Page 69 - Southlake FY23 Budget

BUDGET OvERvIEw

BUDGET In BRIEF

FY 2023 PROPOSED BUDGET

FY 2023 PROPOSED BUDGET - $161.5 mILLIOn

GEnERAL FUnD - $48.3 mILLIOn
Supports most basic city functions, such operations
as police, fire, engineering, planning, finance and
administration.

OTHER FUnDS - $68.9 mILLIOn
These funds are restricted by law on their use, and
includes Utility Fund, Hotel Occupancy Tax Fund,
sales tax funds, and all other special revenue funds.

CAPITAL BUDGET - $44.3 mILLIOn
Supports the projects identified for FY 2023 in the
Capital Improvements Program (CIP).

FY 2023 BUDGET FAST FACTS

STRUCTURAL BALAnCE
The FY 2023 proposed budget is a structurally balanced budget while maintaining alignment with our
financial principles and without reducing service levels.

TAXPAYER RELIEF
In FY 2023, the City of Southlake is proposing a 3.0 cent tax decrease. The tax rate decrease will
complement the exemptions adopted by Council, including the 20% homestead exemption which is the
maximum percentage allowed by State law.
OPTImUm FUnD BALAnCES
Maintaining proper reserves increases the organization’s ability to absorb or respond to temporary
changes in the environment or circumstances, such as an unanticipated event or changes related to
operating revenues. This budget provides for optimum fund balances in all funds.

AAA BOnD RATInG
The City of Southlake maintains a AAA bond rating from by Moody’s, Fitch Ratings and Standard & Poor’s.
This is the highest possible rating given to a credit. Not only does it reinforce that the City has strong
financial management tools, it also allows for favorable borrowing conditions when the time is right.

CASH FUnDInG OF CAPITAL PROJECTS
The FY 2023 Capital Budget is funded 70% with cash, reducing the need to borrow debt to fund capital
projects. This is just one of the City’ strategies used to manage debt obligations.

68 FY 2023 City of Southlake | BUDGET BOOK
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