Page 75 - Southlake FY22 Budget

BUDGET OVErVIEW

BUDGET In BrIEF

FY 2022 ADOPTED BUDGET

FY 2022 ADOPTED BUDGET - $137.7 MILLION

GENERAL FUND - $43.8 MILLION
Supports most basic city functions, such operations
as police, fire, engineering, planning, finance and
administration.

OTHER FUNDS - $61.1 MILLION
These funds are restricted by law on their use, and
includes Utility Fund, Hotel Occupancy Tax Fund,
sales tax funds, and all other special revenue funds.

CAPITAL BUDGET - $32.8 MILLION
Supports the projects identified for FY 2022 in the
Capital Improvements Program (CIP).

FY 2022 BUDGET FAST FACTS

STrUCTUrAL BALAnCE
The FY 2022 adopted budget is a structurally balanced budget while maintaining alignment with our financial
principles and without reducing service levels.
TAXPAYEr rELIEF
In FY 2022, the City of Southlake is proposing a 1.5 cent tax decrease. The tax rate decrease will complement
the exemptions adopted by Council, including the 20% homestead exemption which is the maximum
percentage allowed by State law.
OPTIMUM FUnD BALAnCES
Maintaining proper reserves increases the organization’s ability to absorb or respond to temporary changes
in the environment or circumstances, such as an unanticipated event or changes related to operating
revenues. This budget provides for optimum fund balances in all funds.
AAA BOnD rATInG
The City of Southlake maintains a AAA bond rating from by both Fitch Ratings and Standard & Poor’s. This
is the highest possible rating given to a credit. Not only does it reinforce that the City has strong financial
management tools, it also allows for favorable borrowing conditions when the time is right.
CASH FUnDInG OF CAPITAL PrOJECTS
The FY 2022 Capital Budget is funded 74% with cash, reducing the need to borrow debt to fund capital
projects. This is just one of the City’ strategies used to manage debt obligations.

74 FY 2022 City of Southlake | BUDGET BOOK
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