Page 47 - CityofSouthlakeFY25AdoptedBudget

Operations: Operating expenses for The Marq and economic development initiatives are adopted for FY
2025 at $2,891,268. Costs include standard expenses like utilities, supplies, marketing and promotional
materials. Funds are also included to support expanded marketing efforts to enhance the City’s economic
development and business recruitment efforts.
Budget Overview
Capital: The adopted budget shows no capital expenses in the operating budget. The CEDC Replacement
Fund will provide dollars for capital purchases as recommended in the adopted replacement plan.

Indirect charge/transfers: A transfer of $533,572 to the General Fund is planned for the indirect charge.
We are also planning to transfer $2,445,031 to the CEDC Debt Service Fund and $1,125,000 for capital
replacement needs.

The CEDC Replacement Fund has been established to ensure that Champions Club and Legends Hall are
maintained properly. In FY 2025, the budget includes $743,496 for planned replacements. With the transfer
in of $1,125,000, the ending fund balance in the replacement fund will be $4,780,385.

Fund balance. The FY 2025 ending fund balance for the CEDC operating fund is projected at $22,156,066,
a 19.2% increase. The CEDC Board of Directors approved the budget on July 23, 2024.

The CEDC debt service fund covers principal, interest, and administrative costs for bonds for the construction
of Champions Club. Total debt service expenditures for FY 2025 are $2,445,031. The ending fund balance
for this fund is projected to be $685,770.

DID YOU
KNOW?

Champions Club at The Marq Southlake
opened in the spring of 2019. Current
memberships exceed the cost recovery
performance goals.

FY 2025 City of Southlake | Budget Book 47