Page 280 - CityofWataugaAdoptedBudgetFY25

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
2021-2022 2022-2023 2023-2024 2023-2024 2024-2025
Actual Actual Budget Projected Budget
Working Capital, October 1* $1,741,325 $1,497,988 $2,050,649 $2,056,119 $1,802,579
Revenues:
Total Revenue Charges for Service $ 87,721 $ 87,660 $ 87,660 $ 87,660 $ 137,660
Other Revenues:
Interest Income 10,168 75,951 65,000 105,000 65,000
Total Other Revenue $ 10,168 $ 75,951 $ 65,000 $ 105,000 $ 65,000
Transfers-In:
Total Transfers-In $109,999 $550,000 $165,000 $565,000 $385,000
Total Revenues $207,888 $713,611 $317,660 $757,660 $587,660
Expenditures:
Gain/Loss on Equipment (66,243) (7,045) 0 0 0
Other Equipment - CCD 0 0 0 0 0
Motor Vehicles & Equip W&S 0 0 45,000 45,000 45,000
Storm Drain Vehicles and Equip 0 0 40,000 40,000 0
Motor Vehicles - General Fund 176,684 0 10,000 10,000 0
Other Equipment - General Fund 0 15,875 156,200 156,200 49,000
Technology Replacement - GF 35,838 7,021 44,000 44,000 0
Technology Replacement - FIN 0 0 0 0 0
Other Equipment - Fire 0 0 110,000 110,000 230,800
Public Works Heavy Equipment 0 52,050 350,000 350,000 340,000
Furniture and Fixtures/Office Equip 4,193 0 0 0 0
Public Works Vehicles 116,203 66,254 201,000 201,000 230,000
Motor Vehicles - Parks 0 0 0 0 0
Recreation and Parks Equipment 0 0 0 0 0
Water Meter Program 29,875 13,246 25,000 25,000 25,000
Bldg/HVAC/Contingency 90,367 0 30,000 30,000 30,000
Depreciation Expense/Transfers Out 226,419 294,042
Total Operating Expenditures 613,336 441,443 1,011,200 1,011,200 949,800
Operating Surplus/(Deficit) (405,448) 272,168 (693,540) (253,540) (362,140)
Working Capital, September 30* $1,335,877 $1,770,156 $1,357,109 $1,802,579 $1,440,439

*Adjusted to end of year actual Working Capital

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