Page 10 - City of Westlake FY20 Budget

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

6. SPECIAL REVENUE FUNDS 11. MUNICIPAL POLICIES

• 251 Special Revenue Funds - This section provides a detailed • 373 Fiscal and Budgetary Policies - The overall intent of the
spending plan for funds which account for proceeds of following Fiscal and Budgetary Policy Statements is to enable
specific revenue sources that are legally restricted for the Town to achieve a long-term stable and positive financial
certain purposes. condition. The watchwords of the Town’s financial
o 255 Visitors Association Fund management include integrity, prudence, stewardship,
o 259 4B Economic Development planning, accountability, and full disclosure.
o 263 Economic Development -
o 267 Public Improvement District Fund • 389 Investment Policy - It is the policy of the Town of
o 271 Public Arts Fund Westlake that the administration of its funds and the
o 275 Lone Star Public Facilities investment of those funds shall be handled as its highest
public trust.
7. DEBT SERVICE FUNDS • 397 Employee Pay Plan Policy - The purpose of this policy is

• 279 Debt Service Funds - This section provides a summary of to set out the philosophy, purpose, and intent of the Town
the annual principal and interest payments for all of Westlake’s pay system for municipal employees.
outstanding bonded debt and capital leases. The Town
issues general obligation bonds and certificates of obligation 12. APPENDIX
to provide for the acquisition and construction of major
capital facilities and infrastructure. • 407 Ordinance to Adopt the Budget
o 287 Debt Service Fund 300 • 409 Ordinance to Adopt Property Tax Rate
o 295 Debt Service Fund 301 • 412 Glossary
• 417 Acronyms
8. WESTLAKE ACADEMY FUND

• 301 Westlake Academy - This fund was incorporated into
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

• 311 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 315 Municipal Facilities Project Fund
o 319 Capital Project Fund
o 327 Westlake Academy Expansion

10. CAPITAL IMPROVEMENT PLAN

• 331 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 339 Funded Capital
o 358 Unfunded Capital

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