Page 51 - CityofSouthlakeFY25AdoptedBudget

Tax Increment Finance TIF District Fund

District Fund Expenditure Highlights
Tax Increment Reinvestment Zone (TIRZ) #1 or the Personnel
Tax Increment Finance (TIF) District was created in Item Expenditure
1997, with an effective beginning date of January
1, 1998. It was designed to encourage quality Pay Adjustment 4.5% Market –
– Maintain
commercial development in the city. Compensation Public Safety (SRO)
Market Position Budget Overview
In 2018, TIRZ #1 was extended for an additional
twenty years. These tax dollars are restricted and Health Insurance 6.9% rate increase
may only be used for improvements or maintenance
of facilities within the TIRZ #1. The City of Southlake Community Enhancement
and Carroll Independent School District (CISD) are
partners in the TIRZ. Streets Infrastructure
and other General
Infrastructure $319,402
The projects funded in the FY 2025 adopted and Accessory
budget were identified in the TIRZ #1 Project & Maintenance
Financing Plan, adopted by the Board of Directors East Grand
and City Council in August/September 2018. Avenue Sidewalk $124,598
Replacement

Revenue highlights. Anticipated revenues for Family Park Electrical $16,500
Relocation
the TIRZ #1 total $9,905,358, including interest
Town Square
income. Revenue projections include estimated Landscape Upgrades $156,000
CISD payments based on a three-year average.
Town Square
Trash Receptacle
Expenditure highlights. Total expenditures for FY Replacement and $60,000
2025 are adopted at $8,148,391. These expenditures Powder Coating
are attributable to CISD TIRZ #1 projects identified Maintenance
in the project and financing plan, as well as Town Square Street $60,000
personnel and operations costs to be undertaken Sweeping Services
by the city. Projects for FY 2025 include funding Town Square Park $46,000
for the School Resource Officer program at schools Maintenance
located in TIRZ #1, and enhancements to public
infrastructure in the Town Square environment.

Fund balance. The ending balance is projected at
$13,061,513.

The establishment of TIRZ #1 and
the use of the captured revenues for
improvements in the District supports
the focus area of Infrastructure
and Development and the strategic
corporate objectives of “Maintaining
an environment of future readiness by
understanding and acting upon the
forces, trends, and coming challenges
affecting services.”

FY 2025 City of Southlake | Budget Book 51