Page 26 - TownofWestlakeFY25BudgetOrd1005

FUND STRUCTURE

The Town’s accounting system is organized and operated on a fund basis. A fund is a group of functions combined
into a separate accounting entity having its own assets, liabilities, equity, revenues, and expenditures/ expenses.
The Town of Westlake has 17 budgeted funds with specific purposes which are defined by federal, state, or local
laws.

ALL FUND TYPES

Governmental Proprietrary Fiduciary
Funds (11) Funds (6) Funds (0)

General Fund Internal Service Funds
No Pension Trust Funds
1 Fund 4 Funds

Special Revenue Funds Enterprise Funds
No Investment Trust Funds
5 Funds 2 Funds

Debt Service Fund
No Private Purpose Trust Funds
3 Funds

Capital Project Funds
No Agency Funds
3 Funds

No Permanent Funds

GOVERNMENTAL FUNDS
Governmental fund types finance the most governmental functions of the Town. The acquisition, use, and
balances of the Town’s expendable financial resources and the related liabilities ( except those accounted for in
the Proprietary and Fiduciary Fund types) are accounted for through Governmental Fund types. This fund type
uses a modified accrual basis of accounting and budgeting. The Town of Westlake has the following Governmental
Funds:

The General Fund is the Town’s principle operating fund, and is supported by sales and use taxes, ad valorem
property taxes, and other revenues. These revenues may be used for a variety of purposes, as determined by
the Town Council. The General Fund budget accounts for core Town services such as fire and emergency
services, planning and development, public works, finance, and administrative oversight.

Special Revenue Funds accounts for the proceeds of specific revenue sources, other than expendable trusts
or major capital projects. These funds consist of the following: The 4B Economic Development Fund, Economic
Development Fund, Public Improvement District, Visitor Association Fund, Lone Star Public Fund.

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