Page 51 - Southlake FY24 Budget

Fund Summaries - This section provides an analysis of each separate fund including revenues,
expenditures and fund balance. For comparative purposes, the immediately preceding fiscal year’s
audited figures are illustrated, as well as current year budget, revised current year and proposed budget
for the impending fiscal year.

General Fund Expenditures - This section provides the General Fund Summary. The General Fund is the
City’s principal operating fund which is supported by taxes, fees, and other revenues that may be used
for any lawful purpose. This fund accounts for all activity not specifically accounted for in other funds and
includes funding for operations such as police, fire, engineering, planning, finance and administration. Budget Overview

Strategic Initiative Fund - This section provides information about the Strategic Initiative Fund. This
fund was created in 2005 for the purpose of taking General Fund balance reserves in excess of the City
identified optimal fund balance level and using them for one-time expenditures for high-impact projects
such as infrastructure maintenance, community enhancement, technology and capital acquisition.

Facility Maintenance Fund - This section provides information about the Facility Maintenance Fund.
The purpose of this fund is to build capacity for annual or future maintenance projects as we will have
many needs to address as our facilities age. The Strategic Initiative Fund has provided regular transfers
for this fund, an important element of our budget given the size and complexity of the City’s facility
infrastructure.

Technology Infrastructure & Security Fund - This section provides information about the Technology
Infrastructure & Security Fund. This fund was created in 2017 to build capacity for current and future
technology needs. Expenditures in this fund are used to maintain, enhance and replace technology
infrastructure and enterprise software to ensure the City receives the most reliable and best value with
technology investments.

Economic Development and Investment Fund - The Southlake Economic Development Strategic Plan
includes the following as recommendation ED15: “Maintain ongoing, dedicated funding to achieve
economic development goals by continuing investment in the Economic Development Investment Fund.”
This fund was created in 2013 for that purpose.

Utility Fund - This section provides the Utility Fund Summary. The Utility Fund is an enterprise or
business fund. This means that the direct beneficiaries of the “business” pay for all costs through fees or
rates. Water, sewer service, and solid waste service revenues generated through our rates, as well as the
expenses for providing these services are accounted for in the Utility Fund.

Vehicle Replacement Fund - This section provides a fund summary and detailed spending plan for funds
to manage the purchase of vehicles for the City’s fleet. The establishment and funding of the vehicle
replacement program was designed to even out expenses for the City’s fleet from year to year and
provide a logical method for purchasing and retiring vehicles.

Debt Service Funds & Debt Schedules - This section provides a summary of the annual principal and
interest payments for all outstanding bonded debt and capital leases. Also included are some fast facts
about the City’s use of debt and how that debt is funded both through property tax revenue and through
dedicated, self-supporting revenue streams such as sales tax revenues for park development.

FY 2024 City of Southlake | Budget Book 51