TOWN STAFF REPORT RECOMMENDATIONS
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Discuss, consider and act to adopt Ordinance 1013 amending the Town of Westlake Municipal Budget for fiscal year 2024; and take appropriate action (Cayce Lay Lamas, Director of Finance).
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STAFF: Cayce Lay Lamas, Director of Finance
BACKGROUND:
Council is required to adopt an annual budget, which occurred via Ordinance 979 on September 25, 2023, for the fiscal year 2024. The year end budget amendment is presented to reflect the unaudited ending balance of revenues and overages to expenditures for the Town for fiscal year 2024. The changes to fiscal year 2024 include Council-approved purchases that were not included in the original adopted budget, unbudgeted spending previously communicated to Council, and the actual revenues received. Consideration and adoption of this ordinance is a routine and administrative action intended to provide an update on the financial position of the Town prior to receiving the final audit report.
The budgetary changes proposed will result in a net increase to fund balance of $11,895,850 to all funds. This is not the final audited change to fund balance. Revenues are amended when received revenues exceed the adopted budget. Expenditures are not amended down, with the exception of the rollover appropriations when necessary, to provide greater clarity to the difference between budget and final actual spending. Below are the highlights of these changes:
Description of Revenue Changes
Total revenues are being increased by $7,805,000.
Sales tax revenues received were significantly higher than the adopted budget due to overall activity. Sales tax in total is being amended $4,325,000.
Property tax revenues were slightly lower than the adopted budget due to higher successful protests of value than normal. Property tax in total is being amended down $75,000.
Permit and fee revenue was lower than the adopted budget to slower than expected development activity, but still above the annual average d...
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