Page 286 - Southlake FY20 Budget

Economic Development Investment Fund

Economic Development Investment Fund

GENERAL FUND
The Southlake 2030 Economic Development & Tourism Strategic Plan includes the following as recommendation
4.3: “Southlake should establish a fund to use to attract and retain employers, as well as to help retain and expand
Economic Investment Fund
existing businesses.” This fund was created in 2013 for that purpose.
2020 Proposed and 2019 Revised Budget
06:04 PM
08/11/19
$ Increase/ $ Increase/
2018 2019 2019 (Decrease) % Increase/ 2020 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Interest 28,847 8,000 32,000 24,000 300.0% 30,000 22,000 275.0%
Total Revenues $28,847 $8,000 $32,000 $24,000 0.0% $30,000 $22,000 275.0%

EXPENDITURES
Operations $0 $0 $0 $0 0.0% $0 0 0.0%
Capital 0 0 0 0 0.0% 0 0 0.0%
Total Expenditures $0 $0 $0 $0 0.0% $0 $0 0.0%

Net Revenues $28,847 $8,000 $32,000 $24,000 $30,000 $22,000

Transfer from other funds $150,000 $150,000 $150,000 $150,000
Transfer to other funds ($0) ($0) ($0) ($0)
Total Other Sources/(Uses) $150,000 $150,000 $150,000 $150,000

Beginning Fund Balance $2,058,364 $2,237,211 $2,237,211 $2,419,211
Ending Fund Balance $2,237,211 $2,395,211 $2,419,211 $2,599,211

FY 2020 Highlights:

• The City’s Southlake 2030 Economic Development and Tourism Master Plan includes a recommendation to build
an economic development investment fund. We are proposing to continue to implement this recommendation
for FY 2020.

• We are proposing to transfer $150,000 to this fund, as we work to build a balance for future use.

• We are proposing no expenditures from this fund for FY 2020.

• The ending fund balance will be $2,599,211.

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