Page 8 - TownofWestlakeFY25BudgetOrd1005

The appraised value of all real property in Westlake is $ 3.3B, which is an increase of $140M or 4.5%. The
certified taxable value is $2.46B, which is an increase of $206M or 9%. The average taxable value of a homestead
is $2.37M, which is an increase of $181K or 8%, resulting in a $304 increase in property taxes for the average
homeowner.

The difference between the appraised value and the taxable value are the Town’s homestead and other
exemptions. The Town offers the following exemptions and property tax rate reduction programs to our
residents:
Homestead Exemption
Additional 65+ or Disabled Exemption
Additional Tax Ceiling, or Tax Freeze, for 65+ or Disabled
Property Tax Reduction from $0.05 Additional Sales & Use Tax

ANNUAL BUDGET

In FY25, revenues are budgeted at $33.2M for all funds. This includes a decrease of approximately $ 4M in one-
time revenue from planned development activities budgeted in FY24 and is almost entirely offset by higher sales
tax and interest revenues. Expenditures are budgeted at $29.7M for all funds. This is almost a 14% decrease of
3.6M from prior year adopted. This increase includes $ 1.3M for a replacement fire engine, compensation
adjustments for Town and Academy staff, and necessary investment in the Town’s water and sewer infrastructure.
The proposed budget includes the planned use of fund balance in the Visitors Association Fund, which is expected
to remedy itself within the next year due to expected increased hotel occupancy tax revenue.

Revenues Expenditures & Other Net Change to Fund
FUND
Other Sources Uses Balance
General Fund $ 16,548,710 $ 15,000,777 $ 1,547,933
Enterprise Funds 6,352,500 5,696,565 655,565

Internal Service M&R 1,943,000 1,891,500 51,500

Special Revenue Funds 3,785,500 2,787,759 997,741

Debt Service Funds 4,250,597 4,250,597 0
Capital Projects Funds 300,000 0 300,000

TOTAL $ 33,180,307 $ 29,627,568 $ 4,618,214

Of the $29.6M across all funds, $ 5.8M is programmed for Westlake Academy costs, including debt payments,
general maintenance and repairs, and shared services. This budget also includes $ 1.7M in direct cash transfer to
the Academy to cover standard operating expenses.

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