Page 250 - Southlake FY23 Budget

DEBT SERVICE FUnDS ExPEnDITURES

CITY-OPERATIONS CITY-DEBT OTHER TAXING ENTITIES
$2,082

$459

$16,342

Figure 2: Total Tax Bill for Average Residential Property in Southlake

which are voter approved, for the repayment of the bonds. Also, sales tax-supported debt uses funds collected by
shoppers in the City, many of which reside elsewhere.

For example, the construction of The Marq Phase I was funded using cash from the General Fund and Southlake
Parks Development Corporation (SPDC). Phase II, known as Champions Club was funded through the voter-approved
three-eighths cent sales tax collected by Community Enhancement and Development Corporation (CEDC). Thanks to
these sales tax dollars, the corporation funding is used to pay the debt incurred from construction and to supplement
the operating expenses for The Marq Southlake not recovered with facility and program fees. Additionally, a portion
of the funds are used for economic development initiatives.

Voter-approved special levy sales tax districts also provide a source of funding for park development and crime
control initiatives. Projects built implement the Capital Improvements Program and SPDC funds are used almost
exclusively for capital, not operations. Town Square developers have estimated that 70% of sales in Town Square
are to patrons living outside the city, and these imported taxpayers, if you will, are helping to construct Southlake’s
infrastructure development.

BUDGET BOOK | FY 2023 City of Southlake 249
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