Page 208 - Watauga FY22-23 Budget

SPECIAL REVENUE FUNDS

ECONOMIC DEVELOPMENT CORPORATION BUDGET SUMMARY - FUND 04

HISTORY PROJECTED YEAR BUDGET %CHANGE
2019-2020 2020-2021 2021-2022 2021-2022 2021-2022 2022-2023 FY2022-2023
Actual Actual Original Budget Amended Budget Projected Budget VS 2021-2022
Fund Balance, October 1* $880,886 $1,242,173 $1,538,356 $1,631,096 $1,631,096 $1,713,418
Revenues:
Sales Taxes 744,464 865,622 814,000 925,000 925,000 952,000 17.0%
License Agreement - Property 0 0 0 0 0 0 0.0%
Proceeds From Sale of Assets 0 850 0 0 0 0 0.0%
Interest Earnings 5,301 1,207 2,000 2,000 2,000 2,500 25.0%
License Agreement - Services 0 0 5,000 5,000 2,000 5,000 0.0%
Operating Revenues $749,765 $867,679 $821,000 $932,000 $929,000 $959,500 16.9%

Total Available Resources $1,630,651 $2,109,852 $2,359,356 $2,563,096 $2,560,096 $2,672,918
Expenditures:

Business Retention 7,684 6,437 21,610 21,610 3,500 8,650 -60.0%
Business Attraction 49,775 28,493 36,750 36,750 26,250 24,200 -34.1%
General Administration 36,549 64,042 89,030 89,030 40,050 56,200 -36.9%
Operating Expenditures 94,008 98,973 147,390 147,390 69,800 89,050 -39.6%

Operating Transfers-Out
To General Fund 194,292 222,281 254,800 254,800 254,800 266,500 4.6%
To Internal Service Fund 0 0 0 0 0 0 0.0%
To Capital Projects Fund 0 0 0 375,000 375,000 0 0.0%
To Debt Service 100,178 157,503 147,078 147,078 147,078 153,200 4.2%
Total Operating Transfers-Out 294,470 379,784 401,878 776,878 776,878 419,700 4.4%

TOTAL OPERATING & TRANSFERS $388,478 $478,757 $549,268 $924,268 $846,678 $508,750 -7.4%
Fund Balance, September 30 $1,242,173 $1,631,096 $1,810,088 $1,638,828 $1,713,418 $2,164,168

CHANGE IN FUND BALANCE $361,287 $388,923 $271,732 $7,732 $82,323 $450,750
*Includes debt service fund balance

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