Page 227 - Southlake FY23 Budget

STRATEGIC InITIATIvE FUnD
StrategIc InItIatIve Fund

The City of Southlake’s Fund Balance Policy states, “The City of Southlake’s goal shall be to maintain a fund
balance in the General Fund equal to a minimum of 15% of General Fund budgeted operating expenditures, with
the optimum goal of 25%.” Since 2006, any dollars beyond the optimal goal of 25% have been transferred to the
GENERAL FUND
Strategic Initiative Fund with uses limited to one-time, non-recurring expenses.
Strategic Initiative Fund
2023 Proposed and 2022 Revised Budget

$ Increase/ $ Increase/
2021 2022 2022 (Decrease) % Increase/ 2023 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Interest 3,803 9,500 2,000 (7,500) -78.9% 2,000 (7,500) -78.9%
Total Revenues $3,803 $9,500 $2,000 ($7,500) 0.0% $2,000 ($7,500) -78.9%

EXPENDITURES
Infrastructure Maintenance $0 $0 $0 $0 0.0% $0 0 0.0%
Community Enhancement 92,766 200,000 200,000 0 0.0% 250,000 50,000 25.0%
Technology Infrastructure 0 0 0 0 0.0% 0 0 0.0%
Capital Acquisition 0 443,462 68,462 (375,000) -84.6% 1,218,688 775,226 174.8%
Total Expenditures $92,766 $643,462 $268,462 ($375,000) -58.3% $1,468,688 $825,226 128.2%

Net Revenues ($88,963) ($633,962) ($266,462) $367,500 ($1,466,688) ($832,726)

Transfer from other funds $8,750,000 $5,800,000 $21,338,170 $2,500,000
Transfer to other funds (5,625,000) (8,000,000) (16,038,170) (11,000,000)

Total Other Sources/(Uses) $3,125,000 ($2,200,000) $5,300,000 ($8,500,000)
Beginning Fund Balance $4,559,073 $7,595,110 $7,595,110 $12,628,648
Ending Fund Balance $7,595,110 $4,761,148 $12,628,648 $2,661,960

Fy 2023 HIgHlIgHtS:

Infrastructure Maintenance Funding: We are proposing that $1,500,000 be transferred from the SIF to the Facility
Maintenance Fund. The purpose of this fund is to build capacity for future maintenance projects as we will have
many needs to address as our facilities age.

Community Enhancement Funding: This category of funding is set aside as a way to provide pay-as-you-go funding
for initiatives which will enhance the quality of life or aesthetics of Southlake. For FY 2023 community enhancement
projects include: $150,000 for 2035 Master Plan updates and $100,000 for an engineering record archive program.

Capital Acquisition Funding: We are proposing to transfer $8,500,000 from the SIF to the Capital Improvements
Program for the purpose of building infrastructure. This cash funding will reduce the amount of bonds the City will
need to issue for General Fund CIP projects in FY 2023. Additionally, this budget includes: new fire department radios
for $750,386, a tanker truck for $375,000, 75,000 for an automated flagger assistance device (AFAD), and a UniMac
extractor for $18,302 to clean firefighting gear after structure fires.

Technology: We are proposing to transfer $1,000,000 from the SIF to the IT Infrastructure & Security Fund to cover
certain technology expenses.

226 FY 2023 City of Southlake | BUDGET BOOK
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