TOWN STAFF REPORT RECOMMENDATIONS
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Town of Westlake FY 24-25 Budget Work Session (Cayce Lay Lamas, Finance Director)
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STAFF: Cayce Lay Lamas, Finance Director
BACKGROUND:
The Town of Westlake is required to adopt a budget annually before its fiscal year end on September 30. Additionally, the Town of Westlake levies an ad valorem tax on all real property to provide funds for the adopted budget; the tax rate must also be adopted prior to September 30.
The purpose of the work session is for staff to provide Council a budget update which incorporates the direction received during the July 15, 2024, work session on compensation and service level adjustments. Additionally, staff will share certified values for all real property within Town limits; this is the basis for levying the ad valorem tax rate. This budget update includes a corresponding adjustment to property tax revenue reflecting the increase in values and the decrease in principal and interest requirements. This will be the last work session before the FY2025 Proposed Budget must be published and made available for public review.
DISCUSSION:
Items included in the updated draft budget, based on Council direction and certified values:
• Replacement Fire Engine
• Three (3) Firefighters
• Two (2) Public Works Employees
• New Vac Trailer
• Market Adjustments to Salaries
• 2% Salary Increases for Town staff
• Increased contribution to the Academy for Average 2% Raises & SLAs
• Reallocation of property tax revenue from debt to operations
FISCAL IMPACT:
The current draft budget totals $29.6 million in expenditures and a combined contribution to fund balance/retained earnings of $4.6 million.
ATTACHMENT(S):
FY2025 Budget by Fund
Tarrant and Denton County Certified Appraised Values