Page 61 - City of Watauga FY22 Adopted Budget

ECONOMIC DEVELOPMENT CORPORATION 1/4 CENT SALES TAX FUND
Multi-Year Financial Plan

Base Year Year 2 Year 3 Year 4 Year 5
Budget Projected Projected Projected Projected
2021-2022 2022-2023 2023-2024 2024-2025 2025-2026
BEGINNING BALANCE 1,538,356 1,957,166 2,320,168 2,554,704 2,795,857
REVENUES
Sales taxes 814,000 834,000 854,850 876,221 898,127
License Agreements 5,000 8,000 8,000 8,000 8,000
Interest Income 2,000 2,500 11,601 12,774 13,979

Total Revenues 821,000 844,500 874,451 896,995 920,106
EXPENDITURES
Non-Departmental - - - -
General Administration (89,030) (87,600) (88,476) (89,361) (90,254)
Business Retention (6,610) (37,700) (38,077) (38,458) (38,842)
Business Attraction (51,750) (36,600) (36,966) (37,336) (37,709)
Transfers to other funds -General Fund * (254,800) (319,598) (476,396) (490,688) (505,408)
Transfer to Debt Service (147,078) (153,178) (149,078) (149,853) (150,428)
Operating Expenditures (402,190) (481,498) (639,915) (655,842) (672,214)
Total Expenditures (402,190) - (481,498) - (639,915) - (655,842) (672,214)

Recommended Reserves per Policy - (80,438) - (96,300) - (127,983) - (131,168) (134,443)

Available for Supplemental 418,810 363,002 234,536 241,153 247,892
Transfers to other funds - - - - -
Remaining Supplemental 418,810 363,002 234,536 241,153 247,892
Additional Available for Capital 1,457,918 1,860,866 2,192,185 2,423,535 2,661,414
Total Available for Capital 1,876,728 2,223,868 2,426,721 2,664,688 2,909,306
Proposed Capital:

Proposed Capital - - - - -

Remaining Funds Available 1,876,728 2,223,868 2,426,721 2,664,688 2,909,306
ENDING FUND BALANCE 1,957,166 2,320,168 2,554,704 2,795,857 3,043,749

Staffing Variable:
Part-time positions 0.00 0.00 0.00 0.00 0.00
Full-time positions 0.00 0.00 0.00 0.00 0.00
In FY2018-19, the Parks Development Corporation changed names and function to the Economic Development Corporation
*No staffing is included in budget, however, personnel expenses are covered through a Reimbursement Resolution and Transfer
Transfer to Debt Services for projects to include Splashpad, Capp Smith Park Improvements, Branding Signs, and Food Service Incubator

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