Page 385 - FortWorthFY23AdoptedBudget

Gas-Related Revenue &
Expense/Expenditure

Policy

I. Authority

The Fort Worth City Council is responsible for legislation, policy formulation, and
overall direction setting of the government. This includes the approval of financial
policies which establish and direct the operations of the City of Fort Worth. The City
Manager and the Assistant City Managers are responsible for carrying out the policy
directives of the City Council and managing the day-to-day operations of the
executive departments, including the Department of Finance. This policy shall be
administered on behalf of the City Manager and the Assistant City Managers by the
Chief Financial Officer / Director of Finance.

II. Purpose:

This policy is intended to establish guidelines for the management of certain City gas-
related revenue and associated expenditures/expenses in order to ensure reliable,
equitable, and diversified allocation and use of these funds. The goal for these funds
is to strike a balance between current and future needs that are funded from a non-
recurring and unpredictable resource.

III. Scope:

This policy addresses revenue derived from (i) ad valorem tax on mineral valuations;
(ii) leases for the development of natural gas from under City-owned property; (iii)
license or easement fees paid for the installation of gas gathering pipelines under City-
owned property; and (iv) income of the Fort Worth Permanent Fund (Trust).

IV. Glossary

See definitions related to this policy provided in the appendix.

V. Revenue Allocation:

A. Trust/Endowment Fund

1. The City has established a Trust Fund that will be structured and governed
in such a manner to achieve maximum investment flexibility, maximum
investment protection, and professional investment management. The Trust
will be managed to ensure the long-term preservation and growth of the trust
principal.

2. The Trust will be managed by a corporate trustee appointed by the City
Council in accordance with the City Charter and the State Local Government
Code. The City’s Chief Financial Officer/Director of Finance

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