Page 14 - TownofWestlakeFY25BudgetOrd1005

CAPITAL PROJECT FUNDS

The Town has three capital project funds including the Capital Project Fund, Westlake Academy Arts & Sciences
Center Fund, and Westlake Academy Expansion Fund. These funds consist of major equipment, land, and
infrastructure projects financed with General Fund operating transfers, intergovernmental revenue, bond
proceeds, and Special Revenue Fund transfers. Project completion or procurement may extend across two or
more fiscal years and reflects multiple expenditure categories such as engineering, design, and construction.
Completed capital projects often have a continuing fiscal impact on the Town’s operating funds due to routine
maintenance, repair, and daily operating costs.

Due to significant turnover by both staff and elected officials, no projects were budgeted for FY25. The Town
contracted with a company to develop a strategic plan, including a fiscal model, that will be used to develop a five
year capital improvement plan to be adopted for FY26. Any projects identified after the beginning of FY25 will be
included in a budget amendment.

REVENUES
Total revenue across all capital improvement project funds is budgeted to be $300K, a 35% decrease of $160K
from prior year due to the lack of required transfers from other funds. All revenue budgeted is projected interest
earnings.

EXPENDITURES
Total expenditures are budgeted to be $0, a decrease of $280K from prior year.

FUND BALANCE
The combined ending fund balance is projected to be $11.4M.
Capital Project Fund is projected to be $4.3M
Academy Arts and Sciences Center Fund is projected to be $3.1M
Westlake Academy Expansion Fund is projected to be $4.0M

DEBT SERVICE

Westlake does issue debt to fund capital projects. No additional issuances are planned for FY25. During FY24,
the Town paid off one of its obligations. As of October 1, 2024, the Town will have $46M outstanding across 10
issuances.

Amount Outstanding at FY25 Principal &
ISSUE Funding Source Amount Issued
10/ 1/ 24 Interest Requirements
2013 CO Sales Tax & Utility Fees $ 9,319,820 $ 7,100,00 $ 501,093

2013 GORB Sales Tax 2,200,000 640,000 168,830

2014 GORB Property Tax 8,500,000 1,500,000 68,780
2016 CO Sales Tax 9,180,000 7,660,000 509,525

2017 GORB Sales Tax 5,795,000 5,555,000 815,100

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