Page 229 - CityofWataugaAdoptedBudgetFY25

ECONOMIC DEVELOPMENT CORPORATION
BUDGET SUMMARY - FUND 04

HISTORY PROJECTED YEAR BUDGET %CHANGE
2021-2022 2022-2023 2023-2024 2023-2024 2024-2025 FY2024-2025
Actual Actual Original Budget Projected Budget VS 2023-2024

Fund Balance, October 1* $1,631,094 $1,733,255 $2,260,280 $2,295,551 $2,833,101
Revenues:
Sales Taxes 929,538 952,990 996,000 996,000 996,000 0.0%
Proceeds From Sale of Assets 0 0 0 0 0 0.0%
Interest Earnings 13,921 73,826 55,000 75,000 50,000 -9.1%
License Agreement - Services 250 2,813 3,500 3,500 3,500 0.0%
Operating Revenues $943,709 $1,029,628 $1,054,500 $1,074,500 $1,049,500 -0.5%

Total Available Resources $2,574,803 $2,762,883 $3,314,780 $3,370,051 $3,882,601

Expenditures:

Business Retention 3,518 3,783 6,650 43,400 56,650 751.9%
Business Attraction 25,650 20,614 24,300 23,900 34,300 41.2%
General Administration 44,502 23,236 56,300 41,650 48,650 -13.6%
Operating Expenditures $73,670 $47,632 $87,250 $108,950 $139,600 60.0%

Operating Transfers-Out
To General Fund 245,800 266,500 279,000 279,000 311,640 11.7%
To Internal Service Fund 0 0 0 0 0 0.0%
To Capital Projects Fund 375,000 0 0 0 100,000 0.0%
To Debt Service 147,078 153,200 149,000 149,000 150,000 0.7%
Total Operating Transfers-Out $767,878 $419,700 $428,000 $428,000 $561,640 31.2%
TOTAL OPERATING & TRANSFERS $841,548 $467,332 $515,250 $536,950 $701,240 36.1%

Fund Balance, September 30 $1,733,255 $2,295,551 $2,799,530 $2,833,101 $3,181,361

CHANGE IN FUND BALANCE $102,161 $562,296 $539,250 $537,550 $348,260
*Includes debt service fund balance

209