Page 27 - Watauga FY21 Budget

BUDGET MESSAGE FOR FY 2020-2021

9 Capital outlay items such as vehicles, technology, and community branding signs
are included and will be largely funded by the 2018 and 2020 Certificates of
Obligation proceeds.

General capital projects and equipment expenses for this year are projected
at $7,021,500. The ending Fund Balance is forecast to be $1,487,067. See the
General Capital Projects Fund for a more detailed description.

Strategic Initiative Fund

The Strategic Initiative Fund was created in FY2015-2016 in order to fund the strategic
initiatives identified as priorities by Council. The funding source for this fund is through
General Fund transfers. This year, fund balance in the Strategic Initiative Fund will
provide for the planned expenditures. Expenditures in this fund include $30,000 for the
Watauga Improving Neighborhoods (WIN) home revitalization program through the
Tarrant County HOME program. The fund expects to be closed out next fiscal year as
funding will be combined with the General Fund.

Special Revenue Funds

¾ Economic Development Corporation

Voters elected to redistribute ¼ cent from the Parks Development Corporation
Fund to Street Maintenance in May, 2012, with an effective date of October 1,
2012. This effectively made the Parks Development Fund into an operations and
maintenance fund and limited the fund’s ability to fund large dollar capital
projects. In FY2018-2019, the Parks Development Corporation and City Council
voted to change the corporation’s focus from Parks Funding to Economic
Development funding. The corporation’s name was changed to reflect this
change. Sales tax revenues are proposed to be $705,000 for FY2020-FY2021.

The budget for this fund includes funding for the completion of various
economic development initiatives as guided by the Corporation’s strategic plan
that was developed in FY2019-2020. Expenditures are budgeted at $501,244.
The ending fund balance is projected to be $1,419,160.

The EDC Capital Fund Budget includes $40,000 for projects that may be
considered for funding for the fiscal year. The projected ending fund balance is
$4,347.

¾ Street Maintenance Fund

This fund was established in FY2012-2013 to account for ¼ cent sales tax
reallocated from the Parks Development Corporation, now the Economic
Development Corporation. This allocation was effective October 1, 2012. This ¼
cent sales tax was reauthorized by voters in May, 2016 for another four years.

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