Page 23 - PowerPoint Presentation

CAPITAL PROJECT FUNDS

The Town has three capital project funds including the Capital Project Fund 410, Westlake Academy
Arts & Sciences Center Fund 411, and Westlake Academy Expansion Fund 412. These funds consist of
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 reflects 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 ongoing operating impacts have been identified, it is included
on the project description sheets, and costs are projected for the next three years. Upon approval of
the project, the ongoing fiscal impact is integrated into the operating budget.

The following capital projects, funded by certificates of obligations, are budgeted for FY 21/22:

 Roanoke Road Reconstruction & Drainage South - $700,955
 SH114 Service Road Construction - $100,000
 GPS Opticom Traffic Control - $91,250
 Wayfinding Signage - $214,700
 Cemetery Improvements - $250,000
 Dove/Pearson/Aspen Trail – $459,250
 Pearson Lane Recon/Drainage - $475,565
 Westlake Academy Arts & Sciences Center Fund - $250,000

Project information sheets are included in the Capital Project Section. These sheets include prior year
funding, future funding requirements, project description funding sources, and associated operating
costs.

REVENUES
Total revenue across all capital improvement project funds is budgeted to be $4.6M, a 80% increase
of $2M from prior year revised due to the FY2021 bond issuance.

EXPENDITURES
Total expenditures are budgeted to be $3M, an 38% increase of $822K from prior year revised.
Expenditures are funded through bond issuances, capital improvement fund balances, and transfers
between capital project funds.

FUND BALANCE
The combined ending fund balance is projected to be $6.5M.

 Capital Project Fund 410 is projected to be $2.4M
 Academy Arts and Sciences Center Fund 411 is projected to be $2.5M
 Westlake Academy Expansion Fund 412 is projected to be $1.6M

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