Page 34 - Southlake FY22 Budget
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TrAnSMITTAL LETTEr
CedC eQuiPmenT rePlaCemenT fund
Operations. Operating expenses for The exPendiTure highlighTs
Marq for both phases and economic
development initiatives are adopted for FY fund iTem exPendiTure
2022 at $1,640,580. Costs include standard
expenses for things like utilities and supplies, Fitness equipment
and marketing and promotional materials. Capital replacement $135,171
Capital. The adopted budget shows no capital
expenses in the operating budget. The CEDC Replacement Fund will provide funding for capital purchases.
Indirect charge/transfers. A transfer of $356,188 to the General Fund is planned for the indirect charge. We
are also planning to transfer $2,451,056 to debt service and $160,000 to continue to build a fund for future
capital replacement needs.
The CEDC – Replacement Fund has been established to ensure that the environment of Champions Club and
Legends Hall is maintained properly and expenses for these kinds of items do not adversely affect the budget
in any given year. In FY 2022, the budget includes $135,171 for replacement exercise of equipment. With the
transfer of $160,000, the ending fund balance for this fund will be $346,930.
Fund balance. The FY 2022 ending fund balance for the CEDC operating fund is projected at $12,347,726.
The CEDC debt service fund covers principal, interest, and administrative costs for bonds for the construction
of Champions Club. Total debt service expenditures for FY 2022 are $2,451,056. The ending fund balance for
this fund is projected to be $568,299.
iniTiaTives funded ThrOugh The COmmuniTy enhanCemenT and develOPmenT
COrPOraTiOn suPPOrT The COunCil’s fOCus areas Of QualiTy develOPmenT,
mOBiliTy and infrasTruCTure and The sTraTegiC COrPOraTe OBjeCTives Of
“PrOvide aTTraCTive and uniQue sPaCes fOr The enjOymenT Of PersOnal
inTeresTs,” “PrOvide Travel COnvenienCe wiThin The CiTy & regiOn,” and “aTTraCT & keeP
TOP Tier Businesses TO drive a dynamiC & susTainaBle eCOnOmiC envirOnmenT.”
DID YOU KNOW?
Champions Club at The Marq Southlake
opened in the spring of 2019. Current
memberships exceed the three-year
performance goal established.
BUDGET BOOK | FY 2022 City of Southlake 33
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