Page 18 - Saginaw FY24 Adopted Budget

CITY OF SAGINAW
BUDGET HIGHLIGHTS
2023-2024

WATER/WASTEWATER ESCROW FUND

• The Water/Wastewater Escrow Fund was created in FY 2014-2015 to better track funds
that are received and to be used for a specific purpose. The types of revenues
budgeted in this fund include water impact fees.

• The equipment replacement for the Enterprise Fund will be accounted for in the
Enterprise Escrow Fund. The equipment replacement escrow began in FY 2018-2019.
The annual contribution will be based on the useful life of the purchased asset and the
estimated replacement cost. Funding for the replacement of equipment purchased
beginning in FY 2018-2019 will be in the equipment replacement escrow, as long as the
annual contribution is made. The contribution for Enterprise Fund equipment in FY
2023-2024 will be $36,215.

• Impact fees will partially fund the West McLeroy 12” Water Line Replacement Phase 2.

BELTMILL PUBLIC IMPROVEMENT DISTRICT FUND

• The Beltmill PID Fund was created in FY 2021-2022 to track funds that are received and
to be used for a specific purpose. The receipts will remain in the fund until an
appropriate expense is approved.

• PID assessments are estimated to be $495,910. Administrative expenses are budgeted
to be $18,960.

• The fund balance at year end is estimated to be $1,017,151.

TAX INCREMENT REINVESTMENT ZONE FUND

• The Tax Increment Reinvestment Zone Fund was created in FY 2022-2023 to track ad
valorem tax revenue derived from the incremental valuation increase of the property
within the zone. The City of Saginaw, Tarrant County, and Tarrant County College
District are participating at 50%. The receipts will remain in the fund until an appropriate
expense is approved by the Board of Directors.

• Estimated collections are budgeted to be $100,390.

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