b'Debt Service Debt service funds are used to account for the accumulation of restricted resources for, and theFunds payment of general long-term debt principal and interest.SummaryA summary of Debt ServiceFunds revenue and expenditure comparisons for scal years 2020 through 2023 can be seen below.Beaufort County is projecting $28.4M of revenue in FY2023, which represents a 2.59% increase over the prior year.Budgeted expenditures are projected to decrease by 11.2% to $24.7M for FY2023, due to some debt defeasance during FY2022.$50M$40M$30MActual Revenue Source$20M Budgeted Revenue SourceOver Budget Revenue SourceActual Expenditures$10M Budgeted ExpendituresOver Budget Expenditures$0FY2020 FY2021 FY2022 FY2023 FY2024Revenues by SourceProjected 2024 Revenues by SourceIntergovernmental (2.1%) IInterest (2.2%) ITransfers In (11.5%) TAd Valorem Taxes (84.3%) ABeaufort County, SC | Budget Book 2024 Page 116'