Page 50 - Southlake FY24 Budget

Budget 101

A former world leader once said, “It’s clearly a budget. It has a lot of
numbers in it.” And while that’s a true statement about this budget
document, it should be noted that each of these numbers has purpose
and meaning behind it. The annual budget serves as a policy document,
a financial plan, an operations guide, and a communications device for
the City. It is the foundation for the City’s allocation of resources toward
high quality service delivery plans, targeted investments, and continued
improvements. It also encapsulates incremental changes addressing
service requirements and builds upon initiatives funded in prior years, ADOPTED
while establishing new direction for programs. BUDGET
FY 2024
This section explains the meaning behind the numbers which are
Budget Overview
presented in subsequent chapters. It gives perspective to the City’s
budgeting process, basis of budgeting and accounting, how the budget
is amended, and the fund accounting system. All of these components,
combined with the City’s Strategic Management System make up the primary foundation for every City of
Southlake budget document.

Budget Sections

The Budget Document is arranged in 17 sections that are separated by their respective tabs. Below is a
brief description of the materials found in each of the sections.

Transmittal Letter - The Transmittal Letter is written to the City Council by the City Manager and provides
a high-level preview of the City Manager’s adopted budget. It contains information including the adopted
tax rate and adopted fund summaries as well as overviews of the departmental plans. The letter helps
tie together the core elements which make up the adopted budget and illustrates how those elements
further the City’s goals found within the Strategic Management System.

Budget Overview - This section helps explain the meaning behind the numbers presented in subsequent
chapters. It gives perspective to the City’s budgeting process, basis of budgeting, fund accounting
system, and an explanation of factors included in budget development.

City Profile - This section of the budget document offers a quick, effective visual of the City’s financial
condition. We believe the ability to monitor and evaluate the financial condition of a local government
is critical to that government’s successful, prosperous future. Recognizing that trends can provide early
warning signals, staff regularly monitors numerous financial indicators. A list of Council members, an
organizational chart, location and a history of the City is also provided in the City Profile.

Strategic Direction - This section provides information about the City’s Strategic Management System
(SMS). Several years ago the City proposed the SMS, which drives the way the City conducts its business.
The department directors contribute to the SMS by developing a department business plan and aligning
their yearly budget proposals to that plan.

City Department Overview - This section provides an overview of the various departments and divisions
of the City via department highlights, strategy maps, scorecards and goals. This section is intended to
give the reader an understanding of the core services each department provides as well as performance
data related to those services.

50 FY 2024 City of Southlake | Budget Book