Page 15 - City of Westlake FY20 Budget

Section 01 Executive
Transmittal Letter

I. BUDGET PREPARATION AND RECOMMENDATIONS

The adopted budget was carefully prepared through the collective efforts of all departments to
balance the identified needs of the Town with a sustainable and sound financial plan. The adopted
budget is focused on achieving the following broad goals:

• Meeting residents’ expectations
• Continuing high quality services and responsive customer service
• Retaining and attracting employees who support the community’s vision
• Working with developers to create unique residential and commercial opportunities
• Building on our strong corporate partnerships

With the adopted budget, staff is recommending an increase in the ad valorem assessment from the
FY 18-19 rate of $0.15600 to $0.16018, an increase of $0.00418. The recommendation keeps with
the discussions staff has had with Council over the past several years relative to our financial
stability and service delivery expectations. The proposed number will allow us to plan for the future
in a fiscally conservative manner and continue to meet the expectations of our residents.

The FY 19-20 budgeted expenditures total $34.9M for all funds showing a 3% decrease of $693K.
This decrease includes planned use of fund balance in several funds.

Beginning Revenues Expenditures Net Change Ending Percent
Fund & Other & Other to Fund Fund of Percent
FUND TYPES Balance Sources Uses Balance Balance Total Change

General Fund $ 12,115,296 $ 11,204,267 $ 11,235,359 $ (31,092) $ 12,084,204 48% -0.3%
Enterprise Funds 2,115,385 5,671,403 4,898,554 772,849 2,888,234 12% 37%
Internal Service M&R 2,520,867 528,839 932,438 (403,599) 2,117,268 8% -16%

Special Revenue Funds 999,265 2,965,937 3,085,448 (119,511) 879,754 4% -12%
Debt Service Funds 42,980 2,654,710 2,697,690 (42,980) - 0% -100%
Capital Projects Funds 6,623,503 1,370,886 2,385,749 (1,014,863) 5,608,640 22% -15%

Municipal Total 24,417,297 24,396,042 25,235,238 (839,196) 23,578,101 94% -3%
Academic Funds 1,253,786 9,807,933 9,662,502 145,431 1,399,217 6% 12%
TOTAL ALL FUNDS $ 25,671,083 $ 34,203,975 $ 34,897,740 $ (693,765) $ 24,977,319 100% -3%

If only Municipal operating expenditures were taken into consideration (removal of all expenditures
related to capital projects, inter-fund transfers and Westlake Academy), the FY 19-20 budget shows a
2.5% increase of $448K.

ESTIMATED ADOPTED Change Change
ALL FUNDS
FY 18-19 FY 19-20 Amount Percent
Payroll & Related $ 5,678,693 $ 6,169,060 $ 490,367 8.6%
Operating Expenditures 12,260,575 12,218,536 (42,039) -0.3%
TOTAL $ 17,939,268 $ 18,387,596 $ 448,328 2.5%

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