Page 274 - Southlake FY24 Budget

Southlake Parks Development Corporation (SPDC) Fund

In the mid-1990s, the City Council called for a special election to petition the voters of Southlake to
approve the adoption of a half cent sales tax for the benefit of the Southlake Parks Development
Corporation (SPDC). The SPDC has allowed the City to accelerate the development of the City’s park
system, as defined by the park master plan. It is a critical funding source for the ongoing improvement of
the City’s quality of life through parks and open space.

The SPDC is a Type B corporation that can expend funds for a wide variety of projects. Type B projects
consist of land, buildings, equipment, facilities or expenditures for industrial or commercial ventures that
create primary jobs; funding or constructing infrastructure for commercial areas; and projects related to
recreation and community facilities.

Tax revenues may also be used to fund administrative and other expenses that place the project
into operation. The expenses may include administrative expenses for the acquisition, construction,
improvement, expansion and financing.
Special Revenue Funds
Fund Utilization
Known as Southlake Parks, Recreation, Open Space and Community Facilities Master Plan, the City of
Southlake uses a comprehensive plan that includes major elements to guide and prioritize Southlake’s
growth and development. This plan guides both elected and appointed officials in selection and
prioritization of projects. It also helps with forecasting planned funding for the following four budget
years.

Funding for SPDC projects since 1993 totals more than $80 million, allowing developed park acreage to
almost double since 2008. This includes investments for land acquisition and development of: Bicentennial
Park ($41.4 million), Bob Jones Park ($15.9 million), North Park ($8.8 million), neighborhood parks
throughout Southlake ($4.2 million), and Southlake Sports Complex ($2.7 million). See the chart below for
SPDC project funding since 1993.

When the City Council adopted the Southlake Parks, Recreation, Open Space and Community Facilities
Master Plan, the plan showed an 85% increase in total park acreage over that identified in the 2025 plan.
This growth has prompted the City Council to work with the SPDC Board of Directors and Parks and
Recreation Board to transition certain park operating costs out of the General Fund and into the SPDC
operating fund. While the SPDC budget can and should
TRAILS JOINT USE THE MARQ
be used to support operational costs associated with the SENIOR CENTER 1% 3% 1% OTHER Figure 4
0% 0%
improvements funded, these funds may not be used to NORTH PARK
support the general operations of the City. 11%
BJNC
1%
SPORTS COMPLEX
4%
BICENTENNIAL
53%
NEIGHBORHOOD
5%

BOB JONES
20%

SPDC Project Funding since 1993

274 FY 2024 City of Southlake | Budget Book