City of Weatherford - Financial Update 2019 -20

The adopted FY20 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, FY2019-2020, allocates $58.8 million of the $59.0 million in anticipated revenues to fund services across the City with the balance of revenues ($0.2 million) increasing reserves for future services and projects. Initiatives addressed in this budget includes upgrading of public infrastructure across the City, the integration of a new Enterprise Resource Planning System, planning for a comprehensive vehicle and major equipment rotation fund, and making plans to initiate large-scale capital improvements.

25% SALES TAXES $14,940,000

1% LANDFILL ROYALTIES $500,000 1% LICENSES $657,800

1% FINES AND FORFEITURES $480,200

2% MISCELLANEOUS REVENUE $897,932 3% OTHER TAXES $1,731,200

3% INTERGOVERNMENTAL REVENUE $1,967,650

11% SERVICE CHARGES $6,776,352

15% INTERGOVERNMENTAL SERVICES $9,070,208

15% TRANSFERS AND OTHER SOURCES $9,138,915

22% PROPERTY TAXES $12,833,581

It is imperative to the budgeting process that staff not only look one year out, but multiple years. To do this, Weatherford’s finance team provides projections for revenues and expenditures for five years beyond the budget year. While it isn’t intended to be a forecast of future events, this five-year look does help provide key decision-makers with a visual to the possible long-term effects of financial decisions and external factors. Major initiatives shown in this forecast are modest pay and personnel increases, continuing the vehicle rotation and efforts to diversify general fund revenue by capturing portions of annual sales and property taxes for non-recurring purposes.

44% PERSONNEL $25,788,838

5% SUPPLIES/MAINTENANCE $3,110,021

39% CONTRACTUAL $22,960,359

12% CAPITAL OUTLAY $6,914,145

Overall, the City of Weatherford is thriving. Significant growth in both residential and commercial developments has bolstered the City’s property and sales taxes exponentially. Accompanied by modest tax rate increases, Weatherford has rapidly increased its financial security in a short period of time. As previously mentioned, it is imperative that staff and Council be careful to use this growth wisely. Staff should only propose to add positions where absolutely necessary and should take care to plan for future expenses such as capital expansion, facility maintenance, information technology advancements, and vehicles/major equipment. Fortunately, Weatherford benefits from a forward-thinking staff and Council. This professional team will continue to look for efficient and practical ways to make this already prosperous community even more prosperous.