Page 25 - Saginaw FY22 Adopted Annual Budget

library donations. Parks donations will fund a fireworks display. Beautification donations
will continue the public art program.

The General Government Escrow Fund was created in FY 2014-2015 to better track
funds that are received and are to be used for a specific purpose. These receipts will
remain in the General Government Escrow Fund until an appropriate expense is
approved by the City Council. Approved expenses include: advertising and
entertainment for the “Train and Grain” festival, police overtime expense for bailiff duty,
and insurance deductibles and repairs, a contract for Farmer’s Market administration, and
the replacement of 4 ticket writers.

The Water/Wastewater Escrow Fund was created in FY 2014-2015 to better track
impact fee funds that are received and are to be used for a specific purpose. These
receipts will remain in the escrow fund until an appropriate expense is approved by the
City Council. Funds are approved to be used for the Fort Worth meter station upgrade.

DEBT SERVICE FUND

Debt service requirements for outstanding certificates of obligation, tax notes, and general
obligation are $4,753,725. The adopted tax rate is sufficient to fund the required debt
service payments for the fiscal year.

CAPITAL PROJECTS FUND

The Capital Projects Fund consists of projects as recommended by our staff and
engineers and approved by the City Council. Design is budgeted for voter approved bond
projects to replace the Library and Senior Citizens Center. Reconstruction of the first
phase of Knowles Drive is budgeted, also a voter approved bond project. If the Tarrant
County bond proposition is approved by voters in November 2021, the City will only be
required to fund 50% of this project. Remaining funds will be used for future bond
projects.

ENTERPRISE FUND

The total revenues projected for this fund are $10,222,640. Water rates will increase by
10% due to the 9.92% increase in the rate charged by the City of Fort Worth for the
purchase of water. Wastewater rates will increase by 5% due to the 15.24% increase
charged by Fort Worth. This increase will be phased in over several years as necessary.
Projected revenue will be sufficient to cover projected operating expenses. Budgeted
expenses total $10,740,575. The budgeted use of fund balance is $517,935 and will be
used for the developer’s agreement for “The Square”. Funding is also provided for 2
generators and maintenance of the Longhorn Pump Station.

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