Page 122 - City of Westlake FY20 Budget

Section 2 Financial Analysis

Forecast Assumptions

FY 2019-2020 ADOPTED BUDGET

GENERAL FUND:

REVENUES AND OTHER SOURCES – ADOPTED BUDGET $11.204M; A 10% DECREASE OF $1.216M

• Sales & Use Tax
o Adopted budget is $5.43M; a 2% decrease of $112K
o Includes the Property Tax Reduction portion of the Sales tax receipts
o No Sales Tax Rebates related to Economic Development Agreements

• Ad Valorem Property Tax
o Adopted budget is $1.63M; a 6% decrease pf $98K for M&O.
o The ad valorem tax rate per $100 of assessed valuation will decrease from $.13211 to
.111453

• Franchise Fee Revenues
o Adopted budget is $316K; A 62% decrease of $51K
o A reduction in franchise fee revenue is estimated based on the recent passage of
SB1152 that authorizes a cable or phone company to stop paying the lesser of its state
cable franchise or telephone access line fees, whichever are less for the company
statewide. Companies have until October 1st of every year to provide municipalities
notice of which fee they were planning to pay.

• Building permits/inspection/plan review fees
o Adopted budgeted is $2.63M; a 51% decrease of 2.74M
o General Fund residential fees budgeted at $1.15M
o General Fund commercial fees budgeted at $1.48M
o One-time revenues from Entrada are projected to be $891K

TOTAL EXPENDITURES & OTHER USES – ADOPTED BUDGET $11.23M; A 9% DECREASE OF $1.169M

PAYROLL AND RELATED EXPENDITURES

• Adopted budget is $5.07M; a 12% increase of $561K
o This is due to the addition of three new positions:
▪ Full Time Fire Dept Business Manager (+1)
▪ Full Time Public Works Technician (+1)
▪ Part Time Academy Accounting Technician (+.5)
o The Town is realizing a full year’s salary for changes made during the last fiscal year. (-.50)
▪ additional employees and promotions
▪ changes to departmental allocation

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