Page 311 - Southlake FY24 Budget

Budget Glossary
Southlake Parks Development Corporation
(SPDC) Operating Fund: The Southlake Parks
Development Corporation operating fund
was established to account for the general
operations of the non-profit corporation
established to finance, develop and operate park
and recreational facilities. The SPDC is funded
primarily through the receipt of municipal sales
taxes.
Storm Water Utility District: The Storm
Water Utility District is used to account for
the acquisition, operation and maintenance
of Southlake’s municipal storm water utility,
supported primarily by user charges to the
public.
Strategic Initiative Fund: Fund created in
2005 for the purpose of taking fund balance
reserves in excess of the City identified optimal
fund balance level and using them for one-
time expenditures of high impact projects such
as infrastructure maintenance, community
enhancement, and capital acquisition.
Supplemental Request: A budget request that is
not included in the base budget.
T and enterprise software to ensure the City
Target-based budget: A budget process
in which departments are provided with a
maximum level for their budget requests. The
budget office requires separate justification via
a Supplemental Request for adopted spending
levels that exceed the target.
Taxes: Compulsory charges levied by a
government for the purpose of financing services
performed for the common benefit. This term
does not include specific charges made against Appendix
particular persons or property for current or
permanent benefits such as special assessments,
or charges for services rendered only to those
who pay, for example, sewer service charges.
Tax Increment Reinvestment Zone #1 (TIRZ):
A citizen approved financing mechanism that
has allowed for the ongoing development of the
Southlake Town Square area.
Tax Increment Finance (TIF) Operating Fund:
The Tax Increment Finance Operating Fund was
established to account for the general operations
of the TIF, which was formed to finance and
make public improvements. The TIF is funded
primarily through the assessment of ad valorem
taxes.
Technology Infrastructure and Security Fund:
The Technology Infrastructure and Security
Fund was created in FY 2017 to build capacity
for current and future technology needs.
Expenditures in this fund are used to maintain,
enhance and replace technology infrastructure
receives the most reliable and best value with
technology investments. In order to keep up
with the increasing number and complexity
of security threats, this fund also supports
technology security projects and programs.
Transfers: Internal movements of revenue and
expenses among funds in the budget to provide
needed sources of funding for expenses incurred
on behalf of another fund.
FY 2024 City of Southlake | Budget Book 311