FINANCIAL UPDATE The adopted FY19 budget represents the City of Weatherford’s blueprint of the programs and services it will provide to its citizens. The budget process is an ongoing exercise in balancing revenues and expenditures while giving City stakeholders an opportunity to evaluate its priorities. The overall strategic direction of the City is what dictates where resources will be placed.Valued input from City Council, citizens, and staff are necessary to make this a plan for success. The most recent adopted budget, FY2018-2019, allocates $59.5 million in anticipated revenue and $7.1 million in accumulated fund balance to services across the City with most being capital-related (i.e. funds designated for one-time expenditures). Initiatives addressed in this budget include some departmental restructuring, upgrading public infrastructure across the City, evaluating funding mechanisms for services enjoyed by non-residents, adhering to our new comprehensive plan and land use survey, continuing development in Weatherford’s Heritage Park and downtown area, re-evaluating the City’s approach to marketing and tourism, planning for a comprehensive vehicle and major equipment rotation fund, integrating a new Enterprise Resource Planning System, and making plans to initiate large-scale capital improvements. 1% LICENSES $748,004 1% FINES AND FORFEITURES $479,200 2% INTRAGOVERNMENTAL REVENUE $1,286,404 2% MISCELLANEOUS REVENUE $1,236,218
10% SERVICE CHARGES $5,797,524
3% OTHER TAXES $1,595,000
11% TRANSFERS AND OTHER SOURCES $6,705,959 12% USE OF RESERVES $7,100,000 14% INTERGOVERNMENTAL SERVICES $8,230,804
24% SALES TAXES $14,000,000
14 ANNUAL REPORT | 2017-18
21% PROPERTY TAXES $12,287,075
