Page 218 - City of Watauga FY22 Adopted Budget

STRATEGIC INITIATIVE FUND – FUND 13

The Strategic Initiative Fund was created in FY2014-15 to set aside funding for high-
impact projects identified by City Council. Funding is provided by fund balance
transfers of reserves in excess of the established policy. Examples of projects to be
funded are:

1) economic development and revitalization opportunities;
2) capital improvements cash funding, plans (Land Use, Comprehensive, CIP,
Master Parks);
3) community enhancement projects;
4) funding of other one-time projects.

Phase One of the Green Ribbon Project funded in FY2017-2018 was completed.

This fund is accounted for on the modified accrual basis of accounting. Revenues are
recorded when the liability is incurred.

BUDGET SUMMARY

HISTORY CURRENT YEAR BUDGET BUDGET
2018-2019 2019-2020 2020-2021 2020-2021 2021-2022 2022-2023
Actuals Actuals Budget Projected Budget Forecast

Fund Balance, October 1 $234,004 $136,328 $53,828 $70,522 $40,722 $10,722

Operating Transfers-In:
Transfers from General Fund 0 0 0 0 0 0
Interest 4,875 1,338 500 200 0 100
Total Available Resources $238,879 $137,665 $ 54,328 $ 70,722 $ 40,722 $ 10,822
Expenditures:
Home Revitalization Program 29,998 34,122 30,000 30,000 30,000 10,500
Strategic Initiatives 72,554 33,022 0 0 0 0
Operating Expenditures 102,551 67,144 30,000 30,000 30,000 10,500

TOTAL OPERATING & TRANSFERS $102,551 $67,144 $30,000 $30,000 $30,000 $10,500

Fund Balance, September 30 $136,328 $70,522 $24,328 $40,722 $10,722 $322

CHANGE IN FUND BALANCE ($97,676) ($65,806) ($29,500) ($29,800) ($30,000) ($10,400)

209