Page 142 - CityofWataugaAdoptedBudgetFY25

BUDGET SUMMARY

general fund (maintenance and operations rate) and 2) to finance the City’s Debt Service
Fund (referred to as Interest and Sinking, or I&S rate) for payment of annual principal and
interest due on outstanding general indebtedness. This is the portion obligated for debt
service payments and is projected on payments as specified in debt obligations. The
fund receives a transfer-in from the Economic Development Corporation for their payment
of various economic development and parks projects within the City.

The City has existing long-term debt issued for the construction of capital facilities,
infrastructure, vehicles, and equipment. The debt service requirement for principal and
interest payments and fiscal agent charges totals $4,554,444. This amount includes debt
service for the 2024 Certificates of Obligation debt issuance for projects included in the
General Capital Project Fund and listed below. The ending fund balance is projected to
be $1,212,098.

General Capital Projects Fund

The General Capital Projects Fund provides the basic resource for general government
projects such as streets, parks, public facilities, equipment, and other infrastructure
needs. Many of these projects are funded from debt issuance proceeds and the
remaining are funded by a transfer in from the General Fund. Other revenues include
interest income on investments and proceeds of the sale of surplus property.

The following projects will be funded this year:

✓ This year the sidewalk program will be funded at $175,000, an increase of $25,000
over prior year funding.
✓ Engineering costs have been funded at $30,000 in anticipation of additional needs
throughout the City.
✓ Continuation of the Whitley Road street projects, parks projects are funded by the
2018, 2020, 2021 Certificates of Obligation proceeds and Tarrant County Grant.
These projects are continued from prior years.
✓ The Hightower Street Project continues this year with phase I of construction to be
funded by the 2023 Certificates of Obligation debt proceeds. The Watauga Road
Street project’s engineering and design will continue in FY2024-2025 and is funded
by the 2022 Certificates of Obligation.
✓ The proposed 2024 Certificates of Obligation will fund various projects such as the
Advanced Metering Infrastructure (utility), building improvements at City facilities,
trail lighting at various parks, upgrades to the Splashpad at Capp Smith, and a Fire
Engine.
✓ The design work for the food business park project at Capp Smith Park is funded
by the 2020 Certificates of Obligation debt issuance and will begin in FY2024-
2025.

General capital projects and equipment expenses for this year are projected at
$20,328,844. The ending Fund Balance is forecast to be $3,959,164 if all projects are

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