Page 162 - Watauga FY21 Budget

STRATEGIC INITIATIVE FUND – FUND 13

The Strategic Initiative Fund was created in FY2014-15 to set aside funding for high-
impact projects identified by City Council. Funding is provided by fund balance
transfers of reserves in excess of the established policy. Examples of projects to be
funded are:

1) economic development and revitalization opportunities;
2) capital improvements cash funding, plans (Land Use, Comprehensive, CIP,
Master Parks);
3) community enhancement projects;
4) funding of other one-time projects.

The Green Ribbon Project funded in Fiscal Year 2017-2018 is scheduled for completion
of Phase One in Fiscal Year 2019-2020.

This fund is accounted for on the modified accrual basis of accounting. Revenues are
recorded when the liability is incurred.

BUDGET SUMMARY

HISTORY CURRENT YEAR BUDGET
2017-2018 2018-2019 2019-2020 2019-2020 2020-2021
Actuals Actuals Budget Projected Budget

Fund Balance, October 1 $292,991 $234,004 $133,504 $136,328 $53,828

Operating Transfers-In:
Transfers from General Fund 55,000 0 0 0 0
Interest 4,671 4,875 2,000 2,000 500
Total Available Resources $352,662 $238,879 $ 135,504 $ 138,328 $ 54,328

Expenditures:
Home Revitalization Program 75,458 29,998 30,000 34,500 30,000
Strategic Initiatives 43,200 72,554 105,000 50,000 0
Operating Expenditures 118,658 102,551 135,000 84,500 30,000

TOTAL OPERATING & TRANSFERS $118,658 $102,551 $135,000 $84,500 $30,000

Fund Balance, September 30 $234,004 $136,328 $504 $53,828 $24,328

CHANGE IN FUND BALANCE ($58,987) ($97,676) ($133,000) ($82,500) ($29,500)

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