Page 231 - Southlake FY24 Budget

Economic Development Investment Fund

The Southlake Economic Development Strategic Plan includes the following
DID YOU as recommendation ED15: “Maintain ongoing, dedicated funding to achieve
GENERAL FUND
KNOW? economic development goals by continuing investment in the Economic
DID YOU
KNOW? Development Investment Fund.” This fund was created in 2013 for that purpose.
Economic Investment Fund
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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
REVENUES
Interest (8,692) 2,500 75,000 72,500 2900.0% 65,000 62,500 2500.0%
Total Revenues ($8,692) $2,500 $75,000 $72,500 0.0% $65,000 $62,500 2500.0% Economic Development Investment Fund
EXPENDITURES
Operations $60,950 $0 $0 $0 0.0% $0 0 0.0%
Capital 0 0 0 0 0.0% 0 0 0.0%
Total Expenditures $60,950 $0 $0 $0 0.0% $0 $0 0.0%
Net Revenues ($69,642) $2,500 $75,000 $72,500 $65,000 $62,500
Transfer from other funds $150,000 $150,000 $150,000 $150,000
Transfer to other funds ($0) ($0) ($0) ($0)
Total Other Sources/(Uses) $150,000 $150,000 $150,000 $150,000
Beginning Fund Balance $2,870,637 $2,950,995 $2,950,995 $3,175,995
Ending Fund Balance $2,950,995 $3,103,495 $3,175,995 $3,390,995

FY 2024 Highlights
- The City’s Southlake Economic Development Master Plan included a recommendation to continue
building a economic development investment fund. We will continue to implement this recommendation
for FY 2024.
- $150,000 will be transfered to this fund, as we work to build a balance for future use.

- No expenditures from this fund is budgeted for FY 2024.

- The ending fund balance will be $3,390,995.

FY 2024 City of Southlake | Budget Book 231