Page 193 - Fort Worth City Budget 2019

Special Revenue Fund

DFW Revenue Sharing

FUND SUMMARY

FY2017 FY2018 FY2018 FY2019 Change from Adopted
Final Adopted Adjusted Adopted Amount %
Other 6,110,299 5,900,000 6,009,455 5,900,000 -
Revenue $ 6,110,299 $ 5,900,000 $ 6,009,455 $ 5,900,000 $ - 0.00%

Transfer Out & Other 5,500,000 5,900,000 6,009,455 5,900,000 - 0.00%
Expenses $ 5,500,000 $ 5,900,000 $ 6,009,455 $ 5,900,000 $ - 0.00%

FUND PURPOSE AND GOALS

Culture & Tourism promotes increased economic activity through visitor spending generated by events held at
the Fort Worth Convention Center and Will Rogers Memorial Center.

In 1998, the City of Fort Worth entered into an agreement with the Cities of Euless and Dallas to provide for the
sharing of Rental Car taxes generated at DFW International Airport. There are additional agreements with cities
where incremental tax revenues generated by economic development projects within the geographical
boundaries of the DFW Airport are remitted to the City of Fort Worth.

In 2009, the City Council amended the financial management policy statements providing that the revenues from
DFW Revenue Sharing be dedicated to facility improvements at the Fort Worth Convention Center, Will Rogers
Memorial Center and the new Dickies arena.

This fund was established in FY2016 to segregate the revenues of the DFW Revenue Sharing from the other
revenue sources in the Culture & Tourism Fund. Revenues received in this fund remain dedicated to the debt and
improvements associated with the Fort Worth Convention Center, the Will Rogers Memorial Center and the new
Dickies Arena. With the addition of the new Dickies Arena, the debt associated will take precedence for this
revenue source.

This fund is restricted to paying any debt not covered by the 2% CY Tax Fund and then capital improvements at
the facilities discussed above.

MAJOR ACCOMPLISHMENTS
This fund is very instrumental to covering scheduled debt and contributing to cash funded capital projects at the
above facilities.

FY2019 DISCUSSION

There are no significant changes in service level represented in the FY2019 Adopted Budget.

HORIZON ISSUES

The fund continues to grow minimally. However, as other forms of mass transportation expand and come into
play between the airport and metroplex cities, annual revenue may decrease. Light rail is anticipated in late 2019;
however we will continue to monitor and utilize the revenues for debt repayment and capital improvements at
the aforementioned facilities.

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