Page 345 - Southlake FY20 Budget

Special Revenue Funds

Tax Increment Finance (TIF) District Fund

The Southlake Tax Increment Reinvestment Zone #1 was established to provide a tax increment financing mechanism to
facilitate high quality development in the southeast area of the city. Created by Ordinance No. 682 in September 1997, TIRZ
#1 is set to expire on September 30, 2018. TIRZ fund uses are restricted. They are primarily used for paying the debt for
infrastructure improvements in TIRZ #1 and are not available for any operational purposes. The projects funded have been
TIF OPERATING FUND
identified in the TIRZ #1 Project & Financing Plan, adopted by the Board of Directors in August 1999.
2020 Proposed and 2019 Revised Budget
10:41 AM
08/12/19
$ Increase/ $ Increase/
2018 2019 2019 (Decrease) % Increase/ 2020 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Ad Valorem $9,726,030 $8,045,492 $9,326,453 $1,280,961 15.9% $9,387,095 $1,341,603 16.7%
Interest Income $1,237 $1,400 $9,000 $7,600 542.9% $9,000 $7,600 542.9%
Total Revenues $9,727,267 $8,046,892 $9,335,453 $1,288,561 16.0% $9,396,095 $1,349,203 16.8%

EXPENDITURES
Personnel $0 $265,341 $265,341 $0 0.0% $274,320 $8,979 100.0%
Operations $6,045,218 $6,879,031 $7,306,126 427,095 6.2% $7,161,584 282,553 4.1%
Capital $1,455,000 $0 $0 (0) 100.0% $55,000 55,000 0.0%
Total Expenditures $7,500,218 $7,144,372 $7,571,467 $427,095 6.0% $7,490,904 $346,532 4.9%

Net Revenues $2,227,049 $902,520 $1,763,986 $861,466 $1,905,191 $1,002,671
Transfers Out-General Fund - 0 0 0
Transfers Out -Debt Service (3,258,927) 0 0 0
Total Other Sources (Uses) (3,258,927) $0 $0 $0

Beginning Fund Balance $1,954,971 $923,093 $923,093 $2,687,079
Prior period adjustment
Ending Fund Balance $923,093 $1,825,613 $2,687,079 $4,592,270

FY 2020 Highlights:

• The incremental value assigned to TIRZ #1 for the 2019 tax year is $557,619,490 which is an 10.5% increase from
the valuation for the 2018 tax year. This translates into anticipated revenues for the TIF District Fund of $9,396,095,
including interest income. Revenue projections include estimated CISD payments based on a three year average.

• Total expenditures for FY 2020 are $7,490,904. These expenditures are attributable to projects identified in the
project and financing plan.

• The ending balance for this fund is projected at $4,592,270.

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