Page 71 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 2 Financial Analysis
Budget 101 Overview

TOWN OF WESTLAKE

GOVERNMENTAL FUNDS

General Fund
Academic Fund
Debt Service
FundsSpecial
Revenue
Funds
Capital Project Funds
Lone Star Fund
Visitor Association Fund
Economic Development Fund Capital Project Fund
4B Economic Development Fund Westlake Academy Expansion
Public Improvement District Fund ( Local)

1. GENERAL FUND
The General Fund is the general operating fund of the Town. It is used to account for all
Town revenues and expenditures except those required to be accounted for in other funds.
Major functions financed by the General Fund include Finance, Administration, Building &
Code Compliance, Fire/ EMS, Public Works, Facilities and Grounds Maintenance, Human
Resources, Parks and Recreation, Information Technology, and Engineering.
Sources of revenue include sales and use taxes, development fees and permits, court
revenue, and franchise taxes. The former Westlake Property Tax Reduction Sales Tax Fund
received its funding from a ½ cent sales tax levy that was previously earmarked for the
4A Economic Development Corporation. The purpose of this fund was to reduce local
property tax rates throughout Texas by providing cities with an additional unrestricted
revenue source. This fund was closed at FY 2010/ 2011year- end and revenues are now
being recorded in the General Fund.
These funds may be used for general Town expenditures, capital projects, or debt
service.

2. WESTLAKE ACADEMY FUND
This fund incorporates all funds related to the Town of Westlake’ s charter school, Westlake
Academy. This fund encompasses all operations and maintenance related to the school as
well as State public school funding, Federal and state grants, and private donations used to
support the daily school operations of the Academy.

3. SPECIAL REVENUE FUNDS
These funds are used to account for the proceeds of specific revenue sources, other than
expendable trusts or major capital projects and consists of the following:

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