Page 134 - CityofWataugaAdoptedBudgetFY24

BUDGET SUMMARY

identified and prioritized in the City’s 5-year Capital Improvement Plan. An
estimated $177,000 in estimated water and sewer main repairs and street
maintenance is budgeted this year. The ending fund balance will be $484,033 in
this fund if the planned projects are completed by September 30, 2024. Unused
funds will roll over to the next fiscal year until the projects are completed.

Joint Use Facility Fund

The City of Watauga and City of North Richland Hills jointly maintain a transfer
station for water. A maintenance reserve of $60,000 per year is scheduled. These
reserves are transferred in annually from the Water/Sewer operating fund.
Reserves are used for pump replacements and other maintenance, as necessary.

Equipment Replacement Fund

This year the City enhanced the use of the Equipment Replacement Fund that had
been reduced in FY2021. The City maintains an equipment replacement fund for
use in the purchase of rolling stock, equipment, facility needs such as HVAC and
roofing, and technology replacement with a minimum cost of $5,000 and a useful
life of at least five years. This fund is designed to provide on-going financing for
replacement equipment once it reaches its expected life span. The Equipment
Replacement Fund purchases these items and then charges the acquiring fund a
prorated amount based on the cost and useful life of the equipment. These are
reflected as transfers in from other funds and charges for services. This year we
are utilizing this fund for the purchase of rolling stock, equipment, technology, and
facility needs in the amount of $1.01 million. Some of the items funded this year
were carried over from prior year due to supply delays in FY2023.

The forecasted ending Fund Balance is $1,357,109.

Conclusion

This summary provides the major highlights of the 2023-24 Fiscal Year Budget
document. This budget contains the significant budget changes and new and
expanded requests submitted by departments this fiscal year. The summaries by fund
and departmental detail can be found in the fund sections of this document.

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