Page 209 - CityofWataugaAdoptedBudgetFY24

STRATEGIC INITIATIVE FUND – FUND 13

The Strategic Initiative Fund was created in FY2014-15 to set aside funding for high-
impact projects identified by City Council. Funding is provided by fund balance
transfers of reserves in excess of the established policy. Examples of projects to be
funded are:

1) revitalization opportunities;
2) capital improvements cash funding, plans (Land Use, Comprehensive, CIP,);
3) community enhancement projects;
4) funding of other one-time projects.

This fund is accounted for on the modified accrual basis of accounting. Revenues are
recorded when the liability is incurred.

Funds are transferred to General Fund – Development Services in Fiscal Year 2023-
2024.

STRATEGIC INITIATIVE FUND BUDGET SUMMARY

HISTORY PROJECTED YEAR BUDGET
2020-2021 2021-2022 2022-2023 2022-2023 2023-2024
Actual Actual Budget Projected Proposed

Fund Balance, October 1 $70,522 $65,317 $70,722 $65,735 $35,735

Operating Transfers-In:
Transfers from General Fund 0 0 0 0 0
Interest 108 418 0 0 0
Total Available Resources $ 70,629 $ 65,735 $ 70,722 $ 65,735 $ 35,735
Expenditures:
Home Revitalization Program 0 0 30,000 30,000 0
Strategic Initiatives 5,313 0 0 0 0
Operating Expenditures 5,313 0 30,000 30,000 0

Transfer to General Fund 30,000

TOTAL OPERATING & TRANSFERS $5,313 $0 $30,000 $30,000 $30,000

Fund Balance, September 30 $65,317 $65,735 $40,722 $35,735 $5,735

CHANGE IN FUND BALANCE ($5,205) $418 ($30,000) ($30,000) ($30,000)

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