Page 311 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 9 Capital Project Funds
Westlake Academy Expansion Overview

The Westlake Academy Expansion ( WAE) Fund tracks and accumulates resources intended to
finance future Academy expansions.

In FY 2012/ 13, approximately 8.5 million dollars of bond proceeds were used to fund construction
of three new buildings at Westlake Academy with the final expenditures continuing into FY 13/ 14:
Cafetorium – includes stage, dressing area, storage and catering kitchen for dining and
general purposes; approximately 9,600 sf.
Three story Secondary School - includes 15 classrooms, flex and office space; designed to
allow for future addition if needed; approximately18, 900 sf.
Field- house - houses locker rooms used for both athletics and PE, including a visiting team
locker room; storage for equipment; offices and space to be used for the PE program;
approximately 9,600 sf.

In February of 2013, an Economic Development Agreement was executed that requires the
developer to pay the following for each residential lot
10,000 for lots in the Granada subdivision.
5,000 for lots in the Quail Hollow subdivision.
Note these payments are recorded in the Economic Development Fund 210 and are transferred
to the Westlake Academy Fund 412.

Revenues and Other Sources
Budgeted to be $193,480. This represents a 48% decrease of $175,700 from the prior year
estimated revenues of $369,180.
o Investment earnings are budgeted to remain flat at $29,180.
o Transfers in from the Economic Development fund for developer lot fee payments
are budgeted to be $164,300; this reflects a 52% decrease of $175,700.

Operating Expenditures
There are no budgeted operating expenditures.

Non-Operating Expenditures
Budgeted to be $85,000. This represents a 100% increase from the prior year estimated.
o It has been almost six years since the multi- year Westlake Academy Campus Facility
Master Plan that was adopted by the Town Council on November 12, 2012 and by
the Board of Trustees on November 5, 2012. It is time to re-examine the Plan again, if
for no other reason than to make sure it is still meeting the Town’ s needs for its school,
Westlake Academy. If approved the Staff approach is a “three pronged”
approach, with parallel pathways conducted concurrently which ultimately
intersect, thus moving us forward in both the short and the long term.

Fund Balance
Excess revenues over(under) budget are projected to be $108,480
Beginning fund balance is projected to be $1,782,525
The ending fund balance is projected to be $1,891,005

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