Page 38 - Southlake FY22 Budget

TrAnSMITTAL LETTEr

College District, Tarrant County Hospital District,
and the Carroll Independent School District (CISD) Tif disTriCT exPendiTure highlighTs
have participated at varying levels as investors in
TIRZ #1 by assigning their ad valorem tax dollars as highlighT iTem exPendiTure
well.

In 2018, TIRZ #1 was extended for an additional School Resource
twenty years. This means that funds will continue Personnel Officers $312,376
to be collected on the incremental tax value and
invested in the zone for an additional twenty years.
These tax dollars are restricted and may only be
used for improvements or maintenance of facilities Infrastructure Town Square
within the TIRZ #1. The City of Southlake and Carroll Improvements Camera $1,415,000
ISD will be the only participating entities with the Replacement
20-year extension.
Town Square
The projects funded in the FY 2022 adopted budget Community public space
were identified in the TIRZ #1 Project & Financing Enhancement enhancement $450,000
Plan, adopted by the Board of Directors and City projects
Council in August/September 2018.

Revenue highlights. The incremental value
assigned to TIRZ #1 for FY 2022 is $508,142,995
which is a 1.4% decrease from the valuation for DID YOU KnOW?
the FY 2021. This translates into anticipated
revenues for the TIF District Fund of $10,084,269, Since its implementation in 1998, TIRZ
including interest income. Revenue projections #1 has generated over $132 million in
include estimated Carroll ISD payments based on revenue for investment, and to further the
a three-year average. economic development goals of the Zone.
These funds have been used for numerous
Expenditure highlights. Total expenditures public infrastructure projects such as the
for FY 2022 are adopted at $9,054,055. These construction of Town Hall as well as the
expenditures are attributable to CISD TIRZ #1 development of parks within the Zone.
projects identified in the project and financing
plan, as well as personnel and operations costs to
be undertaken by the City. Notable projects for FY 2022 include funding for the School Resource Officer
program, Southlake Town Square security camera replacement, and landscaping, sidewalk, and crosswalk
enhancements in Southlake Town Square.

Fund balance. The ending balance for this fund is projected at $6,091,721, most of which is designated for
educational uses.

The establishment of TIRZ #1 and the use of the captured revenues for improvements in
the District supports the focus area of Quality Development and the strategic corporate
objectives of “Providing attractive and unique spaces for the enjoyment of personal
interests,” and “Attract and keep top-tier businesses to drive a dynamic and sustainable
economic environment.”

BUDGET BOOK | FY 2022 City of Southlake 37
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