Page 238 - Southlake FY23 Budget

ECONOMIC DEVELOPMENT INVESTMENT FUND

Economic DEvElopmEnt invEstmEnt FunD

The Southlake 2035 Economic Development & Tourism Strategic Plan includes the following as recommendation
GENERAL FUND
4.3: “Southlake should establish a fund to use to attract and retain employers, as well as to help retain and
expand existing businesses.” This fund was created in 2013 for that purpose.
Economic Investment 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 2,858 10,000 2,500 (7,500) -75.0% 2,500 (7,500) -75.0%
Total Revenues $2,858 $10,000 $2,500 ($7,500) 0.0% $2,500 ($7,500) -75.0%

EXPENDITURES
Operations $807,500 $232,500 $232,500 $0 0.0% $0 (232,500) -100.0%
Capital 0 0 0 0 0.0% 0 0 0.0%
Total Expenditures $807,500 $232,500 $232,500 $0 0.0% $0 ($232,500) -100.0%

Net Revenues ($804,642) ($222,500) ($230,000) ($7,500) $2,500 $225,000

Transfer from other funds $150,000 $150,000 $150,000 $150,000
Transfer to other funds ($0) ($0) ($0) ($0)
Total Other Sources/(Uses) $150,000 $150,000 $150,000 $150,000

Beginning Fund Balance $3,525,279 $2,870,637 $2,870,637 $2,790,637
Ending Fund Balance $2,870,637 $2,798,137 $2,790,637 $2,943,137

FY 2023 HigHligHts:

• The City’s Southlake 2030 Economic Development and Tourism Master Plan included a recommendation to build
an economic development investment fund. We are proposing to continue to implement this recommendation
for FY 2023.

• We are proposing to transfer $150,000 to this fund, as we work to build a balance for future use.

• We are proposing no expenditures from this fund for FY 2023.

• The ending fund balance will be $2,943,137.

BUDGET BOOK | FY 2023 City of Southlake 237
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