Page 12 - Pantego FY22 Operating Budget

o Water and Sewer Construction Fund – The purpose of this fund is to account
for transfers from the Water and Sewer Operating Fund to be used for general or
emergency repairs and projects not identified or funded in the Water and Sewer
Infrastructure fund.

o Water and Sewer 2019 C/O Projects Fund – The purpose of this fund is to
account for specific projects that are being funded by the Town's issuance of
Certificates of Obligation in the Spring of 2019.

o Water and Sewer Infrastructure Fund – This fund was created in Fiscal Year
2011-2012 by the Town Council under the advice of the Town’s Water and
Sewer Ad-hoc Committee. The object of the fund is to generate revenue from
water customers by applying a specific charge based on water consumption and
use it to pay for water and sewer projects.

Proprietary Funds

Enterprise Fund

Water and Sewer Fund

Water & Sewer Operating Fund
Water Department

Sewer Department

Water & Sewer Construction Fund

Water & Sewer 2019 C/O Projects Fund

Water & Sewer Infrastructure Fund

3. Fiduciary funds are resources that the Town of Pantego holds in trust for individuals or
other governments. At this time the Town has no Fiduciary funds. The accounting used
for fiduciary funds is much like that used for proprietary funds.

4. Pantego Economic Development Corporation (PEDC) is a discretely presented
component unit of the Town, therefore PEDC’s annual financials and annual operating
budget are separately presented. The component unit is a legally separate entity for
which the Town is considered financially accountable and for which exclusion would
cause the Town’s financial statements to be misleading or incomplete.

The PEDC was founded in 1993, following an election to assess a ½ cent sales and use
tax. The PEDC administers the expenditure of the 4B sales tax authorized by the
Development Corporation Act for land, buildings, equipment, facilities, targeted
infrastructure and improvement for items defined as authorized projects. Funds
administered by the PEDC are restricted funds and can only be used for those projects

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