Page 138 - City of Watauga FY22 Adopted Budget

BUDGET-OVERVIEW

The EDC Capital Fund Budget includes $10,000 in contingency funding for projects that
may be considered for funding for the fiscal year. The projected ending fund balance is
$20,335.

Street Maintenance Fund

This fund was originally established on October 1, 2012, to account for ¼ cent sales tax
reallocated from the Parks Development Corporation, now the Economic Development
Corporation. At a special election on May 12, 2012, the voters approved this tax under
Section Chapter 327 of the Tax Code.

In November 2020 a measure was presented to voters to reallocate the ¼ cent dedicated
street maintenance sales tax to economic development. The voters chose not to
reallocate the tax and as a result, the street maintenance dedicated sales tax was
abolished effective January 1, 2021. Fund balance reserves will continue to fund street
projects for this fiscal year. Street maintenance projects funded for the year total
$908,000, leaving an ending fund balance of $190,619.

Crime Control and Prevention District Fund

The Watauga Crime Control and Prevention District (WCCPD) was established in March
1996 under Local Government Code Chapter 363 and reauthorized most recently on May
1, 2021 to account for a one-half sales tax to fund officers and purchase additional
equipment and supplies for law enforcement purposes. The fund is administered by a
Board of Directors, which is current made up of the Mayor and all Council Members.

The sales tax represents 99% of total revenue for the WCCPD. Sales tax revenues
generated from this ½ cent sales tax are projected to increase by 7% over prior year and
are expected to be $1,610,000. Total revenues are forecast to be $1,676,000, The
FY2021-2022 operating budget is $1,620,000 and ending fund balance is projected to be
$857,335.

Library Donation Fund

Revenues represent donations made by customers as part of utility bill payment. Funds
are used to purchase additional library supplies such as books, audio and video,
periodicals, and other types of supplies. Projections are based on historical trend of
donations, which have declined in the last several years.

Estimated revenues for this fund are expected to be $6,100 and make up approximately
98%of the Library Donation’s fund’s total revenues. The adopted budget expenditure of
$10,700 will leave an estimated ending fund balance of $47,289.

PEG Fee Fund

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