Page 370 - FortWorthFY23AdoptedBudget

Horizon Issues

· Plan training academies accordingly based on attrition projections with the goal of staying as close to zero
vacancies as possible;
· Plan for long-term capital needs appropriately by contributing funding in excess of fund balance
requirements to capital projects;
· Improve training in order to continue to build community trust and increase professionalism;
· Evaluate and keep pace with rapid technology and equipment advancements;
· Plan for aging city-owned and leased facilities that require annual maintenance, improvements, and/or
replacement.

Culture and Tourism
Future issues to consider include:
· Reducing reliance on HOT taxes by the Culture and Tourism Fund;
· Reevaluating the PED Capital Improvement Program and FWCC Expansion;
· Return of events at Dickies and other locations;
· Continuation of GBAC STAR Accreditation Standards and Practices;
· Renewed focus on sales and marketing partnerships;
· Fully staffing the Department (the department has highest vacancies in the last 20 years);
· Managing increased supplies and materials costs.

Facilities continue to deal with unplanned repair and maintenance costs. PED will continue balancing the goal of
maintaining fiscal strength and stability through long-term financial planning as careful stewards of the funds.

Culture and Tourism 2% CY Tax
The continued uncertainty of another pandemic crisis which could directly impact the yourism industry will
continue to shadow the collection of hotel occupancy taxes until public confidence has been restored.
Convention Center legacy debt will be fully repaid by 2026, which will allow for funds to be available for the
expansion project.

DFW Revenue Sharing
Travel and tourism businesses that generate tax revenue for DFW revenue sharing will continue to regain its
footing, but as it has continued to outperform the budget, any regional increases only speed up paying off debt
and contributing to the expansion of the Convention Center.

When the pandemic ends, travel and tourism habits may change in ways that affect that DFW revenue streams.
For example, mass transit options from DFW to Fort Worth and Dallas may become more popular, thus reducing
the revenue generated by rental cars. Short-term rentals are just one portion of shared revenues. The end of the
pandemic and new business trends for this fund and others will have to be carefully monitored for the City to
prudently manage this and other Culture and Tourism Funds.

Culture Tourism Project Fin Zone
As new hotels open and current properties expand within the zone, revenues are anticipated to grow, allowing
for additional funds to be allocated for the repayment of debt and capital improvements. The City’s long-range
plan has committed these funds to expand the Convention Center, which will be renewed using ARPA grant
funding. Monitoring of the fund’s performance will be critical; the debt service payment for the Dickies Arena will
be $15M in FY2022.

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