Page 19 - City of Westlake FY20 Budget

Section 01 Executive
Transmittal Letter

V. ADOPTED vs. AMENDED BUDGET FOR FISCAL YEAR 18-19

During the current fiscal year (concluding on September 30, 2019) there were amendments made to
certain funds. The net change to all fund balances reflect an increase of $1.39M from the adopted
$1.87M.

Detail of the changes to revenue and other sources resulted in a net increase of $1.24M from the
adopted $40.42M. The largest decrease ($3.39M) is due to anticipated bond revenue in the Capital
Projects Fund 410 to fund projects for roads, facilities, and parks. After extensive review of the long-
term forecast, it was decided that some of these projects could be delayed and the remaining projects
funded by current cash held for capital improvements. Also, bond proceeds from the Texas Water
Development Board was budgeted at $2.6M; however, the final proceeds were $2.1M, a $500K
decrease.

The decrease in bond issuances is offset by increased revenue in five categories below:

• General Sales Tax Increased $2.2M: The General Fund and 4B Economic Development Fund saw
an increase of $1.7M and $550K respectively. These increases are due to one-time payments
pertaining to various construction and renovation projects and to increases in the amount of
sales tax collected. Additional revenues came from State Comptroller audit collections.

• Contributions Increased $1.2M: A one-time contribution of $1M was received for the Westlake
Academy Expansion Fund and designated for the Sam and Margaret Lee Arts and Sciences
Center. In addition, the General Vehicle Maintenance and Replacement Fund received a one-
time contribution of $125K from Westlake Academy Foundation (WAF) for the purchase of a 71-
passenger bus.

• Building Permits and Fees Increased $1M: These revenues are based on the fees associated with
residential and commercial construction. Increases were recognized in the General Fund for
building permits, inspection and plan reviews as well as fire department permit/inspection fees.
Most of this can be attributed to the Town’s updated fee schedule and higher commercial
valuations than anticipated.

• Transfers-in Increased $681K: Internal Service Funds received additional transfers in from the
General Fund based on the increase of one-time building permit revenues. The General
Maintenance and Replacement Fund was increased by $463K and the Vehicle Maintenance and
Replacement Fund increased by $218K.

• Academic Revenues Increased $76K:
o $11K increase in interest earnings
o $40K increase in WAF
o $128K overall increase in state funding
o $90K decrease in Town contribution
o $13K decrease in Teachers Retirement System on-behalf benefits

7