Page 31 - Southlake FY24 Budget

Community
Enhancement and CEDC Expenditure Highlights
Development Corporation
Personnel
In May 2015, Southlake voters overwhelmingly Item Expenditure
approved the reallocation of a portion of the
CCPD half-cent sales tax for the purpose of Up to 4.5% combined
constructing and operating a recreation center Pay Adjustment Merit and Market Transmittal Letter
through the Community Enhancement and
Development Corporation (CEDC). The CCPD
half-cent sales tax was reduced to a one-eighth
cent tax and the remaining three-eighths Health Insurance 6.9% rate increase
was reallocated to address recreational and
economic development needs for the city, as
Transfer
permitted by State law, through the CEDC.

The corporation funding is used to supplement Transfer to CEDC
the operating expenses for The Marq Southlake Replacement Fund $1,125,000
not recovered with facility and program fees.
The funds also pay debt service on bonds
used to construct the facility. A portion of the
funds is also used for economic development CEDC Equipment Replacement
initiatives. Fund Expenditure Highlights

Capital
Sales tax collections for the district began
in October 2015. A seven-member board of Item Expenditure
directors works with the City Council to oversee
the budget. Capital Replacement $1,408,209
per Schedule
The CEDC operating fund highlights are shown
as follows:

Revenue highlights. For FY 2024, $12,234,788
in total revenue is anticipated for the CEDC
operating fund. This represents a projected
increase of 7.8% for the CEDC operating budget.

Expenditure highlights. Total operating
expenses for the CEDC are estimated at
$5,820,052. Transfers for the indirect charge,
CEDC Replacement Fund and debt service
total $4,305,948. The ending fund balance is
projected at $16,655,997. The CEDC Board of
Directors approved the budget on July 31, 2023.

FY 2024 City of Southlake | Budget Book 31