Page 266 - Southlake FY23 Budget

DEBT SERVICE FUnDS ExPEnDITURES

cOmmunitY enHancement anD DevelOPment

cOrPOratiOn (ceDc) Debt Service FunD

The Community Enhancement and Development Corporation Debt Service Fund is used to account for the
accumulation of financial resources for payment of long-term principle and interest costs for debt incurred to
CEDC - DEBT SERVICE FUND
construct Champions Club at The Marq Southlake.
Parks/Recreation
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 $215 $5,000 $1,000 ($4,000) -80.0% $1,050 ($3,950) -79.0%
Total Revenues $215 $5,000 $1,000 ($4,000) -80.0% $1,050 ($3,950) -79.0%

EXPENDITURES
Principal $1,410,000 1,475,000 $1,475,000 $0 0.0% $1,540,000 $65,000 4.4%
Interest 1,033,656 968,056 968,056 0 0.0% 899,206 (68,850) -7.1%
Admin. Expenses 5,000 8,000 8,000 0 0.0% 8,000 0 0.0%
Total Expenditures $2,448,656 $2,451,056 $2,451,056 $0 0.0% $2,447,206 ($3,850) -0.2%

Net Revenues ($2,448,441) ($2,446,056) ($2,450,056) $0 ($2,446,156) ($3,850)

Bond Proceeds $0 $0 $0 $0
Transfers In $2,436,806 $2,451,056 $2,451,056 0 $2,447,206
Total Other Sources (Uses) $2,436,806 $2,451,056 $2,451,056 $2,447,206

Beginning Fund Balance $566,249 $554,614 $554,614 $555,614
Ending Fund Balance $554,614 $559,614 $555,614 $556,664

FY 2023 HiGHliGHtS:

• The Community Enhancement and Development Corporation (CEDC) is responsible for paying principal and
interest on outstanding debt. For FY 2023, the CEDC Debt Service Fund will cover total expenditures of
$2,447,206 for this purpose.

BUDGET BOOK | FY 2023 City of Southlake 265
WWW.CITYOFSOUTHLAKE.COM