Page 129 - PowerPoint Presentation

CAPITAL PROJECT FUNDS OVERVIEW

The Capital Projects Funds consist of the Capital Project Fund 410, Westlake Arts & Sciences Center
Fund 411, and the Westlake Academy Expansion Fund 412. Please see fund descriptions below:

Capital Project Fund 410 tracks major equipment, land, and infrastructure projects of $25,000 or
more financed with General Fund operating transfers, intergovernmental revenue, bond proceeds
and Special Revenue Fund transfers. Project completion or procurement may extend across two or
more fiscal years and reflect multiple expenditure categories such as engineering, design and
construction. Completed capital projects often have a continuing fiscal impact on the Town’s
operating funds due to routine maintenance, repair, and daily operating costs. When an ongoing
operating impact has been identified, it is included on the project description sheet, and costs are
projected for the next three years. Upon approval of the project, the ongoing fiscal impact is
integrated into the operating budget.

Westlake Academy Arts & Sciences Center Fund 411 tracks and accumulates resources to finance the
Arts and Sciences Center expansion. Westlake Academy has identified an immediate need for three
additional science labs on campus. This moves the science classrooms out of the portable buildings and
ensures students have adequate equipment, gas and water lab stations. The estimated cost of this project
is $8.6M. The funding source for the project includes WA Capital Projects that have been provided per
economic development agreements by residential developments, anonymous matching funds, and
Westlake Academy affiliates.

Westlake Academy Expansion Fund 412 tracks and accumulates resources intended to finance future
Academy expansions. In FY 12/13, approximately 8.5 million dollars of bond proceeds were used to fund
construction of three new buildings at Westlake Academy. In February of 2013, an Economic
Development Agreement was executed that requires the developer to pay $10K for lots in the Granada
subdivision and $5K for lots in the Quail Hollow subdivision. These payments are recorded in the
Economic Development Fund 210 and are transferred to the Westlake Academy Fund 412.

Individual project information sheets provide a detailed listing of projects, with prior year funding, future
funding requirements and project description. These sheets indicate when the project has multiple
sources of funding and the associated operating costs.

FUND HIGHLIGHTS

REVENUES
Revenues are budgeted at $4.6M; a 80% increase of $2M from prior year revised. This increase is due
to the Series 2021 bond issuance in September 2021.

Investment Earnings – ($11,000)
Decreased $20K due to decrease in interest rates and economic impact of the ongoing
pandemic.

Other Sources – ($3.2M)
Series 2021 issue $3.2M in bonds for capital projects, , projected related this upcoming fiscal
year.

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