Report: Williamson County general fund balance grew by $9 million in 2008

Report: Williamson County general fund balance grew by $9 million in 2008

By Rob Heidrick Friday, 03 April 2009

The Williamson County’s general fund grew to $49.3 million by the end of 2008 — an increase of 21 percent from the previous year — according to a financial report presented by county auditors March 31.

The general fund balance represents the difference between the revenue the county took in from sources such as taxes, fines and service charges, and its expenditures on public safety, government operations and community development. The county’s Comprehensive Annual Financial Report, or CAFR, attributes the $9 million growth to rising property values, revenues from emergency medical services and payments from other governments.

The leftover funds remain separate from the county’s operating budget and may only be applied to one-time expenses such as lowering tax rates, constructing roads or paying back debt.

Some other financial highlights of the CAFR include:

• The assets of Williamson County exceeded its liabilities at the close of the most recent fiscal year by $17.4 million
• Restricted net assets of $37.3 million will be set aside for specific purposes such as road and bridge projects and debt service
• As of the close of the current fiscal year, Williamson County’s governmental funds reported combined ending fund balances of $305.7 million.

To take advantage of favorable interest rates, the county issued $10 million in Limited Tax Notes. These notes are to be used to build radio towers and to construct the Round Rock Annex.

The report is available on the county’s website, http://www.wilcogov.org/CountyDepartments/CountyAuditor/tabid/229/language/en-US/Default.aspx.