Page 128 - CityofWataugaAdoptedBudgetFY24

BUDGET SUMMARY

✓ Continuation of the Whitley Road street projects, parks projects are funded by the
2018, 2020, 2021 Certificates of Obligation proceeds and Tarrant County Grant.
These projects are continued from prior years.
✓ The Hightower Street Project continues this year with phase I of construction to be
funded by the proposed 2023 Certificates of Obligation debt proceeds. The debt
proposed will also fund engineering costs for the commencement of the Watauga
Road Street Project.
✓ The continuation of the food business park project at Capp Smith Park is funded
by the 2020 Certificates of Obligation debt issuance.
✓ The $8.950 million proposed 2023 Certificates of Obligation will fund street
projects, the fleet facility expansion project, and a replacement ambulance for the
fire department.

General capital projects and equipment expenses for this year are projected at
$17,905,950. The ending Fund Balance is forecast to be $3,421,356 if all projects are
completed by fiscal year end. See the General Capital Projects Fund for a more detailed
description.

Strategic Initiative Fund

The Strategic Initiative Fund was created in FY2015-2016 to fund the strategic initiatives
identified as priorities by Council. The funding source for this fund is through General
Fund transfers. This year, the City will close out the use of the Strategic Initiative Fund
and move to the General Fund for future projects. The previous expenditures in this fund
included $30,000 for the home revitalization program through the Tarrant County HOME
program. The General Fund will continue to fund Council initiatives in future years.

Special Revenue Funds

Economic Development Corporation

The Economic Development Corporation is funded by a ¼ cent sales tax and funds
economic development activities and quality of life projects in the City. Voters approved
a 1/2 cent sales tax under Section 4B of Article 5190.6, Vernon’s Texas Civil Statutes
with an effective date of October 10, 1994. In May, 2012, Voters approved a reallocation
of 1/4 cent for the Watauga Parks Development Corporation to go towards Street
Maintenance, effective October 2012. In FY2018-19, the Corporation was renamed to
the Watauga Economic Development Corporation. Funds can only be used for economic
development activities and projects and funds are administered under the supervision of
the Economic Development Corporation Board of Directors. The City Council retains final
oversight authority and must approve the EDC’s programs and expenditures.

Sales tax revenues are projected to be $996,000 for FY2023-FY2024. The ¼ cent share
of all local taxable sales are remitted by merchants to the State Comptroller’s Office and

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