Page 23 - CityofKennedaleFY25AdoptedBudget

FUND DESCRIPTIONS

The following section provides an overview and general purpose for each fund. Funds are
grouped by function, rather than by type, and are presented in the same order as they appear
later in this book. Additional information for each fund can be found within its respective
budget section.

GENERAL FUND

The General Fund serves as the main operating fund for the City’s government. Fifty percent of
revenue comes from property taxes, the rates of which are provided in the front of this
document. Revenue is determined by applying the City’s adopted rates to values established by
the Tarrant Appraisal District. Sales taxes, which make up 19% of General Fund revenues, are
indirectly budgeted using a weighted average method. This method is applied to project the
remaining FY24 revenue. Revenue for FY25 is then projected to be the same as the projected
revenue for FY24. A material growth in the City’s tax base is not expected for FY25. The next
highest category, Transfers In, consist of the value General Fund departments provide to
support other funds. A breakdown of this amount is located in the Common Cost Analysis
within this document. New for FY25, all department day to day operations will reside within this
fund. Previously, the Public Works department captured day to day operations within the Street
Repair Fund. That fund has been moved entirely into the General Fund.

DEBT SERVICE FUND

The Debt Service Fund pays for Debt that is secured by ad valorem (property) taxes. Property
taxes account for over 99% of the Debt Service Fund revenues, with the remainder coming from
investment income.

UTILITY FUNDS

Stormwater Utility Fund

The Stormwater Utility Fund is an Enterprise Fund with the responsibility of providing
stormwater management to approximately 3,217 residential, commercial, and industrial
customers.

Water/Sewer Fund

Also an Enterprise Fund, the Water/Sewer Fund maintains responsibility for providing water
and wastewater services for the City. Revenue received for usage is expected to cover
operations for this function. Bond proceeds are also housed within this fund for capital
projects.

CITYOFKENNEDALE.COM/BUDGET 23