Page 63 - Southlake FY23 Budget

BUDGET OvERvIEw

BUILDInG THE BUDGET

oVerView

Building a budget requires careful consideration of a number of environmental Financial PrinciPles
factors to ensure that it is structurally balanced. This section describes the
key factors, growth assumptions, and priorities that are evaluated when Structural Balance
developing the annual budget.
taxpayer relief
citY council PolicY direction Strong net revenueS
City Council holds two strategic planning sessions with staff annually to
discuss policy direction and strategic priorities. For FY 2023, the City Council optimum fund BalanceS
prioritized financial principles for this budget as shown in Figure 3. These
financial principles serve as a guide to staff during the development of the limited expenditure
budget. A discussion of how these financial principles are implemented in this growth
budget can be found in the Transmittal Letter.
multiyear SuStainaBility
Economic and fiscal wellness is a balance between today’s
financial position and the financial needs of tomorrow. aaa Bond rating
It is maintaining control over current reserves, debt and
expenditures to ensure the City is able to meet the financial maintenance
requirements of the future. In addition to the annual feedback
from City Council, the City’s budget and policy direction is caSh funding / Strategic
guided by adopted 2030/2035 Comprehensive Plans. These City Council management of deBt
adopted long-term plans are linked to new requests for the annual operating
budget and the Capital Improvements Program. More information about these
plans and how they impact operations can be found in the Strategic Direction Figure 3: Financial Principles
section or at www.Southlake2035.com.

It is also important to note that in 2015, the City Council adopted the Southlake 2030 Sustainability Plan, which
works to protect and enhance the quality of life for present and future generations in Southlake through both
environmental and financial sustainability. The priorities identified in this plan provide a map for the long term
economic and fiscal wellness of the city. The plan recommendations can be found below in Figure 4. The full
Economic/Fiscal Wellness section of the plan, which includes plan recommendations and financial modeling through
2035 can be found in the Appendix.

southlake 2030 sustainability Plan - economic/Fiscal Wellness Priorities

efw1: apply Sound financial
policieS to the city’S Budget
By maintaining Structural efw2: apply deBt management efw3: fund and adopt annual
Balance, Strong reServeS, StrategieS to the city’S city operating Budget, capital
conServative Budgeting, Budgeting projectS and equipment
effective economic analySiS and through Sound financial
underStanding the true coSt of policieS
doing BuSineSS

Figure 4: Economic / Fiscal Wellness Priorities identified in the Southlake 2030 Sustainability Plan

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