Page 64 - CityofSouthlakeFY25AdoptedBudget

interest payments for all outstanding Figure 1
bonded debt and capital leases. Also
included are some fast facts about the
City’s use of debt and how that debt is FY 2025 Budget Calendar
funded both through property tax revenue
and through dedicated, self-supporting January 2024 City Council Worksession
revenue streams such as sales tax revenues
for park development. March 2024 Staff Budget Kick-Off

Special Revenue Funds - This section May 2024 Departmental Budgets Due
provides a detailed spending plan for funds
generated from the proceeds of specific City Council Budget Preview
revenue sources that are legally restricted August 2024 City Council Work Session
Budget Basics
City Manager Files Budget
for certain purposes.
City Council Work Session
1st Reading and Public
Appendix - This section includes a list of Hearing
acronyms, a budget glossary, Southlake’s September 2024
financial policies and frequently asked City Council 2nd Reading
questions. Also included is a personnel and Public Hearing
schedule, tax rate allocation information
and the Financial Wellness component of October 1, 2024 Fiscal Year 2025 Begins
the Southlake 2030 Sustainability Plan.

Budget Process

How does the City of Southlake spend taxpayer money? It’s a simple question with a complex answer. What
follows is a high-level explanation of the City of Southlake’s budget process.

The formal budget process in Southlake begins each year with a City Council work session designed to
review the City’s strategy as it relates to the Strategic Management System (SMS) and make any changes
necessary to ensure that the strategy still aligns with City Council and citizen priorities. To read more about
the SMS, see the Strategic Direction section.

Using Council’s direction at this work session, staff begins working on their departmental work plans for the
upcoming fiscal year. The initiatives in these plans determine what budgetary requests are necessary to
meet service level needs. Once each department has finalized its own plan, and it has been approved by the
City Manager, staff prepares their departmental budget requests which are also submitted to and reviewed
by the City Manager. For more information about the City’s organizational structure, see the Strategic
Direction section of this book.

The Charter of the City of Southlake mandates that a adopted budget be filed by the City Manager with
the City Secretary’s Office no later than August 15th for the new fiscal year beginning October 1. Following
filing, the City Council begins their review leading up to budget adoption in September.

When filed with the City Secretary’s Office on August 15th, the budget presents in summary form the
revenues and expenditures from each of the City’s funds. From there it is discussed during City Council
work sessions and then formally presented by staff during public hearings at regularly scheduled City
Council meetings.

64 FY 2025 City of Southlake | Budget Book