Page 133 - CityofWataugaAdoptedBudgetFY24

BUDGET SUMMARY

Transfers to the Debt Service Fund are included to cover debt service payments.

The fund is anticipated to be at the appropriate reserve level with the ending fund
balance expected to be $2,457,546 which is a 24% reserve level at the end of
FY2023-2024. The City’s reserve policy is to ensure a 25% reserve level in this
fund.

Fleet Interlocal Agreement Fund

In FY2019-2020, the City contracted with three surrounding cities to provide fleet
services. The City estimates revenues to be $110,000 and estimates expenses to
be at $95,500. Ending fund resources are projected at $72,471.

Water and Sewer Debt Service Fund

The Utility Fund debt service requirement for FY 2023-2024 is $1,799,163 and will
be funded by a transfer from the Water/Sewer operating fund and fund balance
reserves. The fund balance at the end of the year is expected to be $50,234. Debt
service is paid for those issuances that fund wastewater improvements identified
in the 5-year Capital Improvement Plan.

Water and Sewer Capital Projects Funds

Total available resources are projected at $4,482,133 which includes remaining
proceeds from the 2019 debt issuance for funding of various water and sewer
infrastructure projects. These projects are currently underway and are expected
to be substantially completed at the end of FY2023-24. Total expenditures are
budgeted at $3,998,100 and include the water and wastewater projects that were

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