Page 135 - FortWorthFY23AdoptedBudget

General Fund

annual external audit by an independent audit firm as required by the city’s charter within the Department of
Financial Management Services and throughout the city. This division also assists with general ledger maintenance
and completes complex entries to ensure compliance with modified accrual and accrual level account
requirements as promulgated by the Governmental Accounting Standards Board (GASB).

The Financial Systems Management Division is responsible for the ongoing support of the financial management
software systems. This team oversees the configuration and application of software to the day-to-day business
operations while the city’s Information Technology Department provides the network and infrastructure for which
these systems are delivered to users. This team assists in driving efficiency in business processes by applying
technology solutions across the department.

The Central Purchasing Division purchases goods and services for all city departments assist with the disposal of
obsolete or surplus materials/equipment, manages the city’s Purchase Card Program, manages the city’s vendor
relationships, and oversees the city-wide mail operations.

The Treasury Division is responsible for effectively and efficiently managing the city's cash and investment
portfolios in strict compliance with the City’s Investment Policy and State Law. In addition, the Treasury Division
is responsible for the administration of the City’s complex debt portfolio, Capital Public Improvement District
administration, executing vendor and payroll disbursements, and the central billing and collection of a variety of
critical city-wide revenue sources.

FY2023 DISCUSSION AND SIGNIFICANT CHANGES

The Adopted Budget:
· Increases by $244,394 and two authorized positions (APs) in the Purchasing Division. This increase is offset
by the transfer from Stormwater Utility fund.
· Increases by $179,292 and one AP for GASB 87 Compliance. This position will maintain the City’s required
lease information at the acceptable level.
· Increases by $450,767 in salary and benefits for previously approved costs associated with pay for
performance, rising health care costs and pension contributions.
· Increases by $115,299 for adjustments due to inflationary and growth factors as well as contractual
commitments.
· Decreases by $95,219 in General Operating & Maintenance for previously approved costs associated with
risk management and IT solutions allocation costs.
· Increases by $60,000 for temporary staff to assist with purchasing. This cost is offset with $300,000 in
revenue for earned rebates.
· Increases by $50,000 for financial consulting services to continue provide financial
support/modeling/analysis to a variety of City-wide projects.
· Increases by $31,450 due to increase in the contractual obligation to Tarrant County Tax Assessor-
Collector “TCTAC”.

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