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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