Page 182 - Watauga FY21 Budget

PUBLIC, EDUCATION, GOVERNMENT (PEG) FUND

FUND 24

In accordance with SB 1087, a municipality must set up a separate PEG fund to collect
and account for the public, educational and government (PEG) fee collected through
cable providers. The PEG fee is an additional 1% of gross revenue and can only be
spent on capital items for the local access channel as described by federal law. A

separate fund was established in FY2017-2018 to comply with SB 1087.

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

BUDGET SUMMARY

HISTORY PROJECTED YEAR BUDGET %CHANGE
2017-2018 2018-2019 2019-2020 2019-2020 2020-2021 FY2020-2021
Actuals Actuals Budget Projected Budget VS 2019-2020

Fund Balance, October 1 $0 $18,403 $46,303 $45,246 $42,746
Revenues:
PEG Fee 12,305 28,687 40,000 37,000 30,000 -25.0%
Interest Earnings 12 713 0 500 500 100.0%
Transfer from General Fund 12,770 0 0 0 0 0.0%
Operating Revenues $ 25,088 $ 29,399 $ 40,000 $ 37,500 $ 30,500 0.0%

Total Available Resources $ 25,088 $ 47,802 $ 86,303 $ 82,746 $ 73,246 -15.1%

Expenditures:
Capital Outlay 6,685 2,556 45,000 40,000 10,000 -77.8%
Operating Expenditures 6,685 2,556 45,000 40,000 10,000 -77.8%

TOTAL OPERATING & TRANSFERS $ 6,685 $ 2,556 $ 45,000 $ 40,000 $ 10,000 -77.8%

Fund Balance, September 30 $18,403 $45,246 $41,303 $42,746 $63,246

CHANGE IN FUND BALANCE $18,403 $26,844 ($5,000) ($2,500) $20,500

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