Page 24 - CityofSouthlakeFY25AdoptedBudget

Budget Overview

The City’s budget is made up of specific funds to account for the revenue and expenditures that support
operations. Funds also account for debt incurred for capital improvements. There are funds supported
by tax revenue, while others are supported by fees that have been put into place to cover the cost of the
service. Some funds are restricted for specific purposes, while others offer more spending flexibility.

This overview is organized to first provide an analysis of the comprehensive budget, providing an overview
of revenue and expenditures across all funds along with a multi-year forecast that incorporates the impact
of FY 2025 Adopted Operating Budget and includes any anticipated changes to revenues or expenditures
within the multi-year window. Following that, each fund will be highlighted, noting key aspects for each as
well as identifying strategic investments that each fund provides.

Revenues – Total Operating Resources
Budget Overview
Total revenues or operating resources in the FY 2025 adopted budget equal $149,279,451, a $6.7 million
or 4.7% increase from FY 2024 adopted budget – see Figure 5 for a comparison of revenue by source. As
shown in Figure 5, sales tax is the largest source of total revenue received by the City and makes up about
29% of total revenues received. This is followed closely by Ad Valorem or property taxes which make up
about 23% of total revenues received by the City.

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The table on the next page provides an overview of revenue sources showing the comparison from the FY
2024 amended to the adopted estimates for FY 2025.

Ad Valorem (Property Tax) Revenues
The FY 2025 budget proposal includes a moderate increase in total ad valorem revenues ($738,075 or
2.2%). This increase in revenue is based on a taxable property value base of $11,875,502,878, a 6.4% increase
from FY 2024 taxable property value. A portion of the City’s taxable value is located with Tax Increment
Reinvestment Zone #1 and any revenues generated from growth within this zone are restricted for use in
accordance with the approved project and financing plan. For FY 2025, TIRZ taxable value is $600,347,161.

24 FY 2025 City of Southlake | Budget Book