Page 15 - Southlake FY22 Budget

TrAnSMITTAL LETTEr

August 13, 2021 fy 2022 BudgeT
aCCOmPlishmenTs
Honorable Mayor and
Members of the City Council Tax RaTe ReducTion
1400 Main Street, Suite 270
Southlake, Texas 76092 MaxiMuM HoMesTead exeMpTion
opTiMuM Fund Balances
Dear Mayor and Members of the City Council,
deBT ManageMenT
In accordance with the Texas Local Government Code and the casH Funding FoR capiTal pRojecTs
Charter of the City of Southlake, the adopted annual budget
for the fiscal year beginning October 1, 2021, and ending sTRucTuRal Balance
September 30, 2022, is submitted for your consideration. The sTRong neT Revenues
budget, as filed with the City Secretary, presents in summary
form the revenues and expenditures for each of the funds. liMiTed expendiTuRe gRowTH
MulTiyeaR susTainaBiliTy
The adopted budget is a plan that reflects the City’s commitment
to strong financial principles. It is a strategic budget that coMpeTiTive coMpensaTion and
aligns resources with organizational goals and aspirations. It BeneFiTs
provides for investments in safety, mobility, infrastructure, high no seRvice level ReducTions
performance management, and continued quality development.
It is a budget that, in many ways, is built upon the strength of
partnerships and volunteerism.

BudgeT gOals

The FY 2022 adopted budget has been developed with a clear set of goals to guide decision-making and
promote long-term financial sustainability.

The first goal is to develop a financial plan to support the City’s strategic priorities and ensure high quality
service delivery. As City Council, you have set a clear vision with associated priorities, known as strategic
focus areas. Figure 1 is the City of Southlake Strategy Map, illustrating the City’s focus areas, objectives,
critical business outcomes, and values. For more information about the City’s future direction, please see the
Strategic Direction section of the budget document.

Thoroughly understanding the economic conditions that will impact the budget for the current year and
into the future is critical for proper budgeting. Figure 2 shows the approach used to gather and analyze local
economic information for projecting budget revenues.

As the city’s economy has grown, it has been possible to DID YOU KnOW?
implement relief measures aimed at reducing residential
property taxes. The City has included homestead The FY 2022 Adopted Budget
exemption relief for homeowners in eleven budgets since includes a one and a half cent tax
2009, including the adopted 20% exemption included in rate reduction, reducing the tax
the adopted FY 2022 budget. rate for a fourth consecutive year.

14 FY 2022 City of Southlake | BUDGET BOOK
WWW.CITYOFSOUTHLAKE.COM