Page 164 - Watauga FY21 Budget
P. 164
SPECIAL REVENUE FUND
ECONOMIC DEVELOPMENT CORPORATION
(FORMERLY PARKS DEVELOPMENT CORPORATION)
Voters established the Watauga Parks Development Corporation Sales Tax Fund to
account for a ½ cent sales tax increase in May 1994 under the 4b Economic
Development Legislation. The purpose of the increase in sales tax is to build city parks
and improve existing parks under the supervision of the Watauga Parks Development
Corporation. In May 2012, voters approved a reduction of the sales and use tax for
the Watauga Parks Development Corporation to ¼ of one percent and reallocate ¼ of
one percent for maintenance and repairs of municipal streets. This reduction took place
on October 1, 2012. In FY2018-19 the corporation’s name was changed to Economic
Development Corporation and the focus was redirected to economic development within
the City. Sales tax revenues for FY2021 are expected to be $705,000.
This Special Revenue Fund is used to account for specific revenues that are legally
restricted to expenditures for particular purposes. The fund is accounted for on the
modified accrual basis of accounting. Revenues are recorded when available and
measurable, and expenditures are recorded when liability is incurred.
Where Does the Money Come From?
Where Does the Money Go?
Note: Transfers to general fund cover personnel expenses and debt
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