Page 36 - Southlake FY24 Budget

Tax Increment Finance
District Fund TIF District Expenditure

Highlights - Personnel
Tax Increment Reinvestment Zone (TIRZ) #1 or
the Tax Increment Finance (TIF) District was Personnel
created in 1997, with an effective beginning date
of January 1, 1998. It was designed to encourage Item Expenditure
quality commercial development in the city. Up to 4.5% combined
Pay Adjustment
Merit and Market
In 2018, TIRZ #1 was extended for an additional
twenty years. These tax dollars are restricted Health Insurance 6.9% rate increase
and may only be used for improvements or
maintenance of facilities within the TIRZ #1. The Community Enhancement
Transmittal Letter
City of Southlake and Carroll Independent School
District (CISD), are partners in the TIRZ.
Town Square public
space enhancement $300,000
The projects funded in the FY 2024 adopted projects
budget were identified in the TIRZ #1 Project
& Financing Plan, adopted by the Board of
Directors and City Council in August/September
2018.

Revenue highlights. Anticipated revenues for the TIF District Fund total $9,722,848, including interest
income. Revenue projections include estimated CISD payments based on a three-year average.

Expenditure highlights. Total expenditures for FY 2024 are adopted at $7,219,629. These expenditures
are attributable to CISD TIRZ #1 projects identified in the project and financing plan, as well as personnel
and operations costs to be undertaken by the city. Projects for FY 2024 include funding for the School
Resource Officer program at schools located in TIRZ #1, and enhancements to public infrastructure in the
Town Square environment.

Fund balance. The ending balance is projected at $11,685,670.

The establishment of TIRZ #1 and
the use of the captured revenues for
improvements in the District supports
the focus area of Infrastructure
and Development and the strategic
corporate objectives of “Maintaining
an environment of future readiness by
understanding and acting upon the
forces, trends, and coming challenges
affecting services.”

36 FY 2024 City of Southlake | Budget Book