Page 23 - Southlake FY24 Budget

General Fund Revenue by Source
When evaluating the level of benefits General Fund
needed to be competitive within the City’s Expenditure Highlights
labor market, it would be inappropriate
to look at each individual benefit option
separately because of the unique palette Personnel
of benefits offered. A better analysis Item Expenditure
is to compare the cost of benefits as Transmittal Letter
a percentage of payroll. The City of Up to 4.5% combined Merit
Southlake strives to offer benefits near the Pay Adjustment and Market
percentage reported for state and local
government workers by the U.S. Bureau
of Labor Statistics (BLS). As noted in the
BLS report released in March 2023, the Health Insurance 6.9% rate increase
benefits percentage reported for state and
local workers is 38%. The adopted budget
reflects Southlake’s benefit costs as 30.5%
of total payroll.
Dependent healthcare $180,710 (all funds)
cost increases
The City of Southlake provides retirement
benefits through the Texas Municipal
Retirement System (TMRS). The required
contribution rate for FY 2024 is 12.72%,
effective January 1, 2024. Southlake’s HSA Contribution $20,000 increase
funded ratio was 90.6% as of December
31, 2022, and the plan has an amortization
period of 21 years. There are currently 352
active members in Southlake’s plan, with 171
retirees.

FY 2024 City of Southlake | Budget Book 23