Page 106 - CityofWataugaAdoptedBudgetFY24

BUDGET SUMMARY

fund balances are well above the minimums approved by Council. These balances
throughout the various City’s Funds are used to provide as much economic relief to our
citizens as possible, while still providing a financially sound and strong municipal
organization.

BUDGET HIGHLIGHTS – ALL FUNDS

Revenues from all funds
total $56.65 million in
comparison to last year’s
$44.7 million. These
numbers include $8.950
million in anticipated
proceeds from the 2023
Certificates of Obligation

debt issuance, and grant
funds (American Rescue
Act Plan and Tarrant

County Street Funding) of
$7.2 million. In FY2023-

2024, Property and Sales

tax make up 34% of all

revenues, followed by
charges for services at

22% of all revenues.

ALL CITY FUNDS TOTAL
BUDGET VARIANCE
FY2022 FY2023 FY2023 FY2024 EST FY2023 TO
ACTUAL BUDGET ESTIMATE BUDGET FY2024

Estimated Revenues
Taxes / Assessments 9,459,128 9,993,720 10,125,500 11,365,500 11%
Sales Tax 7,481,752 7,647,000 7,854,400 8,011,000 2%
Licenses and Permits 741,399 602,300 713,800 762,700 6%
Franchise Fees 820,349 912,500 918,500 917,500 0%
Intergovt Revenue 502,600 503,000 503,000 503,000 0%
Charges for Service 11,989,454 11,760,160 11,789,660 12,185,660 3%
Fines & Forfeitures 690,909 687,900 514,700 606,800 15%
Interest on Investments 331,353 326,850 1,959,500 1,950,700 0%
Grant Revenue 889,168 7,971,800 3,050,403 7,200,000 58%
Miscellaneous 5,995,146 855,500 1,015,600 9,866,200 90%
Operating Transfer In 4,291,137 3,442,200 3,932,200 3,280,000 -20%
Total Current Year
Revenues 43,192,395 44,702,930 42,377,263 56,649,060 25%

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