Page 221 - City of Watauga FY22 Adopted Budget

SPECIAL REVENUE FUNDS

ECONOMIC DEVELOPMENT CORPORATION BUDGET SUMMARY - FUND 04

HISTORY PROJECTED YEAR BUDGET %CHANGE BUDGET
2019-2020 2020-2021 2020-2021 2021-2022 FY2021-2022 2022-2023
Actual Current Budget Projected Budget VS 2020-2021 Forecast

Fund Balance, October 1* $880,886 $1,174,604 $1,242,173 $1,538,356 $1,810,089
Revenues:
Sales Taxes 744,464 705,000 794,000 814,000 15.5% 834,000
License Agreement - Property 0 28,800 0 0 -100.0% 0
Interest Earnings 5,301 5,000 1,500 2,000 -60.0% 2,500
License Agreement - Services 0 7,000 2,000 5,000 -28.6% 8,000
Operating Revenues $ 749,765 $ 745,800 $ 797,500 $ 821,000 10.1% $ 844,500

Total Available Resources $ 1,630,651 $ 1,920,404 $ 2,039,673 $ 2,359,356 $ 2,654,589

Expenditures:

Business Retention 7,684 8,700 10,177 6,610 -24.0% 37,700
Business Retention - ARPA 0 0 (25,000) (60,000) 0.0% 0
Give and Get Phase I (100% Grant) 0 0 25,000 0 0.0% 0
Give and Get Phase II (100% Grant) 0 0 0 25,000 100.0% 0
Small Business Dev. (50% Grant) 0 0 0 30,000 100.0% 0
Support Local (100% Grant) 0 0 0 20,000 100.0% 0
Business Attraction 49,775 28,250 28,510 36,750 30.1% 36,600
General Administration 36,549 84,510 84,496 89,030 5.3% 87,600
Parks Department 0 0 0 0 0.0% 0
Operating Expenditures 94,008 121,460 123,183 147,390 21.3% 161,900

Operating Transfers-Out
To General Fund 194,292 222,281 222,281 254,800 14.6% 319,598
To Internal Service Fund 0 0 0 0 0.0% 0
To Debt Service 100,178 157,503 155,853 147,078 -6.6% 153,178
Total Operating Transfers-Out 294,470 379,784 378,134 401,878 5.8% 472,776
TOTAL OPERATING & TRANSFERS $ 388,478 $ 501,244 $ 501,317 $ 549,268 9.6% $ 634,676

Fund Balance, September 30 $1,242,173 $1,419,160 $1,538,356 $1,810,089 $2,019,913

CHANGE IN FUND BALANCE $361,287 $244,556 $296,183 $271,733 $209,825
*Includes debt service fund balance

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