Page 32 - Southlake FY23 Budget

TRAnSmITTAL LETTER

Indirect charge/transfers. A transfer of $454,150 to the General
Fund is planned for the indirect charge. We are also planning to
transfer $2,447,206 to debt service and $1,125,000 for capital DID YOU KNOW?
replacement needs.
Champions Club at The Marq
The CEDC Replacement Fund has been established to ensure Southlake opened in the spring of
that Champions Club and Legends Hall is maintained properly. 2019. Current memberships exceed
In FY 2023, the budget includes $414,713 for planned the three-year performance goal
replacements. With the transfer in of $1,125,000, the ending
fund balance will be $3,954,380. established.

Fund balance. The FY 2023 ending fund balance for the CEDC
operating fund is projected at $12,863,743.

The CEDC debt service fund covers principal, interest, and administrative costs for bonds for the construction of
Champions Club. Total debt service expenditures for FY 2023 are $2,447,206. The ending fund balance for this fund is
projected to be $556,664.

Initiatives funded through the Community Enhancement and Development Corporation
support the Council’s focus areas of Quality Development, Mobility and Infrastructure
and the strategic corporate objectives of “Provide attractive and unique spaces for
the enjoyment of personal interests,” “Provide travel convenience within the City
& region,” and “Attract & keep top tier businesses to drive a dynamic & sustainable
economic environment.”

Economic Development Investment Fund southlAke

The Southlake 2035 Economic Development Master Plan 2035 economic
includes a recommendation to build an economic development deVelopment
investment fund. We are proposing to continue to implement this mAster plAn
recommendation for FY 2023.
ED15: Maintain ongoing, DEDicatED
Revenue highlights. For FY 2023, revenue of $2,500 is projected.
Also, we are proposing to transfer $150,000 to this fund, as we funDing to achiEvE EconoMic
work to build its balance for future use. DEvElopMEnt goals by continuing
invEstMEnt in thE EconoMic
Expenditure highlights. We are proposing no expenditures from DEvElopMEnt invEstMEnt funD.
this fund for FY 2023.

Fund balance. The ending fund balance is projected to be $2,943,137.

BUDGET BOOK | FY 2023 City of Southlake 31
WWW.CITYOFSOUTHLAKE.COM