Page 308 - Southlake FY22 Budget
P. 308

ECOnOMIC DEVELOPMEnT InVESTMEnT FUnD



        eCOnOmiC develOPmenT invesTmenT fund




        The Southlake 2035 Economic Development & Tourism Strategic Plan includes the following as recommendation
                                                   GENERAL FUND
        4.3:  “Southlake should establish a fund to use to attract and retain employers, as well as to help retain and expand
                                                 Economic Investment Fund
        existing businesses.”  This fund was created in 2013 for that purpose.
                                              2022  Proposed and 2021 Revised Budget
                                                                                                            03:47 PM
                                                                                                            07/21/21
                                                              $ Increase/                    $ Increase/
                              2020        2021        2021    (Decrease)  % Increase/  2022   (Decrease)  % Increase/
                             Actual     Adopted     Amended    Adopted   -Decrease  Proposed  Adopted  -Decrease
                                                                                     Adopted
         REVENUES
         Interest              28,776       30,000      9,500    (20,500)    -68.3%    10,000  (20,000)    -66.7%
         Total Revenues       $28,776      $30,000      $9,500  ($20,500)     0.0%     $10,000  ($20,000)  -66.7%


         EXPENDITURES
         Operations           $86,215      $50,000    $867,500  $817,500    1635.0%   $232,500  182,500    365.0%
         Capital                   0            0          0         0         0.0%        0        0        0.0%
         Total Expenditures   $86,215      $50,000    $867,500  $817,500    1635.0%   $232,500  $182,500   365.0%

         Net Revenues         ($57,439)    ($20,000)  ($858,000)  ($838,000)         ($222,500) ($202,500)


         Transfer from other funds  $1,150,000  $150,000  $150,000                    $150,000
         Transfer to other funds  ($0)         ($0)       ($0)                            ($0)
         Total Other        $1,150,000    $150,000    $150,000                        $150,000
         Sources/(Uses)
         Beginning Fund Balance  $2,432,718  $3,525,279  $3,525,279                  $2,817,279
         Ending Fund Balance  $3,525,279  $3,655,279  $2,817,279                     $2,744,779







           fy 2022 highlighTs:


        •  The City’s Southlake 2030 Economic Development and Tourism Master Plan included a recommendation to build
            an economic development investment fund. We are proposing to continue to implement this recommendation for
            FY 2022.


        •  We are proposing to transfer $150,000 to this fund, as we work to build a balance for future use.

        •  We are proposing $232,500 in expenditures from this fund for FY 2022 for small business grants ($182,000) and
            economic recovery target industry business attraction and marketing ($50,000).


        •  The ending fund balance will be $2,744,779.








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