPRIATIONS

General Fund
713,379,975 767,232,291 767,232,000 Debt Service - Pensions 727,617,275
565,881,876 543,298,868 543,299,000 Debt Service - Retirement 592,421,083
5,301,535 13,004,870 13,005,000 Debt Service - Cash Flow 7,625,108
1,284,563,386 1,323,536,029 1,323,536,000 Total Tax and Revenue Anticipation Notes 1,327,663,466

Actual Adopted Estimated Total
Expenditures Budget Expenditures Budget
2019-20 2020-21 2020-21 2021-22
SOURCES OF FUNDS
1,284,563,386 1,323,536,029 1,323,536,000 General Fund 1,327,663,466
1,284,563,386 1,323,536,029 1,323,536,000 Total Funds 1,327,663,466

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