HomeMy WebLinkAboutPresentation FY 09-10 Final Adoption Summary Budget“Critical Challenges, Critical Choices”
Proposed Budget Adoption
The Town of Westlake
FY 2009 - 2010 Budget
September 21, 2009
Introduction
•$12.4 million FY 2009-2010 Budget Premises:
–Provide basic, but high quality, Town services
–Continued decline in sales tax revenue
necessitates the use of some fund balance in the
General Fund to balance the budget
–Continued support for the Westlake Academy
–No Town ad valorem/property tax levy
–Proposing only self-funded capital improvement
projects, Utility Fund projects, and the Water well
for the Academy.
Fund Balances
Fund Type Estimated Proposed Inc(Dec) Inc(Dec)
FY 08/09 FY 09/10 Percent Amount
General Fund $ 3,904,487 $ 3,119,934 -20% $ (784,553)
Special Revenue 2,439,379 1,863,922 -24% (575,457)
Debt Service Fund
- - 0% -
Capital 230,445 230,445 0% -
Utility Fund 1,728,860 1,330,033 -23% (398,827)
Internal Services 100,000 100,000 0% -
Total Fund Balance $ 8,403,172 $ 6,644,335 -21% $ (1,758,837)
FY 08/09 Accomplishments
•Fidelity Regional Headquarters Phase II Completed
•Developed and adopted five year Strategic Plan
•Five year Capital Improvement Plan (CIP) was compiled
•Began and Completed the Academy Arts & Sciences Center
•Positive results from the Town’s first DF survey
•Governmental Finance Officers Association (GFOA) Distinguished Budget Award
•GFOA Certificate of Achievement for Excellence in Financial Reporting
•The Westlake Wire went “Green”
•Westlake’s e-Tube went live
•Westlake Windows was launched
Critical Challenges, Critical Choices
•Current economic downturn has affected
Westlake, surrounding communities, the state,
and the nation
•Westlake is dependent upon sales tax, fees,
and permits for operating revenue, all of
which are volitional in nature
•Current conditions create a challenge for the
Town’s ability to meet service demands and
their associated costs
Summary of FY 2009-10 Budget
Total Budget FY 09/10 $12,435,855
•Reduced the Proposed FY 2009 – 2010 Budget
5% from the estimated FY 2008 – 2009 Budget
•Delayed most general government capital
improvement projects unless funding is
already in place