Financial Update

The adopted FY22 budget serves as the annual operating plan of the City of Weatherford. It is a statement about the values and goals of our community. 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 dictates where resources are allocated. Valued input from City Council, citizens and staff is necessary to make this a plan for success.

The most recent adopted budget, FY2021-2022, allocates $60.9 million in anticipated revenue and $59.3 million in expenses. This budget provides for continued programs and services while decreasing the property tax rate by 5%. The gains seen in sales and property tax revenue in the last several years are nothing short of incredible and a testament to our Council’s good judgement and growth strategy. Initiatives addressed in this budget include some departmental restructuring including the addition of several critical positions, upgrading and repairing of public infrastructure across the City, facility repairs and renovations, continuing planning and development in Weatherford’s downtown area, planning for a comprehensive vehicle and major equipment rotation fund, and making plans to initiate large-scale capital improvements.

City Revenue Breakdown:

City Expense Breakdown:

46% PERSONNEL $27,177,541

43% SERVICES $25,451,940

7% SUPPLIES $3,863,442

5% CAPITAL $2,890,059

The adopted FY22 budget serves as the annual operating plan of the City of Weatherford. It is a statement about the values and goals of our community. The budget process is an ongoing exercise in balancing revenues and expenditures while giving City stakeholders an opportunity to evaluate its priorities.

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 is not intended to be a forecast of future events, this five-year outlook provides key decision-makers with a visual of the possible long-term effects of financial decisions and external factors. Major initiatives shown in this forecast are modest pay and personnel increases, strategies that continue to pave the way for large capital plans, and efforts to diversify general fund revenue by capturing portions of annual sales and property taxes for non-recurring purposes.

Overall, the City of Weatherford is thriving. Significant growth in both residential and commercial developments has increased the City’s property and sales taxes exponentially. The City will continue to plan for future expenses such as capital expansion, facility maintenance, information technology advancements, and vehicles/ major equipment purchases. With the guidance and policy direction of the City Council, the City of Weatherford is poised to enter 2022 well positioned to continue the growth within the organization and the community, to support the City’s core services, invest in facilities and infrastructure, and maintain adequate reserves.

TRUE

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