Page 38 - Southlake FY24 Budget

approximately $4,300 in donations/interest and the $8,000 in expenditures will be for library special
projects, which are often defined by the donor. Ending fund balance is projected at $12,304.

Park Dedication Fees. This special revenue fund accounts for funds from park dedication fees on new
development. Use of park dedication fees is restricted to park
improvements and primarily used for capital expenses. No
projects are planned for funding through this budget for FY
2024.

The adopted budget reflects revenues of $120,000.

The ending fund balance is projected to be $1,697,799.

Transmittal Letter
Parks and Recreation Fund. This fund accounts for
sponsorships obtained to enhance City special events,
programs, athletic fields, and parks for which sponsorships are
granted.

The adopted budget reflects projected total revenues of
$70,800. Expenses are estimated at $87,500 leaving the fund
with a projected balance of $144,040.

Police Services Fund. This fund has been established to
account for revenue associated with asset forfeitures. For FY
2024, interest income of $1,200 is the only anticipated revenue,
but a beginning fund balance of $87,098 is available for use.
Total expenditures of $57,426 are planned to address various
Police Department needs. Ending fund balance is projected to
be $30,872.

Public Art Fund. The Public Art Fund was established to
account for funding that is available for the promotion, creation,
installation, and/or maintenance of public art throughout
Southlake. The Hotel Occupancy Tax financially supports the City’s public art program, and a Public Art
Master Plan has been adopted to guide program development.

The adopted budget shows $9,000 in interest income. The law providing for the Hotel Occupancy Tax
allows up to 15% of the revenues to be used for public art purposes. For FY 2024, a transfer of $321,825
from the HOT Fund has been adopted.

Expenditures are estimated at $77,546. The Public Art Fund provides 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
supports public art maintenance.

A transfer of $400,000 to the CIP is planned for public art. The ending fund balance is estimated at
$447,620.
Recycling Fund. The City’s contract for solid waste services provides for an annual payment of $6,000 to

38 FY 2024 City of Southlake | Budget Book