Page 194 - Fort Worth City Budget 2019

Special Revenue Fund

Culture and Tourism Proj Fin Zone

FUND SUMMARY

FY2017 FY2018 FY2018 FY2019 Change from Adopted
Final Adopted Adjusted Adopted Amount %
Intergovernmental 1,942,350 2,598,779 2,598,779 4,971,576 2,372,797 91.30%
Use of Fund Balance - 155,590 155,590 - (155,590) -100.00%
Revenue $ 1,942,350 $ 2,754,369 $ 2,754,369 $ 4,971,576 $ 2,217,207 80.50%

Gen Operating & Maintenance - 2,250,000 2,250,000 - (2,250,000) -100.00%
Transfer Out & Other 290,551 504,369 504,369 4,971,576 4,467,207 885.70%
Expenses $ 290,551 $ 2,754,369 $ 2,754,369 $ 4,971,576 $ 2,217,207 80.50%

FUND PURPOSE AND GOALS

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

This Fund is restricted to paying the debt associated with facility improvements and/or capital facility
enhancements. This fund was established in FY2016 to segregate the revenues of the Project Finance Zone from
the other revenue sources in the Culture & Tourism Fund. The Project Finance Zone #1 was designated by
Ordinance in 2013. The ordinance dedicates the increment from the growth in the 6% State Hotel Occupancy Tax,
state sales tax and state mixed beverage tax to pay bonds or other obligations to qualified projects. The State
portion is separated from the City’s 9% of the Hotel Occupancy Tax. The two qualified projects are the Fort Worth
Convention Center expansion and the new Dickies Arena on the campus of the Will Rogers Memorial Complex.
The base year is 2013. Funds that are collected at hotels in the three mile radius surrounding the project by the
State Comptroller’s Office are deposited in this fund.

MAJOR ACCOMPLISHMENTS

In FY2018 a repayment for a W/S CFA project Harley Ave & Trail Drive was completed. This project was done in
conjunction with the new Dickies Arena.

FY2019 DISCUSSION
The FY2019 Adopted Budget increases by $2.4M in intergovernmental revenue due to the City receiving the OMNI
State Hotel Occupancy Tax increment portion in January 2019. Use of fund balance decreases by $156k due to
the increases in revenue that will exceed expenditures which will result in a contribution to fund balance. General
operating & maintenance decreases by $2.25M because the amount that was budgeted in FY2018 was a one-time
payment to reimburse the Water department for expenses related to Dickies Arena. Transfer out & other
increases by $4.47M. $2.14M will be used to pay debt on the new Dickies Arena and $2.33M will be a contribution
to fund balance.

HORIZON ISSUES
As new hotels open and current properties expand (within the zone), revenues are anticipated to grow, allowing
for additional funds to commit to the repayment of debt and improvements.

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