Page 512 - Southlake FY22 Budget

APPEnDIX

BUDGET GLOSSArY

Special Revenue Funds: General government funds where the source of revenue is dedicated to a specific purpose.

Southlake Parks Development Corporation (SPDC): A citizen approved non-profit development corporation established
to develop and operate park and recreational facilities. The SPDC utilizes a half-cent sales tax for the purpose of acquiring
land and making improvements to parks.

Southlake Parks Development Corporation (SPDC) Debt Service Fund: The Southlake Parks Development Corporation
Debt Service Fund is utilized to account for the accumulation of financial resources, primarily transfers from other
funds, for the payment of long-term principle and interest costs associated with the financing of improvements of the
Southlake Parks Development Corporation.

Southlake Parks Development Corporation (SPDC) Operating Fund: The Southlake Parks Development Corporation
operating fund was established to account for the general operations of the non-profit corporation established to
finance, develop and operate park and recreational facilities. The SPDC is funded primarily through the receipt of
municipal sales taxes.

Storm Water Utility District: The Storm Water Utility District is used to account for the acquisition, operation and
maintenance of Southlake’s municipal storm water utility, supported primarily by user charges to the public.

Strategic Initiative Fund: Fund created in 2005 for the purpose of taking fund balance reserves in excess of the City
identified optimal fund balance level and using them for one-time expenditures of high impact projects such as
infrastructure maintenance, community enhancement, and capital acquisition.

Supplemental Request: A budget request that is not included in the base budget.

T

Target-based budget: A budget process in which departments are provided with a maximum level for their budget
requests. The budget office requires separate justification via a Supplemental Request for proposed spending levels that
exceed the target.

Taxes: Compulsory charges levied by a government for the purpose of financing services performed for the common
benefit. This term does not include specific charges made against particular persons or property for current or permanent
benefits such as special assessments, or charges for services rendered only to those who pay, for example, sewer service
charges.

Tax Increment Reinvestment Zone #1 (TIRZ): A citizen approved financing mechanism that has allowed for the ongoing
development of the Southlake Town Square area.

BUDGET BOOK | FY 2022 City of Southlake 511
WWW.CITYOFSOUTHLAKE.COM