Page 68 - Watauga FY22-23 Budget

COMBINED SUMMARY OF REVENUES AND EXPENDITURES

ANALYSIS OF CHANGES IN FUND BALANCES

The following table briefly describes the impacts of the projected changes in fund balances for
the year, a total decrease of $17,678,614. The largest decreases are due to capital project
spending.

Beginning Ending
Fund Fund
Fund Balance Balance Difference Comments

General Fund $7,274,688 $7,057,913 ($216,775) Drawdown is primarily for one-time equipment
Projected ending fund balance exceeds
financial policy minimum target of 25%.

Strategic Initiative Fund $70,722 $40,722 ($30,000) This fund is primarily for high-impact projects
identified by Council. Drawdown is for
revitalization efforts in the City. This fund is
combined with General Fund for reporting
purposes.
W/S Utility Fund $2,733,312 $2,650,453 ($82,859) Drawdown due to one-time equipment. Ending
fund balance is at financial policy minimum
target.

Economic Development $1,713,418 $2,164,168 $450,750 Increase due to shift of focus to Economic
Corp. Sales Tax (formerly Development. Fund balance to be used for
Parks Development) future projects. Ending fund balance exceeds
financial policy minimum target.
Crime Control District $1,237,902 $1,140,252 ($97,650) Decrease due to vehicle one time purchases
(capital outlay). Ending fund balance complies
with financial policy.
Storm Drain Utility Fund $3,290,395 $1,251,335 ($2,039,060) Drawdown is due to Capital Projects paid from
storm drain fees that were identified in 5-year
CIP. Ending fund balance exceeds financial
policy minimum target.
General Capital Projects $11,482,347 $4,165,898 ($7,316,449) Continuation of major capital projects, which
Fund include major street project, parks projects, and
trails throughout the City.
W/S Constr. Fund $7,981,721 $1,324,810 ($6,656,911) Water/sewer projects are planned this fiscal
year to continue as identified in 5-year CIP.
Internal Service $1,692,399 $1,320,059 ($372,340) Decrease in fund balance due to purchases
(Equipment Repl. Fund) using legacy funds this fiscal year for
equipment.
EDC Capital Projects $33,760 $23,860 ($9,900) Economic Development project fund use of fund
balance for contingency projects.
Fleet ILA $24,352 $43,852 $19,500 No minimum target fund balance policy.
Services to surrounding cities are anticipated to
increase this fiscal year, resulting in additional
revenues.
Library Donation Fund $51,757 $47,857 ($3,900) No minimum target fund balance policy.
Street Maintenance Fund $595,910 $ 910 ($595,000) Street Maintenance tax discontinued in 2021.
Fund balance is being used for continued street
maintenance projects until fund is depleted.

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