Page 16 - PowerPoint Presentation

The difference between the appraised value and the taxable value are the Town’s homestead and
other exemptions. The Town offers the following exemptions and property tax rate reduction
programs to our residents:

 Homestead Exemption
 Additional 65+ or Disabled Exemption
 Additional Tax Ceiling, or Tax Freeze, for 65+ or Disabled
 Property Tax Reduction, or Additional Sales & Use Tax

PROPOSED BUDGET – FY 2022

In FY 21/22, revenues are budgeted at $38.7M for all funds. This is a 14% increase of $4.7M from prior
year revised. Expenditures are budgeted at $39.8M for all funds. This is a 24% increase of $7.7M from
prior year revised, which includes the $4 million of transfers into our conduit funds. Given the ongoing
economic uncertainties due to the pandemic, revenues and expenditures remain conservatively
budgeted. The proposed budget includes the planned use of fund balance in General Fund, Internal
Service Funds, Special Revenue Funds and Capital Projects Funds.

Revenues
Beginning Expenditures Net Change to Ending Fund Percent Percent
FUND Fund Balance & Other & Other Uses Fund Balance Balance of Total Change

Sources
$ 15,333,347 $ 10,788,545 $ 14,070,731 $ (3,282,186) $ 12,051,161 40% -21%
General Fund
6,501,477 5,724,016 6,013,468 (289,452) 6,212,025 21% -4%
Enterprise Funds
1,865,614 2,980,775 2,033,287 947,488 2,813,102 9% 51%
Internal Service M&R

690,025 2,465,250 2,381,299 83,951 773,976 3% 12%
Special Revenue Funds
108,588 2,760,000 2,868,588 (108,588) (0) 0% -100%
Debt Service Funds
4,901,321 4,614,602 2,991,720 1,622,882 6,524,203 22% 33%
Capital Projects Funds
29,400,373 29,333,188 30,359,093 (1,025,905) 28,374,468 94% -3%
Municipal Total
1,958,999 9,371,746 9,432,983 (61,238) 1,897,761 6% -3%
Academic Funds
TOTAL ALL FUNDS $ 31,359,372 $ 38,704,934 $ 39,792,076 $ (1,087,143) $ 30,272,229 100% -3%

If only municipal operating expenditures were taken into consideration (removing all
expenditures related to capital, inter-fund transfers and Westlake Academy), the FY 21/22 budget
shows a 09% increase of approximately $1.5M.

14