Page 300 - Watauga FY21 Budget

ECONOMIC DEVELOPMENT CORPORATION 1/4 CENT SALES TAX FUND
Multi-Year Financial Plan

Base Year Year 2 Year 3 Year 4 Year 5
Budget Projected Projected Projected Projected
2020-2021 2021-2022 2022-2023 2023-2024 2024-2025

BEGINNING BALANCE 1,174,604 1,419,160 1,762,496 2,115,987 2,477,652
REVENUES
Sales taxes 705,000 747,300 754,773 762,321 769,944
License Agreements 35,800 93,400 93,400 93,400 93,400
Interest Income 5,000 5,000 8,812 10,580 37,165

Total Revenues 745,800 845,700 856,985 866,301 900,509
EXPENDITURES
Non-Departmental - - - -
General Administration (76,410) (77,174) (77,946) (78,725) (79,513)
Business Retention (7,300) (7,373) (7,447) (7,521) (7,596)
Business Attraction (28,250) (28,533) (28,818) (29,106) (29,397)
Transfers to other funds (GF, Debt) * (389,284) (389,284) (389,284) (389,284) (389,284)
Operating Expenditures (501,244) (502,364) (503,494) (504,636) (505,790)
Total Expenditures (501,244) - (502,364) - (503,494) - (504,636) (505,790)
Recommended Reserves per Policy - (100,249) - (100,473) - (100,699) - (100,927) (101,158)

Available for Supplemental 244,556 343,336 353,491 361,664 394,719
Transfers to other funds - - - - -

Remaining Supplemental 244,556 343,336 353,491 361,664 394,719

Additional Available for Capital 1,074,355 1,318,687 1,661,798 2,015,060 2,376,494

Total Available for Capital 1,318,911 1,662,024 2,015,289 2,376,724 2,771,212
Proposed Capital:

Proposed Capital - - - - -
Remaining Funds Available 1,318,911 1,662,024 2,015,289 2,376,724 2,771,212

ENDING FUND BALANCE 1,419,160 1,762,496 2,115,987 2,477,652 2,872,370

Staffing Variable:
Part-time positions 0.00 0.00 0.00 0.00 0.00
Full-time positions 0.00 0.00 0.00 0.00 0.00

In FY2018-19, the Parks Development Corporation changed names and function to the Economic Development Corporation
*No staffing is included in budget, however, personnel expenses are covered through a Reimbursement Resolution and Transfer
Transfer to Debt Services for projects to include Splashpad, Capp Smith Park Improvements, Branding Signs, and Food Service Incubato

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