Page 39 - Southlake FY20 Budget

Transmittal Letter

Library Donations. This proposed budget includes funds from donations and uses are restricted for library
purposes. Staff is anticipating approximately $10,000 in donations and the expenditures will be for library
special projects, which are often defined by the donor. Ending fund balance is projected at $8,588.

Park Dedication Fees. This special revenue fund accounts for funds from park dedication fees on new
development. Use of park dedication fees is restricted to park improvements and primarily used for capital
expenses. No new expenditures are proposed for FY 2020.

The proposed budget reflects revenues of $90,000 in fees and $5,000 in interest earnings for total revenues
of $95,000.

A transfer of $370,000 to the CIP is planned for the replacement of the barn at Bob Jones Park & Nature
Preserve.

The ending fund balance is projected to be $610,513.

Parks and Recreation Fund. This fund accounts for sponsorships obtained by the Community Services
Department. Sponsorships are used to enhance City special events, programs, athletic fields and parks for
which sponsorships are granted.

The proposed budget reflects revenues of $50,500 in donations, sponsorships, tournament fees, and $2,000
in interest earnings for total revenues of $52,500. Expenses are estimated at $72,500 leaving the fund with
a projected balance of $105,786.

Public Art Fund. The Public Art Fund was established to account for funding that is available for the promotion,
creation, installation, and/or maintenance of public art throughout the City of Southlake. Funding was first
established when the Southlake Stampede program was implemented – the proceeds from the sale of the
artist-designed steers were designated for public art. Additional funding is now available from the Hotel
Occupancy Tax to support the City’s public art program, and a master plan has been adopted to guide
program development.

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 to the fund is estimated at $210,792.

For FY 2020, expenditures are estimated at $69,000. The Public Art Fund will provide 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
supports public art maintenance.

A transfer of $100,000 to the CIP is planned for public art.

The ending fund balance is estimated at $688,431.

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