Page 288 - Southlake FY24 Budget

Public Art Fund

DID YOU The Public Art Fund was established to account for funding that is available
KNOW? for the promotion, creation, and/or installation of public art throughout the
DID YOU
KNOW? City of Southlake. Public Art
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$ Increase/ $ Increase/
2022 2023 2023 (Decrease) % Increase/ 2024 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Miscellaneous $50 $0 $0 $0 0.0% $0 $0 0.0%
Special Revenue Funds
Interest Income ($1,214) $2,000 $13,500 $11,500 575.0% $9,000 $7,000 350.0%
Total Revenues ($1,164) $2,000 $13,500 $11,500 $9,000 $0
EXPENDITURES
Operations $61,167 $70,143 $70,143 $0 0.0% $77,546 $7,403 10.6%
Capital $0 $0 $0 0 0.0% $0 0 0.0%
Total Expenditures $61,167 $70,143 $70,143 $0 0.0% $77,546 $7,403 10.6%
Net Revenues ($62,331) ($68,143) ($56,643) $11,500 ($68,546) ($403)
Transfers In-Hotel $240,270 256,170 309,000 52,830 321,825 $65,655
Transfers Out - (100,000) (100,000) (100,000) 0 (400,000) ($300,000)
Total Other Sources (Uses) $140,270 $156,170 $209,000 $0 ($78,175)
Beginning Fund Balance $364,045 $441,984 $441,984 $594,341
0 0 0 0
Ending Fund Balance $441,984 $530,011 $594,341 $447,620
FY 2024 Highlights
- The adopted budget shows $9,000 in interest income based on a beginning fund balance of $594,341.
- The law providing for the Hotel Occupancy Tax allows up to 15% of the revenues to be used for public
art purposes. Because this source of funding comes in the form of a transfer, it is shown “below the
line.” For FY 2024, this transfer of $321,825 is budgeted.
- For FY 2024, expenditures are estimated at $77,546. The Public Art Fund will provide the source of
support for the City’s ongoing relationship with the APEX Arts League, Arts Council – Northeast, and
the Southlake Arts Council by providing funding for various projects such as public art displays and
event support. The budget also includes a transfer of $400,000 to the CIP for implementation of the
Southlake Public Art Master Plan.

- The ending fund balance for the Public Art Fund is estimated at $447,620.

288 FY 2024 City of Southlake | Budget Book