Page 34 - Southlake FY22 Budget
P. 34

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.









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