Page 259 - Southlake FY24 Budget

Community Enhancement and Development Corporation
(CEDC) Debt Service Fund

The Community Enhancement and Development Corporation Debt Service
DID YOU Fund is used to account for the accumulation of financial resources for
CEDC - DEBT SERVICE FUND
KNOW? payment of long-term principle and interest costs for debt incurred to
DID YOU
Parks/Recreation
KNOW? construct Champions Club at The Marq Southlake. Debt Service

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2 2024 Proposed and 2023 Revised Budget
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$ Increase/ $ Increase/
2022 2023 2023 (Decrease) % Increase/ 2024 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Interest Income ($6,646) $1,050 $40,000 $38,950 3709.5% $35,000 $33,950 3233.3%
Total Revenues ($6,646) $1,050 $40,000 $38,950 3709.5% $35,000 $33,950 3233.3%
EXPENDITURES
Principal $1,475,000 1,540,000 $1,540,000 $0 0.0% $1,620,000 $80,000 5.2%
Interest 968,056 899,206 899,206 0 0.0% 822,556 (76,650) -8.5%
Admin. Expenses 5,000 8,000 8,000 0 0.0% 8,000 0 0.0%
Total Expenditures $2,448,056 $2,447,206 $2,447,206 $0 0.0% $2,450,556 $3,350 0.1%
Net Revenues ($2,454,702) ($2,446,156) ($2,407,206) $0 ($2,415,556) $3,350
Bond Proceeds $0 $0 $0 $0
Transfers In $2,451,056 $2,447,206 $2,447,206 0 $2,450,556
Total Other Sources (Uses) $2,451,056 $2,447,206 $2,447,206 $2,450,556
Beginning Fund Balance $554,614 $550,968 $550,968 $590,968
Ending Fund Balance $550,968 $552,018 $590,968 $625,968
FY 2024 Highlights
- The Community Enhancement and Development Corporation (CEDC) is responsible for paying
principal and interest on outstanding debt. For FY 2024, the CEDC Debt Service Fund will cover total
expenditures of $2,450,556 for this purpose.

FY 2024 City of Southlake | Budget Book 259