Page 12 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

The Town of Westlake * 1500 Solana Blvd, Building 7, Suite 7200 * Westlake, Texas 76262

7. DEBT SERVICE FUNDS 359 Investment Policy - It is the policy of the Town of
Westlake that the administration of its funds and the
245 Debt Service Funds - This section provides a summary investment of those funds shall be handled as its highest
of the annual principal and interest payments for all public trust.
outstanding bonded debt and capital leases. The Town
issues general obligation bonds and certificates of 365 Employee Pay Plan Policy - The purpose of this policy
obligation to provide for the acquisition and construction is to set out the philosophy, purpose, and intent of the
of major capital facilities and infrastructure. Town of Westlake’ s pay system for municipal employees.
o 253 Debt Service Fund 300
o 261 Debt Service Fund 301
12. APPENDIX
373 Ordinance to Adopt the Budget
8. WESTLAKE ACADEMY FUND 375 Ordinance to Adopt Property Tax Rate
378 Glossary
265 Westlake Academy - This fund was incorporated into 384 Acronyms
the Town’ s budget beginning in FY 2010-11. Westlake
Academy opened its doors in September 2003 when the
Town of Westlake officials took advantage of the State of
Texas’ acceptance of chartered schools and thus,
became the first and only municipality in the state to
receive a chartered school designation.

9. CAPITAL PROJECT FUNDS
281 Capital Projects - The Capital Projects funds are used
to account for financial resources to be used for the
acquisition or construction of major capital facilities
other than those financed by proprietary fund types).
o 285 Municipal Facilities Project Fund
o 289 Capital Project Fund
o 295 Westlake Academy Expansion

10. CAPITAL IMPROVEMENT PLAN

301 Capital Improvements Program - This section includes
a listing of projects for the current year as well as projects
that are planned for implementation over a five-year
period. Town staff plans for a five-year period, but has
also identified several projects that cannot be addressed
given funding limitations.
o 305 Funded Capital
o 327 Unfunded Capital

11. MUNICIPAL POLICIES

341 Fiscal and Budgetary Policies - The overall intent of
the following Fiscal and Budgetary Policy Statements is to
enable the Town to achieve a long-term stable and
positive financial condition. The watchwords of the
Town’ s financial management include integrity,
prudence, stewardship, planning, accountability, and full
disclosure.

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