Page 62 - Southlake FY24 Budget

Overview Figure 4

Building a budget requires careful consideration of a number
of environmental factors to ensure that it is structurally Financial Principles
balanced. This section describes the key factors, growth
assumptions, and priorities that are evaluated when
developing the annual budget. Tax Relief

Cash Funding of Projects
City Council Policy Direction
City Council holds two strategic planning sessions with staff Managed Growth
annually to discuss policy direction and strategic priorities.
For FY 2024, the City Council prioritized financial principles Structural Balance
for this budget as shown in Figure 4. These financial Optimum Fund Balance
principles serve as a guide to staff during the development of Employer of Choice
Budget Overview
the budget. A discussion of how these financial principles are
implemented in this budget can be found in the Transmittal Multiyear Sustainability
Letter.

Economic and fiscal wellness is a balance between today’s
financial position and the financial needs of tomorrow. It is maintaining control over current reserves,
debt and expenditures to ensure the City is able to meet the financial requirements of the future. In
addition to the annual feedback from City Council, the City’s budget and policy direction is guided by
adopted Southlake Comprehensive Plans. These City Council adopted long-term plans are linked to new
requests for the annual operating budget and the Capital Improvements Program. More information
about these plans and how they impact operations can be found in the Strategic Direction section or at
www.CityofSouthlake.com/ComprehensivePlanning.

It is also important to note that in 2015, the City Council adopted the Southlake Sustainability Plan,
which works to protect and enhance the quality of life for present and future generations in Southlake
through both environmental and financial sustainability. The priorities identified in this plan provide
a map for the long term economic and fiscal wellness of the city. The plan recommendations can be
found below in Figure 5. The full Economic/Fiscal Wellness section of the plan, which includes plan
recommendations and financial modeling can be found in the Appendix.

Figure 5

Economic / Fiscal Wellness Priorities identified
in the Southlake Sustainability Plan

EFW1: Apply sound financial
policies to the City’s budget by EFW3: Fund and adopt
maintaining structural balance, EFW2: Apply debt annual City operating budget,
strong reserves, conservative management strategies to the
budgeting, effective economic City’s budgeting capital projects and equipment
analysis and understanding the through sound financial policies
true cost of doing business

62 FY 2024 City of Southlake | Budget Book