Page 152 - City of Westlake FY20 Budget

Section 3
General Fund Overview

The General Fund is the Town’s principle operating fund, and is supported by sales and use taxes, ad
valorem property taxes, and other revenues. These revenues may be used for a variety of purposes, as
determined by the Town Council. The General Fund budget accounts for core Town services such as fire
and emergency services, planning and development, public works, finance, and administrative oversight.

REVENUES HIGHLIGHTS
The adopted FY2020 General Fund budget projects $11.2M
in revenues and other sources. This reflects a 24% decrease
of $3.6M from the prior year estimated budget primarily
due to the receipt of Schwab permit fees received in
FY2019. The chart to the right shows the distribution of
General Fund revenues and other sources.

Sales and Use Tax
The largest revenue source in the adopted General Fund
budget is sales and use tax revenues.

Sales and Use Tax revenues are budgeted to be $5.4M and comprises 49% of General Fund total revenues
and sources. This reflects a 2% decrease of $112K when compared to prior year estimates. The Town had
previously entered into a situs agreement with Schwab regarding construction materials being sited in
Westlake. It is anticipated this will end during FY 19-20. This decrease is anticipated to be offset by
additional sales and use from the operations of Schwab as well as additional construction being
anticipated throughout Westlake.

Sales and use taxes are collected on the sale of goods and services within the Town as authorized by the
State of Texas. The maximum sales tax allowed in the State of Texas is 8.25% per dollar on all taxable
goods and services.
• 6.25% per dollar is kept by the State
• Municipalities receive a maximum of 2%
• Funds are collected by the Texas Comptroller of Public Accounts and remitted to the Town
monthly.

An amount equal to 1.50% of taxable sales
is appropriated to the Town’s General
Fund.

This total includes .50% received for
Property Tax Reduction.

The Town also receives an additional .50%
sales tax recorded in the 4B Economic
Development Corporation Fund.

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