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FY14 Annual Report FINALFiscal Year 2014 Annual Development Report IntegrIty • InnovatIon • accountabIlIty • commItment to excellence • teamwork City of Southlake City Overview 2 city of Southlake council members Mayor John Terrell Mayor Pro Tem / Laura K. Hill Councilmember Place 5 Deputy Mayor Pro Tem / Brandon Bledsoe Councilmember Place 3 Councilmember Place 1 Shahid Shafi Councilmember Place 2 Carolyn Morris Councilmember Place 4 Randy Williamson Councilmember Place 6 Gary Fawks city of Southlake Staff City Manager Shana K. Yelverton Assistant City Manager Benjamin E. Thatcher Assistant City Manager Alison D. Ortowski Chief Financial Officer Sharen Jackson Sr. Director of Planning and Development Services Kenneth M. Baker Director of Economic Development and Tourism Shannon Hamons table of contents Introduction..........................................................................4 The introduction explains the purpose of the annual report document, highlighting its contents. City Overview................................ .........................................5 This section provides a brief informational overview of the City of Southlake. Introduction 5 IntegrIty • InnovatIon • accountabIlIty • commItment to excellence • teamwork 5 City Overview City Overview 6 The • Websites: City of Southlake, Texas --CityofSouthlake.com --MySouthlakeNews.com --VisitSouthlakeTexas.com • 22.5 square miles • Located in the heart of the DFW Metroplex • Centrally located between DFW International Airport (5 miles east) and Fort Worth Alliance Airport (8 Demographics • miles 2014 population west) projection of 27,425 • Projected build-out of 34,188 • Population by age: --Under 10 years 14% --20-64 years 58% --65 years and older 7% • 2013 average people per household of 3.22 • 2013 median household income of $174,179 • 68% of residents 25 years and older have a bachelor’s Financial degree Status or higher • City Bond Ratings --“AAA” from Standard and Poor’s --“AAA” from Fitch IBCA • 8.25% total sales tax rate - includes 0.5% for parks and 0.5% for crime control district Transportation • Major highways are SH 114, FM 1938, and FM 1709 • SH 114 connects to I-35W and I-35E • Airports: DFW International - DFWAirport.com --Fourth busiest passenger airport in the world, over 60M passengers in 2013 --Generates $31.6B annually for North Texas economy --Every major city in the continental United States can be accessed within four hours --Home to American Airlines hub Fort Worth Alliance Airport - AllianceAirport.com --The nation’s first industrial airport --Provides over 37,000 area jobs --Part of an 18,000-acre mixed-use, master planned development --Houses more than 365 companies *The count for SH 114 represents totals taken from the East and West entrance and exit ramps of SH 114 to Kimball and East and West frontage roads from SH 114 to Kimball. This count was conducted FY 2014. **The count for Southlake Blvd. represents the segment of 1709 between White Chapel and Shady Oaks. This count was last taken Selected SH 114* - Annual 166,865 Traffic Counts FY 2013. Southlake Blvd.** - 54,379 FY2013 14% of Southlake Residents Under 10 Years of Age 7 City SouthlaOkeverview Public Library • Books, eBooks, Magazines and eMagazines, DVDs Books on CD and online research databases • Special programs throughout the year for all ages • Meeting & study rooms, interlibrary loan, computer stations and internet access • Recreation Southlake resident library cards are free • Parks and Lakes www.SouthlakeParksandRec.com • Over 628 acres of park land, with access to an additional 577 acres of natural open space owned by the US Army Corps of Engineers • 11 community parks and 14 neighborhood parks • Five lakes within 30 minutes of Southlake • Convenient access to many cultural and entertainment facilities and activities • Bob Jones Nature Center and Preserve www.BJNC.org • Nineteen court Southlake Tennis Center • Southlake Senior Activities Center • Annual special events include: Art in the Square, Easter in the Park, Summer Kick-Off, Stars and Stripes, Oktoberfest, Home for the Holidays - Tree Lighting at Town Square and Masterworks Concerts • Variety of championship youth sport leagues including baseball, softball, swimming, tennis, soccer, lacrosse and football, as well as recreational classes for all ages Utilities • Water & Sewer • City of Southlake (817) 748-8082 - CityofSouthlake.com • Electricity • Power to Choose (866) 797-4839 - PowertoChoose.org • Natural Gas • Atmos Energy (888) 286-6700 - atmosenergy.com • Telephone • Verizon - (800) 837-4966 - Verizon.com • SBC / AT&T - (800) 288-2020 - ATT.com • Cable / Satellite • Charter Communications (888) 438-2427 - Charter.com • Verizon FiOs (800) 837-4966 - Verizon.com • Dish Network (888) 825-2557 - DishNetwork.com • DirecTV (877) 916-5137 - directv.com • Solid Waste and Recycling • Republic Services (817) 317-2424 - RepublicServices.com 628 Acres of Park Land within Southlake 577 Additional Acres of US Army Corps of Engineer Land within Southlake City Overview 8 Quality • Carroll Schools ISD - 5A (in order (78%) of land area served) K-12 Attendance: 7,800 99% Graduation Rate (817) 949-7080 - SouthlakeCarroll.edu • Northwest ISD* - 5A (10%) K-12 Attendance: 17,752 93% Graduation Rate (817) 215-0000 - NISDTX.org • Keller ISD* - 5A (7%) K-12 Attendance: 33,000 94% Graduation Rate (817) 744-1000 - KellerISD.net *Freeport exemption offered • Grapevine - Colleyville ISD* - 5A (5%) K-12 Attendance: 13,366 95% Graduation Rate (817) 251-5200 - GCISD-k12.org • Four Montessori schools (private) • 20 Universities within 40 miles • University of North Texas • University of Texas at Arlington • University of Texas at Dallas • Southern Methodist University • Texas Christian University • Texas Women’s University • Children’s Medical Center Southlake Specialty Care Center Childrens.com Outpatient Pediatric Center; 42 Providers • Cook Children’s Urgent Care and Pediatric Specialties CookChildrens.org 30 Exam Rooms; Mix of Providers • Forest Park Medical Center Southlake ForestParkSouthlake.com 54 Private Rooms; 10 Family Suites; 6 ICU Beds; 150 Medical Staff • Texas Health Harris Methodist Southlake TexasHealthSouthlake.com 16 Overnight Suites; 320 Medical Staff • Baylor Medical Center - Grapevine BaylorHealth.com Health Care / Hospitals 256 Beds; 800 Medical Staff 78% Of Southlake Served by the Carroll Independent School District 9 IntegrIty • InnovatIon • accountabIlIty • commItment to excellence • teamwork 9 Economic Overview Economic Overview 10 Top • Sabre 10 Employers Holdings - 3,000 Employees • Carroll ISD - 1,123 Employees • Verizon Wireless - 637 Employees • Gateway Church - 570 Employees • Keller Williams - 487 Employees • Central Market - 360 Employees • City of Southlake - 337 Employees • Hilton Southlake - 245 Employees • Costco - 200 Employees • Top • Forest Verizon Non-Residential Park Wireless Medical Taxpayers - 200 Employees • Town Square Ventures LP • Southlake Town Square Grand Avenue LP • Wyndham Properties, LTD • Southlake • Sabre Total Headquarters existing Office office and LLC Retail space: 3,Overview* 035,880 sq. Feet • Office space vacancy rate: 18.5% --One property = 381,377 sq. feet • Total retail space: 3,542,965 sq. feet • DFW • Retail Office Office space space and vacancy vacancy Retail rate: rate: Overview* 5.14.3% 3% • Retail space vacancy rate: 6.9% *Office and Retail data provided by CoStar Labor • Labor Force pool & ages Economic 20-64: Base --Within 5 miles of Southlake: 58,665 --Within 10 miles of Southlake: 239,533 --Within 20 miles of Southlake: 1,345,630 • Employment by occupation: -- 30.77% Managerial/Professional -- 10.71% Service Occupations -- 29.24% Sales & Office -- 15.36% Construction/Maintenance -- 11.82% Production/Transportation • Approximately 1,500 businesses and non-profit organizations • Over 9.5 million square feet of commercial • Texas is a “Right-to-Work” state • Unemployment • Texas 3.65% has no Rate state personal income tax 3,000 Employees at Sabre Holdings, making it the largest employer within the City of Southlake 30.77% 10.71% 29.24% 15.36% 11.82% Managerial/Professional Service Occupations Sales & Office Construction/Maintenance Production/Transportation 11 Economic Overview 591 Number of Home Sales within Southlake between January and December 2014 Residential The City of Southlake Information receives updates about the residential housing market from Hexter-Fair. The following information regarding home sales is based on the Calendar Year (January 1, 2014 - December 31, 2014), rather than the Fiscal Year (October 1, 2013 - September 30, 2014). • Total number of home sales during 2014: 591 • % Change in home sales vs. the prior year: -11% • 2014 average home sales price: $686,208 • % Change in average home sales price vs. prior year: 7% • Average number of days for a single family home to stay on the market: 52 • % Change in average number of days for a home to stay on the market vs. prior year: -12% • Months inventory: 3.4 • % Change in months inventory vs. prior year: 11% $686,208 2014 Average Home Sales Price in Southlake, a 7% Increase from the prior year 52 Average Number of Days for a Single Family Home to Stay on the Market During 2014 Economic Overview 12 Southlake The map below Residential identifies Subdivision the major subdisivions Information within the City of Southlake. For the purposes of this map, only residential subdivisions are reflected, not commercial subdivisions. Major residential subdivisions within this map refer to any parcel of land that has been reconfigured or subdivided into multiple, smaller, and generally symmetrical parcels of land specifically for the purpose of constructing single-family housing. There are individual tracts of land, some platted, others unplatted, that are not highlighted on this map. The subdivisions listed below were planned and subdivided as a unit. There are currently 147 subdivisions that fit this definition of major residential subdivision within Southlake. The corresponding table on the following three pages highlights the subdivisions identified on the map below, and provides additional information regarding the total lots within each residential subdivision, as well as lot size data. 13 Economic Overview 1 ADAMS ADDITION 7 42,929 49,033 79,871 2 AUTUMN CREEK 7 41,312 47,840 64,147 3 BRENTWOOD ADDITION 9 28,434 34,125 41,488 4 BRIARWOOD ESTATES 22 21,786 42,114 58,613 5 BRITTANY PLACE 10 42,753 48,263 54,289 6 CAMBRIDGE PLACE & CAMBRIDGE PLACE EAST 154 17,667 22,335 36,260 7 CAMDEN PARK 14 16,044 18,577 24,320 8 CARILLON 405 5,172 12,155 34,350 9 CARMEL BAY 9 42,969 46,535 48,639 10 CARROLL MEADOWS 10 43,301 47,577 68,777 11 CEDAR CREEK PLANTATIONS 15 42,586 51,684 68,968 12 CEDAR OAKS ESTATES 39 42,589 73,925 258,315 13 CHAPEL DOWNS 106 18,919 22,395 42,086 14 CHELSEA PARK 16 12,894 15,782 20,759 15 CHESAPEAKE PLACE 80 14,346 18,399 25,636 16 CHIMNEY HILL 81 19,219 23,532 37,585 17 CIMARRON ACRES 22 42,404 52,239 77,070 18 CLARIDEN RANCH 112 39,310 45,607 89,677 19 CONTINENTAL PARK ESTATES 69 15,783 47,617 224,755 20 COUNTRY WALK 55 19,661 25,129 62,648 21 COVENTRY MANOR 100 20,667 33,247 81,569 22 CROSS TIMBER HILLS 197 39,620 50,311 177,641 23 DIAMOND CIRCLE ESTATES 66 31,153 45,598 89,475 24 DOVE ACRES 31 41,103 45,727 75,090 25 DOVE ESTATES 109 7,276 11,284 17,151 26 EAST HAVEN ADDITION 21 6,914 17,361 128,722 27 EMERALD ESTATES 49 35,913 46,160 72,616 28 ESTANCIA - 1 developed lot 13 11,475 13,581 19,202 29 ESTES PARK 178 14,653 20,888 91,264 30 EVERGREEN ESTATES 13 19,862 22,023 31,147 31 FOX HOLLOW 18 19,295 27,626 47,762 32 FOXBOROUGH 64 19,529 25,621 71,042 33 GARDEN ADDITION 15 41,910 46,712 58,137 34 GINGER CREEK ESTATES 14 44,042 56,186 118,741 35 HARBOR OAKS 49 60,722 116,437 443,268 36 HEATHERWOOD ESTATES 16 38,993 51,401 69,577 37 HIGH POINT 22 21,100 31,098 140,254 38 HIGHLAND ESTATES 17 39,247 43,854 48,637 39 HIGHLAND OAKS 26 14,973 16,666 22,354 40 HILLSIDE ESTATES 15 43,397 48,927 62,229 41 HILLTOP ADDITION 15 40,084 59,428 112,179 42 HILLWOOD ESTATES 15 42,494 46,379 59,988 43 HUDSON BAY ESTATES 6 85,343 115,231 192,564 44 HUGHES ADDITION 2 43,035 68,597 94,159 45 HUNTERS RIDGE 19 40,388 44,316 48,700 46 HUNTWICK ESTATES 16 33,591 64,964 83,268 47 HUSE HOMEPLACE 6 87,861 120,032 172,739 48 INDIAN CREEK ESTATES 18 39,602 47,087 86,783 49 JELLICO ESTATES 34 41,779 78,960 179,850 50 JOHNSON PLACE ESTATES 54 17,075 20,161 27,711 Economic Overview 14 15 Economic Overview 101 SOUTHLAKE HILLS & SOUTHLAKE HILLS EAST 80 18,972 22,029 31,416 102 SOUTHLAKE WOODS 129 18,220 27,734 58,913 103 SOUTHRIDGE LAKES 384 16,505 23,103 68,989 104 SOUTHVIEW 76 17,778 22,556 31,624 105 SPRING OAKS ADDITION 1 269,001 269,001 269,001 106 ST. EMILION ADDITION 14 41,128 48,143 107,749 107 STANHOPE ADDITION 13 41,946 46,934 86,033 108 STONE LAKES 335 12,279 19,571 609,297 109 STONEBURY 32 16,536 22,918 31,879 110 STRATFORT GARDENS 14 20,166 23,465 27,600 111 STRATFORT PARC 23 19,924 23,016 39,575 112 SUMMERPLACE ADDITION 42 9,605 12,945 24,494 113 TEALWOOD ADDITION 15 9,783 10,166 14,329 114 THE BROWNSTONES 72 1,922 2,920 5,564 115 THE CLIFFS AT CLARIDEN RANCH 55 19,372 26,308 66,385 116 THE DOMINION 55 19,235 23,417 34,689 117 THE ENCLAVE 13 42,118 45,398 58,058 118 THE LAKES OF LA PALOMA 14 21,217 27,150 59,731 119 THE LAKES ON DOVE 7 45,540 55,402 64,500 120 THE RESERVE OF SOUTHLAKE 24 41,165 48,894 92,922 121 THE TRAILHEAD ADDITION 27 19,581 21,495 29,847 122 THE WOODS 8 67,747 90,154 121,565 123 TIMARRON * 1396 5,734 16,061 68,355 124 TIMBER LAKE 303 12,513 16,559 28,580 125 TIMBERLINE ESTATES 15 15,052 64,301 150,714 126 TRAIL CREEK ADDITION 22 44,103 63,021 93,849 127 TRIPLE C RANCH 58 41,651 44,389 55,506 128 TUSCAN RIDGE 57 7,769 8,776 15,585 129 TWIN CREEKS ADDITION 20 37,802 48,177 60,839 130 VERANDAS AT SOUTHLAKE 38 9,828 11,513 19,227 131 VERMILION 14 42,897 43,972 45,124 132 VERSAILLES 148 14,203 18,928 34,762 133 VILLAS DEL SOL 9 41,837 44,693 46,721 134 VISTA TRAILS 70 19,695 22,703 27,764 135 WAKEFIELD ADDITION 7 43,466 44,356 45,643 136 WESTWYCK COURT ADDITION 3 42,921 46,272 48,442 137 WESTWYCK HILLS 39 23,002 36,263 107,232 138 WHISPERING DELL ESTATES 38 42,072 57,543 105,247 139 WHITE CHAPEL PLACE ADDITION 12 8,073 84,629 256,089 140 WILMINGTON PARK 19 18,991 20,633 29,030 141 WIMBLEDON ESTATES 17 38,719 45,763 53,025 142 WINDING CREEK 40 14,912 16,479 22,861 143 WINFIELD ESTATES 12 18,971 21,812 25,670 144 WINGATE HILL 24 42,848 46,997 93,362 145 WOODBURY ADDITION 9 20,979 22,879 25,778 146 WOODLAND HEIGHTS 32 38,262 66,933 158,503 147 WORTHING ADDITION 9 18,980 27,423 35,823 * The Timarron development is composed of multiple subdivisions, all under the general heading of 'Timarron'. Sample names are Timarron-Brenwyck, Timarron-Wyndsor Grove, Timarron-Northwood Park, and many others. Economic Overview 16 17 IntegrIty • InnovatIon • accountabIlIty • commItment to excellence • teamwork 17 Development Highlights Development Highlights 18 Overview of the Development Process in Southlake The City of Southlake development process consists of several steps, many of which take place before construction begins. The Planning and Development Services Department handles all of the development applications within the City. Applications vary and include items from processing sign permits and zoning changes to site plans and plat revisions. Often with development projects, City staff will recommend that an applicant participate in a Town Hall Forum; these are coordinated through a program called SPIN. SPIN, which stands for Southlake Program for the Involvement of Neighborhoods, allows for the citizens of Southlake to interact with developers and ask questions about a project before the applicant presents to the Planning and Zoning Commission, and ultimately City Council. This method of citizen engagement gets residents directly involved with the development process. Below are some numbers related to the development process in the City of Southlake. SPIN Town Hall Forums are optional meetings that are scheduled by developers. The next step after a SPIN meeting, depending on the type of planning application, would be a Planning and Zoning Commission meeting, and then City Council for a final decision upon the particular case. Depending on the type of application, an item may require more than one City Council hearing. After an approval from City Council, an item is legally permitted to move to construction, and operate within the parameters of City Council approval. At that point, attaining the building permits and related documentation is required. The numbers to the left, 217 and 191, represent the following planning applications; Master Sign Plan, Concept Plan, Zoning Change, Zoning Board of Adjustment applications, and Sign Variances. *Google Analytics defines a 19 Development Highlights The graph above represents new construction building permits in Southlake between Fiscal Years 2010 through 2014. These permits do not represent additions or renovations to existing buildings or residences. Commercial activity increased due to the construction of Park Village, Kimball Oaks, and Carroll Pointe, while activity in the Carillon, Winding Creek, and Shady Oaks subdivisions led to increased residential permitting. 0 25 50 75 100 125 150 175 200 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 New Residential Building Permits New Commercial Building Permits 197 New Residential Permits in FY 2014 42 New Commercial Permits in FY 2014 Development Highlights 20 $31,871,888 $59,040,985 $65,259,237 $84,028,745 $131,159,495 $67,764,510 $18,384,157 $84,328,043 $17,976,714 $42,543,750 $0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 $140,000,000 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Residential Construction Permit Value Commercial Construction Permit Value The new construction permit value represents the valuation of the permit at the time of permit issuance. This is the estimation of the cost to build the house or commercial structure, before actual construction takes place. Between FY 2013 and FY 2014, the percentage increase in residential construction permit values was 56%. Note: this number does not include the valuation of the land on which the structure is constructed. 56% Percent Increase in Residential Construction Permit Value Between FY 2013 and FY 2014 136% Percent Increase in Commercial Construction Permit Value Between FY 2013 and FY 2014 21 Development Highlights 314,438 549,109 619,292 1,038,627 1,135,145 344,626 73,629 578,782 180,387 630,277 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Residential Square Footage Added Commercial Square Footage Added The chart above represents the total square footage permitted within the City in terms of residential and commercial structures. The expansion of commercial growth in terms of square footage slowed, likely as a result of the nationwide economic climate during the Great Recession. However, in 2012, the City began to see an increase in growth. FY 2014 represents the largest amount of commercial square footage permitted in the five- year trend analysis illustrated above. The percentage increase in commercial square feet permitted between FY 2013 and FY 2014 was 249%. The percentage increase in residential square feet permitted in Southlake between FY 2013 and FY 2014 was 9%. The table below combines residential and commercial square feet permitted over the last five years to highlight the total square footage permitted within the City. Fiscal Year Total Residential and Commercial Square Footage Permitted 2010 659, 064 SF 2011 622,738 SF 2012 1,198,074 SF 2013 1,219,014 SF 2014 1,765,422 SF Development Highlights 22 268 302 239 320 286 0 100 200 300 400 2010 2011 2012 2013 2014 The Planning and Development Services Department is responsible for handling many different permitting process within Southlake. One of these is the regulation of signage within the City. The three types of sign permits in the City are attached, monument, and temporary sign. As with other permitting data, the number of sign permits issued within the City provides a good indicator of the strength of the local economy. 286 Total Sign Permits were Issued in FY 2014 23 IntegrIty • InnovatIon • accountabIlIty • commItment to excellence • teamwork 23 Valuation Valuation 24 $157,853,228 $80,444,538 $46,682,757 $58,999,045 $70,273,066 $23,092,460 $17,421,900 $9,677,297 $50,964,049 $5,295,848 0 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000 160,000,000 180,000,000 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Residential Valuation Added Commercial Valuation Added The chart above shows the trends in residential, as well as commercial valuation added since FY 2010. Valuation added is not the same as residential and commercial permit value as seen on page 20 of this report. Valuation added represents “on the ground” or buildings that have been constructed, and the variance in permit value and valuation added is due to timing. $75,568,914 Total Residential and Commercial Valuation Added in FY 2014 25 Valuation $3,819,275,001 $3,852,366,069 $3,881,311,298 $4,014,442,625 $4,142,542,414 $3,600,000,000 $3,700,000,000 $3,800,000,000 $3,900,000,000 $4,000,000,000 $4,100,000,000 $4,200,000,000 2010 2011 2012 2013 2014 $4,142,542,414 Total Residential Valuation in FY 2014 The information in the chart above represents the changes in total residential valuation since FY 2010. As the bar graph illustrates, there has been a steady increase in this number each year of the trend analysis. Residential valuation only includes homes in Southlake; the number does not include commercial businesses. Between FY 2013 and FY 2014 residential growth in the City increased by 3.2%. Valuation 26 $1,391,906,607 $1,379,950,347 $1,409,201,963 $1,438,015,372 $1,483,892,470 $1,320,000,000 $1,340,000,000 $1,360,000,000 $1,380,000,000 $1,400,000,000 $1,420,000,000 $1,440,000,000 $1,460,000,000 $1,480,000,000 $1,500,000,000 2010 2011 2012 2013 2014 Non-residential valuation represents the total value of property within Southlake, less all residential valuation. Total non-residential valuation includes offices, hospitals, and other commercial entities. The chart above illustrates changes in the value of non-residential property in Southlake between FY 2010 and FY 2014. Between FY 2013 and FY 2014 commercial growth in the City increased by 3.2%, the same rate as residential growth. $1,483,892,470 Total Non-Residential Valuation in FY 2014 27 Valuation $6,252,920,129 $6,178,132,589 $6,226,088,861 $6,422,291,913 $6,653,878,247 $5,211,181,608 $5,232,316,416 $5,290,518,261 $5,452,457,997 $5,626,431,884 $0 $1,000,000,000 $2,000,000,000 $3,000,000,000 $4,000,000,000 $5,000,000,000 $6,000,000,000 $7,000,000,000 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Total Assessed Value Total Taxable Value The table above provides a comparison of property values since FY 2010. Note: the taxable value shown in the chart is net of the incremental taxable value assigned to the Tax Increment Reinvestment Zone #1. For FY 2014, TIRZ #1 taxable value was $331,409,142. The difference between assessed value and taxable value is primarily due to exemptions, such as homestead, disabled, over-65 exemption and over-65 tax freeze. $6,653,878,247 Total Assessed Value in FY 2014 $5,626,431,884 Total Taxable Value in Valuation 28 29 IntegrIty • InnovatIon • accountabIlIty • commItment to excellence • teamwork 29 Revenue 30 The largest single revenue source for the City of Southlake is the Ad Valorem, or Property Tax. The chart below illustrates the trend in properry tax collection in Southlake between Fiscal Year 2010 through Fiscal Year 2014. $16,500,000 $17,000,000 $17,500,000 $18,000,000 $18,500,000 $19,000,000 $19,500,000 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 *Unaudited $19,201,395 Collected in Total Property Tax during FY 2014 31 Revenue $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 CCPD SPDC General Fund *Unaudited The sales tax is made up of three sources: The Crime Control and Prevention District (CCPD), Southlake Parks and Development Corporation (SPDC), and the General Fund. The CCPD half-cent tax ensures that funds are spent on programs and capital purchases that will reduce crime, increase public safety and maintain a high quality of life in Southlake. SPDC administers an additional half-cent sales tax and applies it towards parks-related capital projects. The General Fund is represented by 1% of every dollar spent within City limits. The chart above illustrates the amount of sales tax collected when the CCPD, SPDC, and General Fund Sales Tax collection totals are combined. Since 2010, the amount collected in sales tax has steadily increased with the City’s expanding economy. Money from the CCPD has helped fund all three DPS stations, as well as enhanced the City’s School Resource Officer (SRO) program, funded equipment equipment replacement, enhanced training and professional development, and more. Money from the SPDC has been utilized to fund projets at several parks within the City, such as Bicentennial Park, Bob Jones Park, North Park, and additionally the fund has benefitted the Senior Center, the Sports Complex, and other recreation facilities. $26,431,258 Total Sales Tax Collected During FY 2014 Revenue 32 $9,021,807 $9,580,428 $10,275,380 $11,497,962 $13,342,819 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 *Unaudited The second largest General Fund revenue source in the City of Southlake is the 1 % municipal sales tax. The City has seen an increase in the amount of sales tax collected since Fiscal Year 2010. As noted, 1% of every dollar spent within the City goes towards the general fund; this fund accounts for core City functions such as police, fire, engineering, planning, finance, and administrative operations. In addition to the 1% dedicated to the General Fund, an additional 1% is split between the CCPD and SPDC. The next page highlights collection trends for both the CCPD and SPDC. $1.33 Billion Estimated Taxable Gross Sales in FY 2014 33 Revenue $2,606,248 $2,509,279 $2,598,075 $2,646,394 $2,841,035 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 *Unaudited Another major revenue source for the City of Southlake includes franchise fees. Franchise fees represent revenue from private utility companies operating in the City. The chart above illustrates collection trends between Fiscal Year 2010 and Fiscal Year 2014. Based on the years illustrated in the trend analysis, Fiscal Year 2014 generated the most revenue in franchise fees. The percentage increase in franchise fees collected between FY 2013 and FY 2014 was 7%. $2,841,035 Generated in Revenue from Franchise Fees in FY 2014 Revenue 34 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 *Unaudited The Hotel Occupancy Tax (HOT) is authorized under the Texas Tax Code, Chapter 351. The City of Southlake adopted Ordinance No. 769 in February 2000, levying a 7% tax on room receipts. The tax on rooms at the Hilton in Town Square is providing the revenues to the City in this category. The first expenditures from this fund were made in FY 2008. The chart below illustrates collection trends from this revenue source between FY 2010 through FY 2014. The amount collected through the City’s hotel tax has steadily increased during that time span. Use of these funds is restricted, and planned expenses must be authorized uses under the Texas Tax Code, Chapter 351. The City partially funds the Public Art program from the HOT. $948,971 Generated in Hotel Occupancy Tax Revenue in FY 2014 35 Revenue $211,820 $354,316 $406,499 $705,374 $775,707 $360,855 $94,067 $452,159 $166,513 $401,780 $0.00 $100,000.00 $200,000.00 $300,000.00 $400,000.00 $500,000.00 $600,000.00 $700,000.00 $800,000.00 $900,000.00 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Residential Permit Fees Commercial Permit Fees A large revenue source for the City’s General Fund comes from the fees associated with the issuance of building permits. As with the reduction in square footage permitted in the City, the nationwide economic climate likely had the same impact on permit fee collection. As can be seen in the graph above, the amount of permit fees collected through residential construction has steadily increased between FY 2010 and FY 2014. Between FY 2013 and FY 2014 the amount in fees collected from new residential and new commercial permits increased by $305,600. The percentage increase in fees collected from commercial construction permits between FY 2013 and FY 2014 was 141%. Fiscal Year Total Fees Collected from New Residential and Commercial Permits 2010 $572,675 2011 $448,383 2012 $858,658 2013 $871,887 2014 $1,177,487 Revenue 36 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 As previously noted, the regulation of signage within the City is handled internally. Each permit has a specific permit fee associated, and the chart on this page highlights the revenue generated from processing sign permits. The collection of fees from processing sign permits has been a relatively stable source of income between Fiscal Years 2010 through 2014. $22,544 Collected in Fees from Processing Sign Permits during FY 2014 37 Revenue $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 The Planning and Development Services Department processes many different types of permits throughout the year. The previous pages of this report highlight new construction permits and sign permits. The chart above includes fees collected from those sources, as well as accessory buildings, pools, commercial remodel, re- occupancy, MEP, reroof, and more. The revenue collected from processing these permits is substantial. $1,879,255 Collected in Fees from Processing Building Permits FY 2014 7% of Southlake Residents 65 Years of Age or Older 58% of Southlake Residents Between the Ages of 20 and 64