Page 41 - CITY OF WATAUGA, TEXAS ANNUAL BUDGET PORTRAIT

 The Watauga Road Street project’s engineering and design

 The 2025 Certificates of Obligation will fund various projects such as building
improvements at City facilities, an ambulance, streets and sidewalks, Quail

Meadows engineering, and water/sewer infrastructure.

 Food truck park project at Capp Smith Park funded with the 2025
Certificates of Obligation

General capital projects and equipment expenses for this year are projected
at $24,461,850. The ending Fund Balance is forecast to be $2,018,283 if all projects
are completed by fiscal year end. See the General Capital Projects Fund for a more
detailed description.

Strategic Initiative Fund

The Strategic Initiative Fund was created in FY2015-2016 to fund the strategic initiatives
identified as priorities by Council. The funding source for this fund is through General
Fund transfers. Last year the City closed out the use of the Strategic Initiative Fund and
moved some of the balance to the General Fund for future projects. The fund balance is
expected to be $41,529. The previous expenditures in this fund included $30,000 for the
home revitalization program through the Tarrant County HOME program that has been
moved to the Development Services in the General Fund. The General Fund will continue
to fund Council initiatives in future years.

Special Revenue Funds

Economic Development Corporation

The Economic Development Corporation (EDC) is funded by a ¼ cent sales tax and funds
economic development activities and quality of life projects in the City. Voters approved
a 1/2 cent sales tax under Section 4B of Article 5190.6, Vernon’s Texas Civil Statutes
with an effective date of October 10, 1994. In May 2012, Voters approved a reallocation
of 1/4 cent for the Watauga Parks Development Corporation to go towards Street
Maintenance, effective October 2012. In FY2018-19, the Corporation was renamed the
Watauga Economic Development Corporation (EDC). Funds can only be used for
economic development activities and projects and funds are administered under the
supervision of the Economic Development Corporation Board of Directors. The City
Council retains final oversight authority and must approve the EDC’s programs and
expenditures.

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