Page 129 - CityofWataugaAdoptedBudgetFY24

BUDGET SUMMARY

then distributed to the City on a monthly basis. This represents approximately 99% of total
revenue for the Economic Development Corporation Fund.

The budget for this fund includes funding for the completion of various economic
development initiatives as guided by the Corporation’s strategic plan that was developed
in FY2019-20 and updated in FY2020-21. Expenditures are budgeted at $515,250. The
ending fund balance is projected to be $2,799,530.

The EDC Capital Fund Budget includes $10,000 in contingency funding for projects that
may be considered for funding for the fiscal year. The projected ending fund balance is
$11,246.

Street Maintenance Fund

This fund was originally established on October 1, 2012, to account for ¼ cent sales tax
reallocated from the Parks Development Corporation, now the Economic Development
Corporation. At a special election on May 12, 2012, the voters approved this tax under
Section Chapter 327 of the Tax Code.

In November 2020 a measure was presented to voters to reallocate the ¼ cent dedicated
street maintenance sales tax to economic development. The voters chose not to
reallocate the tax and as a result, the street maintenance dedicated sales tax was
abolished effective January 1, 2021. The source of funding for streets will be cash flowed
from the general fund in future years. Street maintenance projects funded for the year
total $63,016, bringing the fund balance to $0.

Crime Control and Prevention District Fund

The Watauga Crime Control and Prevention District (WCCPD) was established in March
1996 under Local Government Code Chapter 363 and reauthorized most recently on May
1, 2021, to account for a one-half sales tax to fund officers and purchase additional
equipment and supplies for law enforcement purposes. The fund is administered by a
Board of Directors, which is current made up of the Mayor and all Council Members.

The sales tax represents 99% of total revenue for the WCCPD. Sales tax revenues
generated from this ½ cent sales tax are projected at $1,977,000, an increase of 5% over
prior year budget and 2% over forecasted FY2023 receipts. Total revenues are forecast
to be $2,103,000. The FY2023-2024 operating budget is $2,256,900 and ending fund
balance is projected to be $1,213,952. Public safety equipment and replacement
vehicles are funded by the WCCPD this fiscal year.

Library Donation Fund

Revenues represent donations made by customers as part of utility bill payment. Funds
are used to purchase additional library supplies such as books, audio and video,

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