Page 7 - Southlake FY24 Budget

TABLE OF CONTENTS

Transmittal Letter .......................................................................................................................................... 11
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. Table of Contents

Budget Goals ...................................................................................................................................................................................... 12
Service Delivery Excellence ......................................................................................................................................................... 18
Financial Information and Fund Summaries ........................................................................................................................ 18
General Fund ....................................................................................................................................................................................... 18
Debt Service Fund ........................................................................................................................................................................... 25
Utility Fund .......................................................................................................................................................................................... 25
Vehicle Replacement Fund ......................................................................................................................................................... 27
Southlake Parks Development Corporation Fund ........................................................................................................... 28
Crime Control and Prevention District Fund ......................................................................................................................30
Community Enhancement and Development Corporation .......................................................................................... 31
Economic Development Investment Fund .......................................................................................................................... 33
Facility Maintenance Fund ...........................................................................................................................................................34
Technology Infrastructure and Security Fund ................................................................................................................... 35
Tax Increment Finance District Fund .....................................................................................................................................36
Special Revenue Funds ................................................................................................................................................................. 37
Strategic Initiative Fund ................................................................................................................................................................. 41
Capital Improvement Program ..................................................................................................................................................43
Summary ..............................................................................................................................................................................................45

Budget Overview ...........................................................................................................................................47
This section attempts to help explain the meaning behind the numbers which are 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.

City Profile ..................................................................................................................................................... 71
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 portion of this data is featured in the
charts located in this section of the budget document. These charts offer a quick, effective visual of
the City’s financial condition. A list of Council members, an organizational chart, location and a history
of the City is also provided.

Financial Trend Monitoring System Overview .................................................................................................................... 81
Financial Trend Monitoring System: Environmental Factors ......................................................................................85
Financial Trend Monitoring System: Financial Indicators .............................................................................................99
Benchmark City Trend Data ........................................................................................................................................................115

FY 2024 City of Southlake | Budget Book 7