Page 105 - CityofWataugaAdoptedBudgetFY24

BUDGET SUMMARY

Fiscal Year 2023-2024 Financial and Economic Outlook

The financial plan as presented in the budget should be considered from the broad
perspective of the specific environment within which the City operates. The City of
Watauga is located in Tarrant County and is part of the Dallas-Fort Worth Metroplex that
has a total population of 7.6 million people. The City of Watauga encompasses 4 square
miles of which 96% is developed. The 2023 population estimate from North Central Texas
Council of Governments is 23,653.

This section is intended to provide highlights of the City of Watauga’s fiscal year budget
for the period of October 1, 2023 through September 30, 2024. It describes the fund
structure used by the City and summarizes the source and use of City funds and
describes recent trends in revenues and expenditures.

This budget reflects the positive financial condition of the City and utilizes sound fiscal
policies and a conservative approach in revenue and expenditure forecasting. For
FY2023-2024, the City’s budget provides for continued programs and services and
maintains the tax rate of $0.570200/$100 valuation. The tax rate will also provide
additional funding for capital improvement and equipment needs.

This budget is a fluid document that is changing and moving on a constant basis and
serves as a guide for the following twelve-month period. We utilize past history, present
conditions, and expected future trends in preparing estimated revenues. Once revenues
are developed, we then evaluate costs associated with the delivery of existing services,
any new and expanded costs or programs, and new programs established by Council.
Within the limited resources available, we adjust the costs to achieve a balanced budget.
The budget document, even after adoption, is still an estimated financial plan and is
always subject to change by amendment. More often than not, elements within the body
of the document will change throughout the year. Changes in economic conditions, new
projects, project overruns, emergencies and unforeseen events can necessitate a budget
amendment.

This budget document and financial plan for FY2023-2024 has been developed and
constructed in such a way as to balance revenues to expenditures with minimal use of
fund balances. Typically, fund balances are used to allow for one-time needs or liabilities
that have accrued over long periods of time. When fund balances are used, the remaining

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