Page 275 - Southlake FY24 Budget

Southlake Parks Development Corporation (SPDC) Fund

The Southlake Parks Development Corporation, a citizen-approved,
development corporation established to develop and operate park and
recreational facilities, uses a half-cent sales tax for all uses permitted by State
DID YOU law. The operating fund is used to finance, develop and operate park and
KNOW? recreation facilities, while the debt service fund is used to account for the
DID YOU
KNOW? accumulation of financial resources for payment of long-term principle and
SPDC - OPERATING FUND
interest costs for SPDC improvements. The uses of this fund are restricted to Special Revenue Funds
Parks/Recreation
those allowed by law and approved by the Board of Directors.
2024 Proposed and 2023 Revised Budget

$ Increase/ $ Increase/
2022 2023 2023 (Decrease) % Increase/ 2024 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Sales Tax $10,610,993 $9,898,000 $9,898,000 $0 0.0% $9,898,000 $0 0.0%
Rental Income 140,532 153,824 153,824 0 0.0% 153,824 0 0.0%
Interest (19,193) 4,200 163,000 158,800 3781.0% 152,000 147,800 3519.0%
Total Revenues $10,732,332 $10,056,024 $10,214,824 $158,800 1.6% $10,203,824 $147,800 1.5%

EXPENDITURES
Personnel $299,035 $262,726 $296,526 $33,800 12.9% $629,827 $367,101 139.7%
Operations $1,358,760 $1,428,425 $1,413,300 (15,125) -1.1% $1,727,570 299,145 20.9%
Capital $62,404 $228,200 $316,944 88,744 38.9% $472,500 244,300 107.1%
Total Expenditures $1,720,199 $1,919,351 $2,026,770 $107,419 5.6% $2,829,897 $910,546 47.4%
Net Revenues $9,012,133 $8,136,673 $8,188,054 $51,381 $7,373,927 ($762,746)

Transfers Out (7,195,113) (9,686,624) (9,692,976) $6,352 (8,690,729) (995,895)
Proceeds from C.O. Sale 0 0 0 0
Total Other Sources (Uses) ($7,195,113) ($9,686,624) ($9,692,976) ($8,690,729)

Beginning Fund Balance $12,199,419 $14,016,439 $14,016,439 $12,511,517
Ending Fund Balance $14,016,439 $12,466,488 $12,511,517 $11,194,715

FY 2024 Highlights

- The SPDC Operating Fund is projected to receive $9,898,000 in sales tax revenue, $153,824 in rental
income, and $152,000 in interest earnings for total projected FY 2024 revenue of $10,203,824.

- Total expenditures for the Operating Fund are $2,829,897. This is a 47.4% increase from the FY 2023
Adopted Budget.

- The adopted FY 2024 Budget includes $472,500 for capital expenses and $629,827 for personnel.
SPDC park maintenance costs represent about 38% of the current total park maintenance costs. The
plan to fund certain maintenance costs in SPDC is balanced with master plan implementation, capital
costs, and fund balance needs.

- The ending fund balance for the SPDC Operating Fund will be $11,194,715.

FY 2024 City of Southlake | Budget Book 275