Page 74 - City of Westlake FY20 Budget

Section 2 Financial Analysis
Budget 101 Overview

Positive Unassigned
Fiscal Operating Fund Operating Dollars Per
Year Balance Balance Days Operating Day
FY 19/20 YES $ 11,785,644 435 $ 27,070

FY 20/21 YES $ 12,147,538 438 $ 27,731

FY 21/22 YES $ 12,405,814 437 $ 28,401

FY 22/23 YES $ 12,650,345 435 $ 29,053

FY23/24 YES $ 12,887,741 433 $ 29,754

REVENUE ESTIMATES FOR BUDGETING:
To maintain a stable level of services, the Town uses a conservative, objective, and analytical approach
when preparing revenue estimates. The process shall include analysis of probable economic changes
and their impacts on revenues, historical collection rates, and trends in revenues. This approach should
reduce the likelihood of actual revenues falling short of budget estimates during the year and should
avoid mid-year service reductions.

CENTRAL CONTROL:
Modifications within the operating categories (salaries, supplies, maintenance, services, capital, etc.) can
be made with the approval of the Town Manager. Modifications to reserve categories and
interdepartmental budget totals will be made only by Town Council consent with formal briefing and
Council action.

CONTINGENT APPROPRIATION:
During the budget process, staff will attempt to establish an adequate contingent appropriation in each
of the operating funds. The expenditure for this appropriation shall be made only in cases of
emergency, and a detailed account shall be recorded and reported. The proceeds shall be disbursed
only by transfer to departmental appropriation. All transfers from the contingent appropriation will be
evaluated using the following criteria:
• Is the request of such an emergency nature that it must be made immediately?
• Why was the item not budgeted in the normal budget process?
• Why can’t the transfer be made within the department?

PERFORMANCE MEASURES & PRODUCTIVITY INDICATORS:
Where appropriate, performance measures and productivity indicators will be used as guidelines to
measure efficiency, effectiveness, and outcomes of Town services. This information will be included in
the annual budget process as needed.

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