Page 220 - Southlake FY24 Budget

Strategic Initiative Fund

The City of Southlake’s Fund Balance Policy states, “The City of Southlake’s
goal shall be to maintain a fund balance in the General Fund equal to a
DID YOU minimum of 15% of General Fund budgeted operating expenditures, with the
KNOW? optimum goal of 25%.” Since 2006, any dollars beyond the optimal goal of
DID YOU
KNOW? 25% have been transferred to the Strategic Initiative Fund with uses limited
GENERAL FUND
Strategic Initiative Fund
to one-time, non-recurring expenses.
2 2024 Proposed and 2023 Revised Budget t
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$ Increase/ $ Increase/
2022 2023 2023 (Decrease) % Increase/ 2024 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
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R REVENUES S
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Interest (13,817) 2,000 75,000 73,000 3650.0% 70,000 68,000 3400.0%
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T Total Revenues s ($13,817) $2,000 $75,000 $73,000 0.0% $70,000 $68,000 3400.0%
Strategic Initiative Fund
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Infrastructure Maintenance $0 $0 $0 $0 0.0% $0 0 0.0%
Community Enhancement 113,948 250,000 250,000 0 0.0% 220,000 (30,000) -12.0%
Technology Infrastructure 0 0 0 0 0.0% 0 0 0.0%
Capital Acquisition 68,460 1,218,688 1,218,688 0 0.0% 336,996 (881,692) -72.3%
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T Total Expenditures s $182,408 $1,468,688 $1,468,688 $0 0.0% $556,996 ($911,692) -62.1%

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N Net Revenues s ($196,225) ($1,466,688) ($1,393,688) $73,000 ($486,996) $979,692
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Transfer from other funds $21,338,170 $2,500,000 $7,000,000 $4,000,000
Transfer to other funds (16,038,170) (11,000,000) (11,000,000) (9,000,000)
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T Total Other Sources/(Uses) ) $5,300,000 ($8,500,000) ($4,000,000) ($5,000,000)
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Beginning Fund Balance $7,595,110 $12,698,885 $12,698,885 $7,305,197
E Ending Fund Balance e $12,698,885 $2,732,197 $7,305,197 $1,818,201
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FY 2024 Highlights
Infrastructure Maintenance Funding: $500,000 will be transferred from the SIF to the Facility
Maintenance Fund. The purpose of this fund is to build capacity for future maintenance projects as we will
have many needs to address as our facilities age.
Community Enhancement Funding: This category of funding is set aside as a way to provide pay-as-
you-go funding for initiatives which will enhance the quality of life or aesthetics of Southlake. For FY
2024 community enhancement projects include: $120,000 for the Southlake Comprehensive Master Plan
updates and $100,000 for an engineering record archive program.
Capital Acquisition Funding: $8,000,000 will be transferred from the SIF to the Capital Improvements
Program for the purpose of building infrastructure. This cash funding will reduce the amount of bonds
the City will need to issue for General Fund CIP projects in FY 2024. Additionally, this budget includes:
$123,328 for the replacement of 55 automated external defibrillator (AED) devices that have reached the
end of life, ballistic protection equipment replacement for $102,942 and $87,351 for the replacement of the
Lund University Cardiopulmonary Assist System (LUCUS) device that has reached the end of life.
Technology: $500,000 will be transferred from the SIF to the IT Infrastructure & Security Fund to cover
certain technology expenses.
220 FY 2024 City of Southlake | Budget Book