Page 212 - CityofWataugaAdoptedBudgetFY24

ECONOMIC DEVELOPMENT CORPORATION BUDGET SUMMARY - FUND 04

HISTORY PROJECTED YEAR BUDGET %CHANGE
2020-2021 2021-2022 2022-2023 2022-2023 2023-2024 FY2023-2024
Actual Actual Original Budget Projected Budget VS 2022-2023

Fund Balance, October 1* $1,242,173 $1,631,094 $1,713,418 $1,733,255 $2,260,280
Revenues:
Sales Taxes 865,622 929,538 952,000 976,000 996,000 4.6%
License Agreement - Property 0 0 0 0 0 0.0%
Proceeds From Sale of Assets 850 0 0 0 0 0.0%
Interest Earnings 1,207 13,921 2,500 44,000 55,000 2100.0%
License Agreement - Services 0 250 5,000 3,000 3,500 -30.0%
Operating Revenues $867,679 $943,709 $959,500 $1,023,000 $1,054,500 9.9%

Total Available Resources $2,109,852 $2,574,803 $2,672,918 $2,756,255 $3,314,780

Expenditures:

Business Retention 6,437 3,518 8,650 6,050 6,650 -23.1%
Business Attraction 28,493 25,650 24,200 22,050 24,300 0.4%
General Administration 64,042 44,502 56,200 48,175 56,300 0.2%
Operating Expenditures $98,973 $73,670 $89,050 $76,275 $87,250 -2.0%

Operating Transfers-Out
To General Fund 222,281 245,800 266,500 266,500 279,000 4.7%
To Internal Service Fund 0 0 0 0 0 0.0%
To Capital Projects Fund 0 375,000 0 0 0 0.0%
To Debt Service 157,503 147,078 153,200 153,200 149,000 -2.7%
Total Operating Transfers-Out $379,784 $767,878 $419,700 $419,700 $428,000 2.0%

TOTAL OPERATING & TRANSFERS $478,757 $841,548 $508,750 $495,975 $515,250 1.3%
Fund Balance, September 30 $1,631,096 $1,733,255 $2,164,168 $2,260,280 $2,799,530

CHANGE IN FUND BALANCE $388,923 $102,161 $450,750 $527,025 $539,250
*Includes debt service fund balance

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