Page 13 - CityofWataugaAdoptedBudgetFY25

the lead pipe identification and Park Vista Storm Drain project commenced this
current fiscal year. The Utility project (Summertime Lane) is expected to be bid by
the end of the current fiscal year. All funds must be obligated by December 31,
2024.

• Utility rate adjustments are anticipated to be necessary for FY2024-2025 due to
an increase in rates from the City of Ft. Worth. Automated Metering Infrastructure
(AMI) is funded by the 2024 Certificates of Obligation and a rate adjustment will be
recommended to cover the debt service for this project. The impact to the average
residential customer for these increases is estimated to be approximately
$6.50/month. A rate model update is currently in progress and will be presented
to the City Council in the fall of this year.

• Recommended capital improvement project funding is included in this budget.
These include continuation of infrastructure projects (streets, water, sewer,
drainage), sidewalks, upgrades to the filtration system at the splashpad, and parks
and facility improvements. Design work for a food business park at Capp Smith is
included that is funded by the Economic Development Corporation. The majority
of the City’s capital project funding is through debt issuance. The 2024 debt
issuance in the amount of $7.10 million is included in this budget to fund these
projects and capital outlay needs. Some projects are to be funded by cash
reserves to include Street overlays, sidewalk repairs, parks improvements, and
various water and sewer projects. 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 2024
Certificates of Obligation issuance. A fire engine in the amount of $1.5 million is
funded by the 2024 debt 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 2024-2025 connects the priorities and financial planning
as outlined in the Council Strategic Planning Session held in June 2024. 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.

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