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SPECIAL REVENUE FUNDS

Special Revenue Funds are comprised of the six following funds: The 4B Economic Development
Fund 200, Economic Development Fund 210, Local Public Improvement District Fund 215, the Visitor
Association Fund 220, Public Arts Fund 225 and Lone Star Public Facilities Fund 418.

Economic Development Fund 200 is the 4B Economic Development Fund. This fund collects a half-
cent sales tax to be allocated to qualified development projects. Since FY 2006, the 4B Fund has
been committed to the repayment of the debt incurred for the Town’s Civic Campus project.

Economic Development Fund 210 is used as a pass-through based on economic development
agreements to easily identify the revenues and expenditures pertaining to the agreements.

Local Public Improvement District (PID) Fund 215 is comprised of revenues used to cover costs
attributable to Entrada development and construction.

Visitors Association Fund 220 collects a Hotel Occupancy Tax from the Marriott Solana, Deloitte,
and any future Westlake hotels. A 7% municipal tax is levied on the cost of nightly room rentals, the
maximum allowable under State law. Funds generated by the occupancy tax are generally restricted
to uses that directly promote tourism and the convention and hotel industry; however, Westlake
has broader statutory authority under State law than most cities and may spend occupancy tax funds
for any municipal purpose. Therefore, the Town uses these funds to cover various operational costs
and capital projects, including community events.

Public Arts Fund 225 accounts for contributions received for Westlake Public Arts Projects. Westlake
is pending a Public Art installation in the 1600 Block of Solana Boulevard median. This is the first in
a series of such pieces planned for the Town and will, therefore, set an artistic standard for future
works.

Lone Star Public Fund 418 was created to account for the financial activities of the Lone Star Public
Facilities Corporation. The purpose of the corporation was to “assist the Town of Westlake, Texas in
financing, refinancing, or providing public facilities.” It was anticipated that the Corporation would
issue bonds to finance the purchase or construction of public facilities, and then lease those facilities
to qualifying tenants. No bonds were ever issued. Monies in this fund were from corporate
donations that were received shortly after the fund was created.

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