Page 291 - CityofSouthlakeFY25AdoptedBudget

Southlake Parks Development Corporation (SPDC) Fund

The Southlake Parks Development Corporation, a citizen-approved,
development corporation established to develop and operate park and
recreational facilities, uses a half-cent sales tax for all uses permitted by State
DID YOU law. The operating fund is used to finance, develop and operate park and
KNOW? recreation facilities, while the debt service fund is used to account for the
DID YOU
KNOW? accumulation of financial resources for payment of long-term principle and
SPDC - OPERATING FUND
interest costs for SPDC improvements. The uses of this fund are restricted to Special Revenue Funds
Parks/Recreation
those allowed by law and approved by the Board of Directors.
2025 Proposed and 2024 Revised Budget

$ Increase/ $ Increase/
2023 2024 2024 (Decrease) % Increase/ 2025 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Sales Tax $11,426,173 $9,898,000 $10,747,650 $849,650 8.6% $10,962,603 $1,064,603 10.8%
Rental Income 116,436 153,824 153,824 0 0.0% 153,824 0 0.0%
Charges for Service 0 0 84,000 84,000 839999900.0% 135,045 135,045 1350449900.0%
Interest 306,621 152,000 420,000 268,000 176.3% 420,000 268,000 176.3%
Total Revenues $11,849,230 $10,203,824 $11,405,474 $1,201,650 11.8% $11,671,472 $1,467,648 14.4%
EXPENDITURES
Personnel $276,393 $629,827 $624,931 ($4,896) -0.8% $646,846 $17,019 2.7%
Operations $1,355,669 $1,727,570 $1,727,570 0 0.0% $1,890,676 163,106 9.4%
Capital $291,744 $472,500 $472,500 0 0.0% $1,082,000 609,500 129.0%
Total Expenditures $1,923,806 $2,829,897 $2,825,001 ($4,896) -0.2% $3,619,522 $789,625 27.9%

Net Revenues $9,925,424 $7,373,927 $8,580,473 $1,206,546 $8,051,950 $678,023

Transfers Out (9,692,976) (8,690,729) (8,738,795) $48,066 (9,072,648) 381,919
Proceeds from C.O. Sale 0 0 0 0
Total Other Sources (Uses) ($9,692,976) ($8,690,729) ($8,738,795) ($9,072,648)

Beginning Fund Balance $14,016,439 $14,248,887 $14,248,887 $14,090,565
Ending Fund Balance $14,248,887 $12,932,085 $14,090,565 $13,069,866

FY 2025 Highlights

- The SPDC operating fund is projected to receive $11,671,472 in total revenue, with sales tax budgeted at
$10,962,603 of that total, a projected 10.8% increase over the FY 2024 adopted budget. The remainder
includes rental income ($153,824), charge for service ($135,045) and interest ($420,000). Total budgeted
revenue represents a projected 14.4% increase over the FY 2024 adopted budget.

- Total expenditures for the operating fund are $3,619,522. This is a 27.9% increase from the FY 2024 adopted
budget, primarily reflecting a budgeted increase in capital costs related to the camera replacement
program.

- The adopted FY 2025 budget includes $1,890,676 for operations, $1,082,000 for capital expenses and
$646,846 for personnel. SPDC park maintenance expenditures represent about 50% of the current
total park maintenance costs. The plan to fund certain maintenance costs in SPDC is balanced with
comprehensive plan implementation, capital costs, and fund balance needs.
- The ending fund balance for the SPDC Operating Fund will be $13,069,866.

FY 2025 City of Southlake | Budget Book 291