Page 262 - Southlake FY23 Budget

DEBT SERVICE FUnDS ExPEnDITURES

SOutHlake ParkS DevelOPment cOrPOratiOn (SPDc)

Debt Service FunD

SPDC - DEBT SERVICE FUND
This fund is used to account for the accumulation of financial resources for payment of long-term principle and
Parks/Recreation
interest costs for SPDC-approved park improvements.
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 Income $824 $1,900 $900 ($1,000) -52.6% $1,900 $0 0.0%
Total Revenues $824 $1,900 $900 ($1,000) -52.6% $1,900 $0 0.0%

EXPENDITURES
Principal $2,165,000 $2,272,000 $2,272,000 $0 0.0% $2,334,000 $62,000 2.7%
Interest 617,229 524,796 524,796 0 0.0% 450,383 (74,413) -14.2%
Admin. Expenses 4,723 6,000 6,000 0 0.0% 6,000 0 0.0%
Total Expenditures $2,786,952 $2,802,796 $2,802,796 $0 0.0% $2,790,383 ($12,413) -0.4%

Net Revenues ($2,786,128) ($2,800,896) ($2,801,896) $0 ($2,788,483) ($12,413)

Bond Proceeds $0 $0 $0 $0
Transfers In $2,815,224 $2,796,796 $2,796,796 0 $2,784,383
Total Other Sources (Uses) $2,815,224 $2,796,796 $2,796,796 $2,784,383

Beginning Fund Balance $1,900,333 $1,929,429 $1,929,429 $1,924,329
Ending Fund Balance $1,929,429 $1,925,329 $1,924,329 $1,920,229

FY 2023 HiGHliGHtS:

• The Southlake Parks Development Corporation is responsible for paying principal and interest on outstanding
debt. For FY 2023, the SPDC Debt Service Fund will cover total expenditures of $2,790,383 for this purpose.

BUDGET BOOK | FY 2023 City of Southlake 261
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