Page 14 - CityofWataugaAdoptedBudgetFY24

BUDGET MESSAGE FOR FY2023-2024

were completed in FY2022-2023 and the lead pipe identification and Park Vista
Storm Drain project are expected to kick-off in the current fiscal year.

• Utility rate adjustments are anticipated to be necessary for the second quarter of
the fiscal year due to a combination of increases in rates from the City of Ft. Worth
and increases in wastewater volume treated over the last couple of fiscal years. A
rate study update is currently in progress.

• Other user fees are proposed to be adjusted, as deemed necessary, based on
increased costs of service and for new or reinstated programs.

• Recommended capital improvement project funding is included in this budget.
These include continuation of infrastructure projects (streets, water, sewer,
drainage), sidewalks, fleet facility expansion, and parks improvements. A food
business park at Capp Smith is included in partnership with the Economic
Development Corporation. The majority of the City’s capital project funding is
through debt issuance. A 2023 debt issuance in the amount of $8.950 million is
included to help fund these projects and capital outlay needs. The Capital
Improvement Summary is included in this budget document.

• Critical capital outlay items such as vehicles, equipment, and technology are
funded by the equipment replacement fund, cash reserves, and the 2023
Certificates of Obligation issuance. The 5-year capital outlay plan is included in
this budget document.

This spending plan reflects our commitment to provide quality services and amenities to
our residents, while enhancing our organization’s long-term financial sustainability. The
objectives used in developing this budget were to present a balanced budget with prudent
revenue and expenditure estimates and aligns with the City Council’s Strategic Plan
priorities and initiatives.

The Budget for the Fiscal Year 2023-2024 connects the priorities and financial planning
as outlined in the Council Strategic Planning Session held in May 2023. The primary
concerns while preparing this budget were continuing as many programs and services for
our citizens as feasible within budgetary constraints while maintaining reserve levels in
accordance with the City’s fiscal policies. Services provided by the City include fire and
police protection, emergency medical services, planning and zoning, economic
development, code compliance, street maintenance, water and wastewater services,
parks, recreation, library, and senior citizen services.

7