Page 123 - PowerPoint Presentation

WESTLAKE ACADEMY FUND OVERVIEW

Westlake Academy is owned and operated by the Town of Westlake. It is the only municipally owned
and operated open enrollment K-12 charter school in the State of Texas. While Westlake Academy is
a department of the Town, it is its own financial reporting entity as defined by Government Accounting
Standards Board (GASB) in its Statement No. 14, “The Financial Reporting Entity.” Therefore, Westlake
Academy prepares its basic financial statements in accordance with generally accepted accounting
principles promulgated by the GASB and other authoritative sources identified in Statement on
Auditing Standards No. 69 of the American Institute of Certified Public Accountants.

The Westlake Academy Fund encompasses all teaching and extra-/co-curricular operating
expenditures as well as State public school funding, local funds, and private donations used to support
and enhance the daily operations of Westlake Academy. Westlake Academy operates under a shared
services model whereby the municipal operations team provides human resources, communications,
financial, facilities, information technology and administrative support services to the school. General
maintenance and replacement of infrastructure and equipment for the school is expensed to the
municipal budget. The shared services model is an integral part of the state charter application process,
supporting the Town’s case for having a community school. This model conserves resources and avoids
the duplication of efforts across the municipal and academic functions. For detailed information
regarding Westlake Academy’s operating budget, please visit www.westlakeacademy.org.

FUND HIGHLIGHTS

REVENUES
Budgeted at $9,371,746. This is a 3% decrease of $289,953 from prior year revised. Revenues are based
on the following underlying assumptions:

 Future revenue projections are based on the student average daily attendance (ADA), which
is used to calculate the cost of public education for the next biennium. With the ongoing
pandemic, revenues are expected to remain flat for FY 2021-22 and are calculated based on
the ADA from the prior year.
 Charter schools do not have taxing authority, making them reliant upon state and local funding
sources.
 As an open enrollment charter school, all State funding is determined each legislative session
and channeled to Westlake Academy through the State’s Foundation School Program (FSP).
 Enrollment is projected at 875 students.
 The proposed allotment is projected at $154K
 Municipal contributions have been discontinued
 Bank Interest: Calculated at 0.50% rate
 100% use of Westlake Academy Foundation (WAF) Annual Program revenues (proposed
$1.03 million).

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