Page 57 - City of Watauga FY22 Adopted Budget

FIVE YEAR FINANCIAL FORECAST

General Fund
Executive Summary

Year 1 Year 2 Year 3 Year 4 Year 5
Budget Projected Projected Projected Projected
2021-2022 2022-2023 2023-2024 2024-2025 2025-2026
TAX RATE VARIABLE(1)
Tax Rate $0.5804 $0.5894 $0.5905 $0.5937 $0.6083
Tax Rate Change ($0.000004) $0.0090 $0.0011 $0.0032 $0.0146

Assessed Value/$100 $ 14,768,825 $ 15,064,202 $ 15,365,486 $ 15,672,795 $ 15,986,251

Amount generated by 1¢ $ 144,734 $ 147,629 $ 150,582 $ 153,593 $ 156,665

Operating Revenues $ 13,491,050 $ 14,000,520 $ 14,414,422 $ 14,865,604 $ 15,322,943

Transfer from other funds $ 1,290,900 $ 1,296,500 $ 1,580,158 $ 1,599,259 $ 1,599,259
TOTAL REVENUES $ 14,781,950 $ 15,297,020 $ 15,994,580 $ 16,464,863 $ 16,922,202
EXPENDITURES
Departmental Expenditures $ 14,525,475 $ 15,368,249 $ 15,821,260 $ 16,289,065 $ 16,772,181
Capital Expenses/Equip $ - $ - $ - $ - $ -
Insurance Increase $ - $ 64,200 $ 67,410 $ 70,781 $ 74,320
Salary Package $ 232,000 *** $ 232,000 $ 238,960 $ 246,129 $ 253,513
Transfers to Capital Fund* $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000
Total Expenditures before supplemental $ 14,857,475 $ 15,764,449 $ 16,227,630 $ 16,705,975 $ 17,200,014

Revenue over/(under) $ (75,525) $ (467,429) $ (233,050) $ (241,112) $ (277,811)
Proposed Supplemental (2) $ - $ - $ (1,644,527) $ (2,392,187) $ (2,932,620)
Proposed Capital $ - $ - $ - $ - $ -
Proposed Equip Repl.** $ 50,000 $ - $ - $ - $ -

STAFFING VARIABLE
Full-time Positions 117.10 126.60 147.60 157.60 160.60
Part-time Positions 6.50 6.75 6.75 6.75 6.75
(1) Assumes City will bring in additional 3.5% M&O tax revenues to cover expenditure increases and remain within fund balance policy reserve of 25%
*$100,000 annually for sidewalk replacement program unless funded by Capital Projects Fund interest or debt
**Equipment Replacement Program funds some equipment and vehicle purchases over $5,000 with a minimum of a 5 year life span
Year 3 proposed staffing increases adds $1.7 million in personnel expenditures. Positions will be evaluated and only those that can fit within budget
will be funded.
(2) Proposed Supplemental is for positions in Personnel Improvement Plan. Positions will be funded only if revenues are available. More detailed
information can be found in the 5 year Personnel Plan included in this budget document.

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