Page 340 - Southlake FY20 Budget

Special Revenue Funds

Public Art Fund

The Public Art Fund was established to account for funding that is available for the promotion, creation, and/or
Public Art
installation of public art throughout the City of Southlake.
2020 Proposed and 2019 Revised Budget
09:35 PM
08/11/19
$ Increase/ $ Increase/
2018 2019 2019 (Decrease) % Increase/ 2020 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Miscellaneous $10 $0 $0 $0 0.0% $0 $0 0.0%
Interest Income $4,456 $2,800 $9,000 $6,200 221.4% $8,500 $5,700 203.6%
Total Revenues $4,466 $2,800 $9,000 $6,200 $8,500 $0

EXPENDITURES
Operations $54,507 $69,000 $69,000 $0 0.0% $69,000 $0 0.0%
Capital $0 $0 $0 0 0.0% $0 0 0.0%
Total Expenditures $54,507 $69,000 $69,000 $0 0.0% $69,000 $0 0.0%

Net Revenues ($50,041) ($66,200) ($60,000) $6,200 ($60,500) $5,700
Transfers In-Hotel $202,258 206,537 209,312 2,775 210,792 $4,256
Transfers Out - (100,000) (190,000) (190,000) 0 (100,000) $90,000
Total Other Sources (Uses) $102,258 $16,537 $19,312 $0 $110,792

Beginning Fund Balance $626,610 $678,827 $678,827 $638,139
0 0 0 0
Ending Fund Balance $678,827 $629,164 $638,139 $688,431

FY 2020 Highlights:

• The proposed budget shows $8,500 in interest income based on a beginning fund balance of $638,139.

• The law providing for the Hotel Occupancy Tax allows up to 15% of the revenues to be used for public art purposes.
Because this source of funding comes in the form of a transfer, it is shown “below the line.” For FY 2020 the
transfer is estimated at $210,792.

• For FY 2020, expenditures are estimated at $69,000. The Public Art Fund will provide the source of support for the
City’s ongoing relationship with the APEX Arts League, Arts Council – Northeast, and the Southlake Arts Council by
providing funding for various projects such as public art displays and event support. The budget also includes a
transfer of $100,000 to establish a project fund for implementation of the Southlake 2030 Public Art Master Plan.

• The ending fund balance for the Public Art Fund is estimated at $688,431.

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