Page 341 - City of Westlake FY20 Budget

Section 9 Capital Project Funds
Westlake Academy Expansion Overview

Fund 412 The Westlake Academy Expansion (WAE) Fund tracks and accumulates resources intended to
finance future Academy expansions.

In February of 2013, an Economic Development Agreement was executed that requires the developer to
pay the following for each residential lot
• $10,000 for lots in the Granada subdivision.
• $ 5,000 for lots in the Quail Hollow subdivision.
Note these payments are recorded in the Economic Development Fund 210 and are transferred to the
Westlake Academy Fund 412.

Revenues and Other Sources
• Budgeted to be $431,021. This represents a 67% decrease of $884,300 from the prior year estimated.
o Investment earnings are budgeted to remain flat at $151,021.
o Transfers in from the Economic Development fund for developer lot fee payments are
budgeted to be $280,000; this reflects a 70% increase of $115,700.

Operating Expenditures
• There are no budgeted operating expenditures for FY19/20.

Non-Operating Expenditures
• There are no budgeted non-operating expenditures for FY19/20.

Fund Balance
• Excess revenues over(under) budget are projected to be $431,021
• Beginning fund balance is projected to be $2,885,164
• The ending fund balance is projected to be $3,313,185

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