Page 245 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 6 Special Revenue Funds
Economic Development Fund Overview

The Economic Development Fund was created to transparently account for all receipts and
disbursements related to economic development agreements.

Currently, revenues and transfers in are used to:
Fulfill incentive obligations negotiated with Fidelity Investments and Deloitte University as part
of their relocation to Westlake
Transfer funds to the Westlake Academy Expansion Fund as part of development agreement

The economic development agreement with Deloitte University includes a 50% reimbursement of the
1% general sales tax receipts and 50% of the hotel/ motel tax receipts generated through business
activities in Westlake.

The agreement with Maguire Partners- Solana Land LP includes a $10,000 per lot contribution for the
benefit of Westlake Academy from the final platting of lots in the Granada residential subdivision
and Entrada development.

Revenues and Other Sources
Total revenues and other sources are budgeted to be $501,240.
This represents a 13% decrease of $77,700 from the prior year estimated.
o General sales tax increased $ 98,000.
o Hotel occupancy tax remained flat at $36,940.
o Contributions are budgeted at $164,300, a decrease of $175,000 (52%)
Note; these payments are for expected plattings and are recorded in the
Economic Development Fund and transferred to the Westlake Academy
Expansion Fund.

Operating Expenditures
Total operating expenditures are budgeted to be $336.940
This represents a 41% increase of $98,000 from the prior year estimated.
o Economic development increased $ 98,000 in sales tax.
Schwab Sales tax increased $ 200,000 from prior year
Deloitte Sales Tax decreased $ 102,000 from prior year
Deloitte Hotel Tax to remain flat at $36,940

Non-Operating Expenditures
Total non-operating expenditures are budgeted to be $164,300
This represents a 52% decrease of $175,700 from the prior year estimated.
o Transfers out to the Westlake Academy Expansion Fund decreased based on the
expected platting.

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