Page 261 - CityofWataugaAdoptedBudgetFY24

PROPRIETARY FUNDS

EQUIPMENT REPLACEMENT FUND
Internal Service Fund – 22 Budget Summary

The Internal Service Fund is used to account for the acquisition of various replacement capital
items in the City. The objective of the fund is to accumulate sufficient funds to meet the capital
needs of the City. The fund is accounted for on the modified accrual basis of accounting.
Revenues are recorded when available and measurable, and expenditures are recorded when
the liability is incurred.

Beginning in the FY2013-2014 Budget Year, the use of the Equipment Replacement Fund was
enhanced for all the City one-time purchases for all funds. We have continued this commitment
this year and have evaluated prior year purchase equipment, vehicle, technology, and building
maintenance needs. We began funding a portion of these future needs in FY2014-2015 Fiscal
Year as the Legacy Program. Transfers for capital financing of major equipment purchases will
be made from funds on an annual basis based on the purchases made per fund.

BUDGET SUMMARY

HISTORY PROJECTED YEAR BUDGET
2020-2021 2021-2022 2022-2023 2022-2023 2023-2024
Actual Actual Budget Projected Proposed
Working Capital, October 1* $1,789,726 $1,741,325 $1,692,399 $1,497,989 $2,050,649
Revenues:
Total Revenue Charges for Service $ 92,890 $ 87,721 $ 87,660 $ 87,660 $ 87,660
Other Revenues:
Interest Income 4,121 10,168 5,000 55,000 65,000
Total Other Revenue $ 4,121 $ 10,168 $ 5,000 $ 55,000 $ 65,000
Transfers-In:
Total Transfers-In $89,000 $109,999 $50,000 $550,000 * $165,000
Total Revenues $186,011 $207,888 $142,660 $692,660 $317,660
Expenditures:
Gain/Loss on Equipment 0 (66,243) 0 0 0
Other Equipment - CCD 0 0 0 0 0
Motor Vehicles & Equip W&S 0 0 0 0 45,000
Storm Drain Vehicles and Equip 39,413 0 0 0 40,000
Motor Vehicles - General Fund 0 176,684 0 10,000
Other Equipment - General Fund 0 0 0 0 156,200
Technology Replacement - GF 0 35,838 0 0 44,000
Technology Replacement - FIN 0 0 0 0 0
Other Equipment - Fire 0 0 0 0 110,000
Public Works Heavy Equipment 0 0 435,000 85,000 350,000
Furniture and Fixtures/Office Equip 0 4,193 0 0 0
Public Works Vehicles 94,223 116,203 0 0 201,000
Motor Vehicles - Parks 0 0 0 0 0
Recreation and Parks Equipment 0 0 0 0 0
Water Meter Program 0 29,875 50,000 25,000 25,000
Bldg/HVAC/Contingency 48,462 90,367 30,000 30,000 30,000
Depreciation Expense/Transfers Out 280,366 226,419
Total Operating Expenditures 462,464 613,336 515,000 140,000 1,011,200
Operating Surplus/(Deficit) (276,453) (405,448) (372,340) 552,660 (693,540)
Working Capital, September 30* $1,513,273 $1,335,877 $1,320,059 $2,050,649 $1,357,109

*Adjusted to end of year actual Working Capital

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