Page 327 - Southlake FY20 Budget

Special Revenue Funds

SALES TAx DISTRICTS

Southlake Parks Development Corporation (SPDC)
In the mid-1990s, the City Council called for a special election to petition
the voters of Southlake to approve the adoption of a half cent sales tax for
the benefit of the Southlake Parks Development Corporation (SPDC). The
SPDC has allowed the City to accelerate the development of the City’s park
system, as defined by the park master plan. It is a critical funding source
for the ongoing improvement of the City’s quality of life through parks and
open space.

The SPDC is a Type B corporation that can expend funds for a wide variety
of projects. Type B projects consist of land, buildings, equipment, facilities
or expenditures for industrial or commercial ventures that create primary
jobs; funding or constructing infrastructure for commercial areas; and proj-
ects related to recreation and community facilities.

Tax revenues may also be used to fund administrative and other expenses
that place the project into operation. The expenses may include administra-
tive expenses for the acquisition, construction, improvement, expansion
and financing.

Fund Utilization
Known as Southlake 2030 Parks, Recreation, Open Space and Community
Facilities Master Plan, the City of Southlake uses a comprehensive plan that
includes major elements to guide and prioritize Southlake’s growth and
development. This plan guides both elected and appointed officials in selec-
tion and prioritization of projects. It also helps with forecasting planned
funding for the following four budget years.

Funding for SPDC projects since 1993 totals more than $75 million, allowing
developed park acreage to almost doubled since 2008. This includes invest-
ments for land acquisition and development of: Bicentennial Park ($38.3
million), Bob Jones Park ($15.4 million), North Park ($8.8 million), neigh-
borhood parks throughout Southlake ($4.2 million), and Southlake Sports
Complex ($2.7 million).

The Southlake 2030 Parks, Recreation, Open Space and Community Facili-
ties Master Plan shows an 85% increase in total park acreage over that
identified in the 2025 plan. This growth has prompted the City 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. While the SPDC budget can and should be used to
support operational costs associated with the improvements funded, these
funds may not be used to support the general operations of the City.

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