Page 53 - N. Richland Hills General Budget

BUDGET OVERVIEW

Gas Development Fund

FY 19/20 Adopted FY 19/20 Revised FY 20/21 Adopted

Revenue $1,487,479 $3,041,989 $322,600

Expenditures $1,487,479 $3,041,989 $322,600
Balance $0 $0 $0

FY 2019/2020 Revised Budget

The Gas Development Fund accounts for the receipt and use of natural gas royalty payments
from gas drilling and exploration on City-owned property. Revenues are forecasted to
total $3,041,989 in the Revised Budget, which is an increase of $1,554,510 from the adopted
budget. An increase of $1,731,711 is included in appropriation of fund balance for
additional funding requirements for the (ED1601) Loop 820 Redevelopment project
($1,500,000) and interfund loan to the golf course ($54,510). Gas royalty revenues are
anticipated to drop ($180,000) this fiscal year based on current collection trends.
Expenditures totaled $3,041,989 and reflected up $1,554,510 to reflect the transfer of
funds for the Loop 820 Redevelopment project and interfund loan to the golf course.

FY 2020/2021 Adopted Budget

The revenues for the FY 2020/2021 budget are expected to be $322,600 from royalties and
interest income. This is a ($1,164,879) or (78.3%) reduction from the FY 2019/2020 Adopted
Budget. This decrease is due to FY 2020/2021 reflecting no planned draw down of fund
balance ($970,679) and an anticipated drop in gas royalty revenues by ($180,000). The FY
2020/2021 budget proposes no expenditures and the fund is anticipated to contribute $322,600
to the funds reserves.

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