Page 328 - Southlake FY20 Budget

Sales Tax Districts
Special Revenue Funds

SALES TAx DISTRICTS
Southlake Parks Development Corporation (SPDC) Fund

The Southlake Parks Development Corporation, a citizen-approved, development corporation established to develop and operate
park and recreational facilities, uses a half-cent sales tax for all uses permitted by State law. The operating fund is used to
SPDC - OPERATING FUND
finance, develop and operate park and recreation facilities, while the debt service fund is used to account for the accumulation
Parks/Recreation
of financial resources for payment of long-term principle and interest costs for SPDC improvements. The uses of this fund are
2020 Proposed and 2019 Revised Budget
restricted to those allowed by law and approved by the Board of Directors.
10:14 AM
08/12/19
$ Increase/ $ Increase/
2018 2019 2019 (Decrease) % Increase/ 2020 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Sales Tax $7,705,009 $7,854,000 $7,650,000 ($204,000) -2.6% $7,650,000 ($204,000) -2.6%
Rental Income 153,824 153,816 153,824 8 0.0% 153,824 8 0.0%
Interest 164,433 45,000 145,000 100,000 222.2% 145,000 100,000 222.2%
Total Revenues $8,023,266 $8,052,816 $7,948,824 ($103,992) -1.3% $7,948,824 ($103,992) -1.3%

EXPENDITURES
Personnel $114,575 $241,279 $241,279 $0 0.0% $230,184 ($11,095) -4.6%
Operations $1,167,540 $1,261,780 $1,236,780 (25,000) -2.0% $1,273,980 12,200 1.0%
Capital $57,348 $105,000 $105,000 0 0.0% $67,200 (37,800) -36.0%
Total Expenditures $1,339,463 $1,608,059 $1,583,059 ($25,000) -1.6% $1,571,364 ($36,695) -2.3%

Net Revenues $6,683,803 $6,444,757 $6,365,765 ($78,992) $6,377,460 ($67,297)

Transfers Out (6,397,486) (7,402,650) (7,398,490) ($4,160) (7,136,222) (266,428)
Proceeds from C.O. Sale 0 0 0 0
Total Other Sources (Uses) ($6,397,486) ($7,402,650) ($7,398,490) ($7,136,222)

Beginning Fund Balance $10,263,691 $10,550,008 $10,550,008 $9,517,283
Ending Fund Balance $10,550,008 $9,592,115 $9,517,283 $8,758,521

FY 2020 Highlights:

• The SPDC Operating Fund is projected to receive $7,650,000 in sales tax revenue, $153,824 in rental income, and
$145,000 in interest earnings for total projected FY 2020 revenue of $7,948,824. This represents a projected 1.3%
decrease over the FY 2019 Adopted Budget.
• Total expenditures for the Operating Fund are $1,571,364. This is a 2.3% decrease over the FY 2019 Adopted
Budget.

• The proposed FY 2020 Budget includes $1,273,980 for operations and $230,184 for personnel, continuing the
funding of select maintenance expenses from the General Fund to SPDC. This represents about 32% of the current
park maintenance costs. The proposal to fund certain maintenance costs in SPDC is balanced with master plan
implementation, capital costs, and fund balance needs.

• The ending fund balance for the SPDC Operating Fund will be $8,758,521.

www.CityofSouthlake.com 327