Page 32 - Southlake FY24 Budget

Highlights of planned expenditures for the CEDC operating fund are shown below:

Personnel: The CEDC budget includes resources needed to manage and operate both Legends Hall
and Champions Club at The Marq. This fund will cover its portion of employee pay adjustments and the
increases in benefit costs as described in the General Fund portion of this letter. Total personnel costs for
FY 2024 are $3,299,698. No new personnel are requested for FY 2024.

Operations: Operating expenses for The Marq and economic development initiatives are adopted for FY
2024 at $2,520,354. Costs include standard expenses like utilities, supplies, marketing and promotional
materials.

Capital: The adopted budget shows no capital expenses in the operating budget. The CEDC Replacement
Transmittal Letter
Fund will provide dollars for capital purchases as recommended in the adopted replacement plan.

Indirect charge/transfers: A transfer of $489,392 to the General Fund is planned for the indirect charge.
We are also planning to transfer $2,450,556 to the CEDC Debt Service Fund and $1,125,000 for capital
replacement needs. $241,000 will be transferred to the CIP.

The CEDC Replacement Fund has been established to ensure that Champions Club and Legends Hall
is maintained properly. In FY 2024, the budget includes $1,408,309 for planned replacements. With the
transfer in of $1,125,000, the ending fund balance will be $3,777,894.

Fund balance. The FY 2024 ending fund balance for the CEDC operating fund is projected at $16,655,997.

The CEDC debt service fund covers principal, interest, and administrative costs for bonds for the
construction of Champions Club. Total debt service expenditures for FY 2024 are $2,450,556. The ending
fund balance for this fund is projected to be $625,968.

DID YOU
KNOW?

Champions Club at The Marq Southlake
opened in the spring of 2019. Current
memberships exceed the four-year
performance goal established.

32 FY 2024 City of Southlake | Budget Book