Page 274 - Southlake FY20 Budget

Strategic Initiative Fund

Strategic Initiative Fund

The City of Southlake’s Fund Balance Policy states, “The City of Southlake’s goal shall be to maintain a fund balance
GENERAL FUND
in the General Fund equal to a minimum of 15% of General Fund budgeted operating expenditures, with the opti-
mum goal of 25%.” Since 2006, any dollars beyond the optimal goal of 25% have been transferred to the Strategic
Strategic Initiative Fund
Initiative Fund with uses limited to one-time, non-recurring expenses.
2020 Proposed and 2019 Revised Budget
11:07 AM
08/12/19
$ Increase/ $ Increase/
2018 2019 2019 (Decrease) % Increase/ 2020 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Interest 30,495 8,000 54,000 46,000 575.0% 50,000 42,000 525.0%
Total Revenues $30,495 $8,000 $54,000 $46,000 0.0% $50,000 $42,000 525.0%

EXPENDITURES
Infrastructure Maintenance $0 $0 $0 $0 0.0% $0 0 0.0%
Community Enhancement 338,370 650,000 650,000 0 0.0% 175,000 (475,000) -73.1%
Technology Infrastructure 0 0 0 0 0.0% 0 0 0.0%
Capital Acquisition 106,190 63,126 63,126 0 0.0% 48,598 (14,528) -23.0%
Total Expenditures $444,560 $713,126 $713,126 $0 0.0% $223,598 ($489,528) -68.6%

Net Revenues ($414,065) ($705,126) ($659,126) $46,000 ($173,598) $531,528

Transfer from other funds $9,000,000 $7,400,000 $8,600,000 $5,750,000
Transfer to other funds (9,840,000) (7,020,000) (7,020,000) (7,200,000)
Total Other Sources/(Uses) ($840,000) $380,000 $1,580,000 ($1,450,000)

Beginning Fund Balance $4,552,064 $3,297,999 $3,297,999 $4,218,873
Ending Fund Balance $3,297,999 $2,972,873 $4,218,873 $2,595,275

FY 2020 Highlights:

• Infrastructure Maintenance Funding: We are proposing that $1,500,000 be transferred from the SIF to the Facility
Maintenance Fund. The purpose of this fund is to build capacity for future maintenance projects as we will have
many needs to address as our facilities age.

• Community Enhancement Funding: This category of funding is set aside as a way to provide pay-as-you-go funding
for initiatives which will enhance the quality of life or aesthetics of Southlake. For FY 2020 community enhancement
projects include: $125,000 for 2035 Master Plan Updates and $50,000 improvements to the Parkwood facility.

• Capital Acquisition Funding: We are proposing to transfer $3,500,000 from the SIF to the Capital Improvements
Program for the purpose of building infrastructure. This cash funding will eliminate the need for the City to issue
bonds for General Fund CIP projects in FY 2020. Recall we used this approach since FY 2015.

• Technology: We are proposing to transfer $3.5 million to this fund to cover certain technology expenses.

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