Page 66 - CityofSouthlakeFY27Budget

TABLE OF CONTENTS

improved business continuity measures, update
and replace equipment, and other critical TIF District Fund
technology enhancements that ensure the City Expenditure Highlights
remains secure, resilient, and capable of supporting
modern service demands. One new project is Personnel
planned shown in the expenditure highlights table. Item Expenditure
Pay Adjustment All Employees -
Fund balance. The ending fund balance is (COLA, includes 3%
projected at $9,831,100, positioning the City Market)
to continue making thoughtful, well-timed Health Insurance 4% rate increase
technology investments in support of both day-
Budget Overview
to-day operations and long-range strategic goals. Community Enhancement

TAX INCREMENT FINANCE CISD Facility $1,000,000
DISTRICT FUND Improvements

Tax Increment Reinvestment Zone (TIRZ) #1 or Town Square Light $100,000
the Tax Increment Finance (TIF) District was Pole Repainting
created in 1997, with an effective beginning date Southlake
of January 1, 1998. It was designed to encourage Town Square
quality commercial development within the zone. Enhancements - $41,958
Additional Funding
Beyond Base
In 2018, TIRZ #1 was extended for an additional
twenty years. These tax dollars are restricted
and may only be used for improvements or Electricity - Rate $6,671
maintenance of facilities within the TIRZ #1. The Renewal Increase
City of Southlake and Carroll Independent School
District (CISD) are partners in the TIRZ.

The projects funded in this budget were identified
in the TIRZ #1 Project & Financing Plan which
was adopted by the Board of Directors and City
Council in August and September 2018 when the
district was reauthorized and extended.

Revenue highlights. Anticipated revenues for
the TIRZ #1 total $10,980,636, including interest
income. Revenue projections include estimated
CISD zone participation based on a three-year
average.

Expenditure highlights. Total expenditures are
adopted at $9,007,678. These expenditures are
attributable to TIRZ #1 projects identified in the
project and financing plan. Projects for FY 2027

66 FY 2027 City of Southlake | Budget Book FY 2027 City of Southlake | Budget Book 67