Page 159 - City of Westlake FY20 Budget

Section 3
General Fund Overview

Services expenditures: increased $150K
• Transfers out to Westlake Academy increased $67K to offset the payroll cost of the Westlake
Academy Foundation personnel; this cost has been transferred from the Foundation to the Town
in order to have additional granting funds for Westlake Academy.
• Facilities Maintenance increased $23K for services that will now be provided to the new Fire
Station Complex; construction was finalized in FY2019
• Information Technology increased $33K for system administrative and support services
• Fire Dept increased $15K for property insurance for new Fire Station Complex

Transfers Out to to Debt Service: decrease $279K; due to a shift in property tax rate/revenue from M&O
to I&S for FY19/20. The FY18/19 adopted I&S rate was 0.02399 and was increased to 0.04565 in FY19/20.

Transfers out to conduit funds: Based on one-time planning and development building permit fees and
revenues in for residential and commercial construction that decreased in FY19/20.
• Transfer Out to Capital Projects decreased $133K
• Transfer Out to General Maintenance and Replacement decreased $1.2M
• Transfer Out to General Vehicle Maintenance and Replacement decreased $449K
• Transfer Out to Utility Vehicle Maintenance and Replacement increased $5K

FUND BALANCE
The ending fund balance is projected to be $12.1M
• This amount represents a 0.26% decrease of $31K from prior year estimated fund balance.
• The unassigned balance of $11.8M represents coverage for 435 operating days.

The Town of Westlake Fund Balance Policy states “The Town shall strive to maintain the General Fund
undesignated minimum fund balance at, or in excess of, 180 days of operation”. The adopted budget
reflects 435 operating days and follows the optimum balance defined in the Town’s policy.

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