Page 82 - City of Westlake FY20 Budget

Section 2 Financial Analysis
Funds and Departments

• The Capital Projects Fund tracks the infrastructure and building projects (other than those
financed by proprietary fund types), funded with general operating transfers,
intergovernmental revenue, bond funds and other special funding methods. Capital
expenditures are clearly identified by their respective funding sources, and projects are
shown in a clear, concise format.

• The Westlake Academy Expansion Fund (WAE) tracks the Westlake Academy Master Facility
Plan adopted by the Westlake Town Council/Board of Trustees in November 2012. Economic
Development Agreements are executed requiring developers to pay $5,000 to $10,000 for
each residential lot associated with the development. These funds are transferred to the
WAE fund for future expansion use.

WESTLAKE ACADEMY FUND
• This fund incorporates all funds related to the Town of Westlake’s charter school, Westlake
Academy. This fund encompasses all operations and maintenance related to the school as well
as State public school funding, Federal and state grants, and private donations used to support
the daily school operations of the Academy.

PROPRIETARY FUND TYPES
• The fund types are accounted and budgeted for on a cost of services, or “Capital Maintenance”
measurement focus using the accrual basis of accounting.
• Under the accrual basis of accounting, revenues are recognized when earned and expenses are
recognized when incurred.

Proprietary fund types operate in a manner like private business PROPRIETARY FUND TYPES
utilizing an accrual basis of accounting.
ACCOUNTING/BUDGETING
The accrual basis of accounting is used by all Proprietary Fund BASIS; FULL ACCRUAL
types. 1. Cemetery Fund
• Revenues are accounted for on a flow of economic
resources measurement focus. With this measurement 2. Utility Fund
focus, revenue is recorded when earned and expenses are 3. Utility Maintenance
recorded at the time liabilities are incurred. & Replacement Fund
• All assets and all liabilities associated with the operation of 4. General Maintenance
these funds are included on the combined statement of net & Replacement Fund
assets. Net assets are segregated into net assets invested in 5. Vehicle Maintenance
capital assets, net of related debt, restricted net assets and & Replacement Fund
un-invested net assets.
• Proprietary fund-type operating statements present increases (revenues) and decreases
(expenses) in total net assets.

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