Page 362 - Southlake FY22 Budget

SPECIAL rEVEnUE FUnDS EXPEnDITUrES

PuBliC arT fund

The Public Art Fund was established to account for funding that is available for the promotion, creation, and/or
Public Art
installation of public art throughout the City of Southlake.
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2 2022 Proposed and 2021 Revised Budget t 10:19 AM
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2
07/22/21
$ Increase/ $ Increase/
2020 2021 2021 (Decrease) % Increase/ 2022 (Decrease) % Increase/
Adopted
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Miscellaneous $10 $0 $0 $0 0.0% $0 $0 0.0%
Interest Income $7,605 $8,500 $6,200 ($2,300) -27.1% $5,000 ($3,500) -41.2%
Total Revenues $7,615 $8,500 $6,200 ($2,300) $5,000 $0
EXPENDITURES
Operations $52,788 $68,100 $68,100 $0 0.0% $68,100 $0 0.0%
Capital $0 $0 $0 0 0.0% $0 0 0.0%
Total Expenditures $52,788 $68,100 $68,100 $0 0.0% $68,100 $0 0.0%
Net Revenues ($45,173) ($59,600) ($61,900) ($2,300) ($63,100) ($3,500)
Transfers In-Hotel $0 0 0 0 145,238 $145,238
Transfers Out - (100,000) (100,000) (100,000) 0 (100,000) $0
Total Other Sources
(Uses) ($100,000) ($100,000) ($100,000) $0 $45,238
Beginning Fund Balance $645,991 $500,818 $500,818 $338,918
0 0 0 0
Ending Fund Balance $500,818 $341,218 $338,918 $321,056
fy 2022 highlighTs:
• The adopted budget shows $5,000 in interest income based on a beginning fund balance of $338,918.
• 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 2022, this
transfer of $145,238 is budgeted.
• For FY 2022, expenditures are estimated at $68,100. The Public Art Fund will provide the source of 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 includes a
transfer of $100,000 to the CIP for implementation of the Southlake 2035 Public Art Master Plan.

• The ending fund balance for the Public Art Fund is estimated at $321,056.

BUDGET BOOK | FY 2022 City of Southlake 361
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