Page 80 - City of Westlake FY20 Budget

Section 2 Financial Analysis
Funds and Departments

TOWN OF WESTLAKE

GOVERNMENTAL FUNDS

General Fund
Academic Fund
Debt Service Funds
Special Revenue Funds
Capital Project Funds
~ Lone Star Fund
~ Visitor Association Fund
~ Economic Development Fund ~ Capital Project Fund
~ 4B Economic Development Fund ~Westlake Academy Expansion
~ Public Improvement District Fund (Local)

GENERAL FUND
The General Fund is the general operating fund of the Town. It is used to account for all Town
revenues and expenditures except those required to be accounted for in other funds.
• Major functions financed by the General Fund include Finance, Administration, Building & Code
Compliance, Fire/EMS, Public Works, Facilities and Grounds Maintenance, Human Resources,
Parks and Recreation, Information Technology, and Engineering.
• Sources of revenue include sales and use taxes, development fees and permits, court revenue,
and franchise taxes. The former Westlake Property Tax Reduction Sales Tax Fund received its
funding from a ½ cent sales tax levy that was previously earmarked for the 4A Economic
Development Corporation. The purpose of this fund was to reduce local property tax rates
throughout Texas by providing cities with an additional unrestricted revenue source. This fund
was closed at FY 10/11 year-end and revenues are now being recorded in the General Fund.
• These funds may be used for general Town expenditures, capital projects, or debt service.

SPECIAL REVENUE FUNDS
These funds are used to account for the proceeds of specific revenue sources, other than
expendable trusts or major capital projects and consists of the following:

• The Visitors Association Fund receives its primary funding from a 7% hotel occupancy tax
adopted by the Town of Westlake in FY 1999/2000. Proceeds from the hotel occupancy tax
are required to be used in accordance with statutory parameters including the promotion of
travel and tourism in the Town of Westlake. Additionally, because Westlake has broader
statutory authority under State law than most cities to spend hotel/motel occupancy tax
funds for any municipal purpose, the Town has used these funds to cover costs of various
municipal operational costs and capital projects (an example would be payment of a portion
of the debt service for Westlake Academy related bonds).

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