Page 62 - CityofSouthlakeFY27Budget

TABLE OF CONTENTS

The corporation funding is used to supplement
the operating expenses for The Marq Southlake CEDC Fund
not recovered with facility and program fees. The Expenditure Highlights
funds also pay debt service on bonds used to Personnel
construct the facility. A portion of the funds is also
used for economic development initiatives. Item Expenditure
Pay Adjustment All Employees -
Sales tax collections for the district began in (COLA, includes Market) 3%
October 2015. A seven-member board of directors
works with the City Council to oversee the budget. Health Insurance 4% rate increase
Operations
The CEDC operating fund highlights are shown as Electricity - Rate
Budget Overview
follows: Renewal Increase $16,794
Sales Tax
Revenue highlights. $14,201,321 in total revenue Monitoring System $3,000
is anticipated for the CEDC operating fund. This
represents a projected increase of 4.9% for the CEDC Replacement Fund
CEDC operating budget.
Expenditure Highlights

Expenditure highlights. Total operating expenses Capital
for the CEDC are estimated at $6,453,459. Most
expenses are recurring related to personnel and Capital Replacement per
operational costs. New expenses are shown in the Schedule $718,951
expenditure highlights table.

Personnel. The CEDC budget includes resources needed to manage and operate both Legends Hall
and Champions Club at The Marq. This fund will cover its portion of employee pay adjustments and
the increases in benefit costs as described previously. Total personnel costs included in this budget are
$3,803,014 with no planned changes to staffing headcount.

Operations. Operating expenses for The Marq and economic development initiatives total $2,650,445.
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.

Capital. The 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 $568,053 to the General Fund is planned for the indirect charge
and $3,000,000 to the capital improvements program. We are also planning to transfer $2,449,431 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. The budget includes $718,951 for planned replacements. With the transfer in of
$1,125,000, the ending fund balance in the replacement fund will be $5,846,148.

62 FY 2027 City of Southlake | Budget Book FY 2027 City of Southlake | Budget Book 63