Page 9 - CityofSouthlakeFY25AdoptedBudget

Strategic Initiative Fund ............................................................................................................................ 231
This section provides information about the Strategic Initiative Fund. This fund was created in 2005 for
the purpose of taking fund balance reserves in excess of the City identified optimal fund balance level
and using them for one-time expenditures for high-impact projects such as infrastructure maintenance,
community enhancement, technology and capital acquisition.

Facility Maintenance Fund .......................................................................................................................237
This section provides information about the Facility Maintenance Fund. The purpose of this fund is to
build capacity for future maintenance projects as we will have many needs to address as our facilities Table of Contents
age. The Strategic Initiative Fund has provided seed money for this fund, an important element of our
budget given the size and complexity of the City’s facility infrastructure.

Technology Infrastructure and Security Fund ........................................................................................ 241
This section provides information about the Technology Infrastructure & Security Fund. This fund was
created in FY 2017 to build capacity for current and future technology needs. Expenditures in this fund
are used to maintain, enhance and replace technology infrastructure and enterprise software to ensure
the City receives the most reliable and best value with technology investments.

Economic Development Investment Fund ............................................................................................. 245
The Southlake Economic Development Plan includes the following as recommendation ED15: “Maintain
ongoing, dedicated funding to achieve economic development goals by continuing investment in the
Economic Development Investment Fund.” This fund was created in 2013 for that purpose.

Utility Fund Expenditures ......................................................................................................................... 249
This section provides the Utility Fund Summary. The Utility Fund is an enterprise or business fund.
This means that the direct beneficiaries of the “business” pay for all costs through fees or rates. Water,
sewer service, and solid waste service revenues generated through our rates, as well as the expenses
for providing these services are accounted for in the Utility Fund.

Vehicle Replacement Fund ...................................................................................................................... 253
This section provides a fund summary and detailed spending plan funds which provide the resources
needed to manage the purchase of vehicles for the City’s fleet. The establishment and funding of the
vehicle replacement program was designed to even out expenses for the City’s fleet from year to year
and provide a logical method for purchasing and retiring vehicles.

Debt Service .................................................................................................................................................257
This section provides a summary of the annual principal and interest payments for all outstanding
bonded debt and capital leases. Also included are some fast facts about the City’s use of debt and how
that debt is funded both through property tax revenue and through dedicated, self-supporting revenue
streams such as sales tax revenues for park development.

Tax Supported vs. Self-Supporting Debt ...........................................................................................................................258
Debt Management ........................................................................................................................................................................260
The Relationship Between Property Taxpayers and Debt Repayment ................................................................261
General Obligation Debt Overview .......................................................................................................................................263
Debt Service Fund .........................................................................................................................................................................265
Revenue Bond Overview ........................................................................................................................................................... 266
Southlake Parks Development Corporation ..................................................................................................................... 269

FY 2024 City of Southlake | Budget Book 9