Page 27 - TownofWestlakeFY25BudgetOrd1005

Debt Service Funds account for the payment of general long-term debt, principal and interest. This fund
provides a clearer accounting of ongoing debt obligations compared to operating budgets. The Debt Service
Fund is used to make scheduled payments for all bond issuances. General Government Debt Service Funds
are comprised of the Revenue Supported Debt Service Fund and Property Tax Supported Debt Service Fund.
In FY2025, the Town added the Utility Support Debt Service Fund to better account for debt associated with
the enterprise fund.

Capital Projects Funds account for financial resources to be used for the acquisition or construction of major
capital facilities ( other than those financed by proprietary fund types). These funds consist of the Capital
Project Fund, Westlake Arts & Sciences Center Fund, and the Westlake Academy Expansion Fund.

Westlake Academy includes all operations and maintenance related to the school as well as State public
school funding, Federal and state grants, and private donations used to support the daily school operations
of the Academy. It is adopted separately from the Town and is only considered a major fund for annual
financial reporting.

PROPRIETARY FUND TYPES
Proprietary fund types account and budget for ongoing activities based on a cost of service. These funds use an
accrual basis of accounting. The Town of Westlake has the following proprietary funds:

Enterprise Funds are separate from other funds and accounts of the Town. Revenues generated by the
enterprise activity are deposited into the enterprise fund. The enterprise fund is used to support all
operations of the enterprise activity. The Town’ s Enterprise Funds are the Utility Fund and the Cemetery
Fund.

Internal Service Funds account for services and or commodities furnished by a designated program to
other programs within the Town. The Town’ s internal service funds are comprised of the following: Utility
Maintenance and Replacement Fund; General Maintenance and Replacement Fund; Utility Vehicle
Maintenance and Replacement Fund; and General Vehicle Maintenance and Replacement Fund.

25