Page 470 - Southlake FY23 Budget
P. 470
APPEnDIx
Frequently Asked Questions
FREqUEnTLY ASKED qUESTIOnS
What percentage change are We anticipating in general funD sales taX
revenue for fy 2021 (aDopteD) to fy 2022 (BuDget)?
It is estimated that we will collect $19,908,000 in General Fund sales tax in FY 2023. This number represents a 21.3%
increase when compared to the FY 2022 Adopted Budget. This projection is based on the anticipated continued
recovery of the retail and business economy from the impacts of COVID-19 in FY 2020.
General Fund
What is meant By achieving a structurally BalanceD BuDget?
A structurally balanced budget is one in which revenues exceed planned operating expenditures, making it
unnecessary to use reserves for recurring operational expenses.
What is meant By the term “funD Balance?”
Fund balance is the term used to describe the General Fund reserves. Under City policy, the fund balance should be
15-25% of the City’s operating expenses.
hoW is the funD Balance useD?
Typically the fund balance is an unrestricted reserve of funds that is used to address emergencies or unanticipated
needs.
may a portion of the funD Balance Be DesignateD for particular neeDs as
part of the BuDget process?
Yes. It may be used for one-time expenditures such as capital needs, provided that the percentage of funds on
hand remains within the desired range of 15-25%. It would not be wise, however, to use the fund balance to cover
recurring expenses (e.g. salaries or other operational expenses).
What percentage of general funD eXpenDitures go to various
Departments?
The general fund is allocated as follows:
Public Safety 44.1%
General Government* 18.5%
Community Services** 14.1%
Public Works 11.0%
Finance 5.8%
Planning 5.3%
Economic Development 0.8%
*Includes City Manager’s Office, Communications, City Secretary’s Office, Human Resources, Information Technology,
and Support Services.
**Includes Parks and Recreation, Community Services, and Library.
BUDGET BOOK | FY 2023 City of Southlake 469
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