Page 289 - City of Westlake FY20 Budget
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Section 6 Special Revenue Funds
Lone Star Public Facilities Overview
In 1996, the Westlake Board of Aldermen authorized the creation of the Lone Star Public Facilities
Corporation, a nonprofit corporation designed to “assist the Town of Westlake, Texas in financing,
refinancing, or providing public facilities.”
It was anticipated that the Corporation would issue bonds to finance the purchase or construction
of public facilities, and then lease those facilities to qualifying tenants. The Lone Star Public Facilities
Fund was created to account for the financial activities of the Corporation.
No bonds were ever issued. The fund is earning interest annually. Existing fund balance is due to
corporate donations that were received shortly after the Fund was created.
Revenues
• Total revenues are budgeted to be are $1,035 in interest earnings.
Expenditures
• There have been no fund expenditures since inception.
Fund Balance
• The ending fund balance is projected to be $16,211.
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