Page 52 - Southlake FY24 Budget

Special Revenue Funds - This section Figure 1
provides a detailed spending plan for
funds generated from the proceeds of
specific revenue sources that are legally FY 2024 Budget Calendar
restricted for certain purposes.
March 2023 City Council - Strategy
Work Session
Capital Improvements Program - A
Capital Improvements Program is for the March 2023 Staff Budget Kick-Off
purchase, construction or replacement
of the physical assets of the City. This May 2023 Departmental Budgets Due
section includes the capital budget
timeframe and the available cash funding City Council Budget Preview
sources for the FY 2024 CIP. August 2023 City Council Work Session
City Manager Files Budget
Budget Overview
Appendix - This section includes a list of City Council Work Session
acronyms, a budget glossary, Southlake’s 1st Reading and Public
Hearing
financial policies and frequently asked September 2023
questions. Also included is a personnel City Council 2nd Reading
schedule, tax rate allocation information and Public Hearing
and the Financial Wellness component of
the Southlake 2030 Sustainability Plan. October 1, 2023 Fiscal Year 2024 Begins

Budget Process

How does the City of Southlake spend
taxpayer money? It’s a simple question with a complex answer. What follows is a high-level explanation
of the City of Southlake’s budget process.

The formal budget process in Southlake begins each year with a City Council work session designed
to review the City’s strategy as it relates to the Strategic Management System (SMS) and make any
changes necessary to ensure that the strategy still aligns with City Council and citizen priorities. To read
more about the SMS, see the Strategic Direction section.

Using Council’s direction at this work session, staff begins working on their departmental work plans
for the upcoming fiscal year. The initiatives in these plans determine what budgetary requests are
necessary to meet service level needs. Once each department has finalized its own plan, and it has
been approved by the City Manager, staff prepares their departmental budget requests which are also
submitted to and reviewed by the City Manager. For more information about the City’s organizational
structure, see the Strategic Direction section of this book.

The Charter of the City of Southlake mandates that a proposed budget be filed by the City Manager
with the City Secretary’s Office no later than August 15th for the new fiscal year beginning October 1.
Following filing, the City Council begins their review leading up to budget adoption in September.

When filed with the City Secretary’s Office on August 15th, the budget presents in summary form the
revenues and expenditures from each of the City’s funds. From there it is discussed during City Council
work sessions and then formally presented by staff during public hearings at regularly scheduled City
Council meetings.

52 FY 2024 City of Southlake | Budget Book