Page 277 - City of Westlake FY20 Budget

Section 6 Special Revenue Funds
Economic Development Fund Overview

The Economic Development Fund was created to transparently account for all receipts and disbursements
related to economic development agreements.

Currently, revenues and transfers in are used to:
• Fulfill incentive obligations negotiated with Fidelity Investments and Deloitte University as part of
their relocation to Westlake
• Transfer funds to the Westlake Academy Expansion Fund as part of development agreement

Hotel/motel tax is generated through business activities in Westlake.

The agreement with Maguire Partners-Solana Land LP includes a $10,000 per lot contribution for the benefit
of Westlake Academy from the final platting of lots in the Granada residential subdivision and Entrada
development.

Revenues and Other Sources
• Total revenues and other sources are budgeted to be $316,982.
• This represents a 37% decrease of $184,300 from the prior year estimated.
o General Sales Tax for Schwab decreased from $300,000 to zero.
o Hotel Occupancy Tax for Deloitte University remained flat at $36,982.
o Contributions are budgeted at $280,000, an increase of $115,700 (70%)
 These payments are for the expected final platting of lots as noted above and are
recorded in the Economic Development Fund and transferred to the Westlake
Academy Expansion Fund.

Operating Expenditures
• Total operating expenditures are budgeted to be $316,982
• This represents a 7% decrease of $184,300 from the prior year estimated.
o Economic development for Schwab Sales Tax decreased from $300,000 to zero.

Non-Operating Expenditures
• Total non-operating expenditures are budgeted to be $164,300
• This represents a 70% increase of $115,700 from the prior year estimated.
o Transfers out to the Westlake Academy Expansion Fund increased based on the expected
platting of lots as noted above.

Fund Balance
• Budgeted to be zero

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