Page 293 - Southlake FY23 Budget
P. 293

SPECIAL REVENUE FUNDS


        PuBliC art fund




        The Public Art Fund was established to account for funding that is available for the promotion, creation, and/or
                                                          Public Art
        installation of public art throughout the City of Southlake.
                                            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
            Miscellaneous               $20        $0         $0        $0       0.0%        $0        $0       0.0%
            Interest Income            $415     $5,000     $2,000   ($3,000)    -60.0%    $2,000   ($3,000)    -60.0%
            Total Revenues             $435     $5,000     $2,000   ($3,000)              $2,000       $0


            EXPENDITURES
            Operations               $37,208   $68,100    $68,100       $0       0.0%    $70,143    $2,043      3.0%
            Capital                      $0        $0         $0         0       0.0%        $0         0       0.0%
            Total Expenditures       $37,208   $68,100    $68,100       $0       0.0%    $70,143    $2,043      3.0%

            Net Revenues            ($36,773)  ($63,100)  ($66,100)  ($3,000)           ($68,143)  ($5,043)
            Transfers In-Hotel           $0    145,238    240,270    95,032              256,170  $110,932
            Transfers Out -         (100,000)  (100,000)  (100,000)      0              (100,000)      $0
            Total Other Sources (Uses)  ($100,000)  $45,238  $140,270   $0              $156,170

            Beginning Fund Balance  $500,818  $364,045   $364,045                       $438,215
                                          0         0          0                              0
            Ending Fund Balance     $364,045  $346,183   $438,215                       $526,242









            fy 2023 highlightS:

            •  The adopted budget shows $2,000 in interest income based on a beginning fund balance of $526,242.
            •  The law providing for the Hotel Occupancy Tax allows up to 15% of the revenues to be used for public art
               purposes.  Because this source of funding comes in the form of a transfer, it is shown “below the line.”  For FY
               2023, this transfer of $256,170 is budgeted.

            •  For FY 2023, expenditures are estimated at $70,143.  The Public Art Fund will provide the source of support
               for the City’s ongoing relationship with the APEX Arts League, Arts Council – Northeast, and the Southlake Arts
               Council by providing funding for various projects such as public art displays and event support.  The budget also
               includes a transfer of $100,000 to the CIP for implementation of the Southlake 2035 Public Art Master Plan.
            •  The ending fund balance for the Public Art Fund is estimated at $526,242.







   292    FY 2023 City of Southlake  |  BUDGET BOOK
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