Operating Budget 2025-2026

Description of Town Funds PROGRAM DESCRIPTION

The Town's annual budget is divided into a number of funds. A separate sum of money is appropriated for each fund. Funds are established for special program groups, which usually have specific revenue sources with their expenditures. All funds listed below are major funds with the exception of the CDBG Entitlement Fund, the HOME Consortium Fund, the Midtown Special Service District Fund, the Solid Waste and Recycling Fund, and the Stormwater Fund. The General Fund is usually referred to as the Town's budget for a given year and is used to finance day-to-day operations and the Capital Improvement Fund. The General Fund represents the largest part of the total financial operation of the Town. The CDBG Entitlement Fund and the HOME Consortium Fund are Special Revenue Funds that contain the revenue and expenditures related to the Federal programs. The Affordable Housing Development Fund is a Special Revenue Fund that is established to provide affordable housing for low-income and moderate-income residents in the community. The American Rescue Plan Act (ARPA) Fund is a Special Revenue Fund that is established to account for the Coronavirus State and Local Fiscal Recovery Funds of H.R. 1319 American Rescue Plan Act of 2021 (ARP/CSLFRF) from the U.S. Department of Treasury. The General Capital Projects Fund accounts for all ongoing capital projects, such as major street improvements, construction of public facilities and infrastructure related improvements, and those projects financed by bond issues. Ongoing project appropriations are directly appropriated or transferred to the Capital Projects Fund from the General Fund. The Equipment Replacement Fund is a capital projects fund that is established to account for financial resources to be used for the acquisition or replacement of major capital items. The Midtown Special Service District Fund is a Special Revenue Fund that is established to account for various tax collections in the Midtown Redevelopment that are used to pay debt service and other operational expenses related to the Midtown parking garage. The Water and Sewer Fund is an enterprise fund established to finance and account for water and sewer operations. The General Fund receives a transfer from this fund each year as reimbursement for public works, engineering, administration, human resources, financial and information technology services. The Solid Waste and Recycling Fund is an enterprise fund established to finance and account for the efficient and environmentally proper disposal of municipal solid waste. Included as part of the fund's waste management activities is the administration and funding for the Town's recycling and waste reduction programs. The General Fund receives a transfer from the Solid Waste and Recycling Fund as reimbursement for public works, engineering, administration, human resources, financial and information technology services. The Transit Fund is an enterprise fund that contains all revenues and expenditures for Blacksburg Transit operations. This fund is supported from revenue received from Virginia Tech, Christiansburg, and State and Federal grants. The General Fund receives a transfer from the Transit Fund each year as reimbursement for public works, engineering, administration, human resources, financial and information technology services. 15