Page 28 - Southlake FY20 Budget

Transmittal Letter

Vehicle Replacement Fund Vehicle Replacement Fund
Expenditure Highlights
The Vehicle Replacement Fund accounts for the
resources needed to manage the purchase of Highlight Item Expenditure
vehicles and heavy equipment for the City’s fleet.
The establishment and funding of the vehicle Equipment Fleet replacement $3,291,000
and heavy equipment replacement program was per schedule
designed to even out expenses for the City’s fleet
from year to year and provides a logical method for purchasing and retiring vehicles. A five-year purchase
plan has been developed to detail future capital investment needs.

Revenue highlights. For FY 2020, we are planning a transfer of $2,000,000 from the General Fund to the
Vehicle Replacement Fund.

Expenditure highlights. Expenditures are estimated at $3,291,000 to replace aging vehicles and heavy
equipment coming off-line.

Fund balance. The projected ending fund balance is $5,657,706 which provides adequate reserves for the
program.

Southlake Parks Development Corporation Fund

The Southlake Parks Development Corporation (SPDC) is a voter-approved, development corporation
established to develop, operate, and maintain park and recreational facilities. The uses of this half-cent sales
tax are restricted to those allowed by law and approved by the Board of Directors.

A five-year Capital Improvements Program (CIP) has been established to support the implementation of the
City’s Southlake 2030 Parks, Recreation, Open Space and Community Facilities Master Plan. CIP priorities
are established as a joint effort between the Parks and Recreation Board, Southlake Parks Development
Corporation Board of Directors, and City Council.

Developed park acreage has almost doubled since 2008. The Southlake 2030 Parks, Recreation, Open Space
and Community Facilities Master Plan shows an 85% increase in total park acreage over that identified in
the 2025 plan. This growth has caused the Council to work with the SPDC Board of Directors and Parks and
Recreation Board to transition certain park operating costs
out of the General Fund and into the SPDC operating fund.
DID YOU KNOW?
Revenue highlights. The SPDC operating fund is projected
to receive $7,948,824 in total revenue. This represents a Since its inception in 1994, the SPDC
projected 1.3% decrease over the FY 2019 adopted budget. Fund has collected about $94 million
for park projects such as North Park,
Expenditure highlights. Total expenditures for the the Bicentennial Park improvements
operating fund are proposed at $1,571,364. This is an 2.3% and the acquisition and development
decrease from the FY 2019 adopted budget. The Southlake of Bob Jones Park.
Parks Development Corporation Board of Directors, and
the Southlake Parks and Recreation Board approved the

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