Page 251 - ArlingtonFY24AdoptedBudget
P. 251
Other Budget Information
General Gas Fund
FY 2024 Operating Position
The City has established three funds to receive revenuesfrom natural gas operations that do not go
to the Arlington Tomorrow Foundation (ATF). The ATF will reach its capped corpus amount of $100
million from scheduled reimbursements; these three funds receive lease bonus and royalty revenues
associated with natural gas operations net of those scheduled reimbursements. The policies and
procedures concerning expenditures by, and transfers to and from, the General Gas Fund 3095 are
outlined below.
In 2016, a total of $50 million from the ATF corpus was transferred to the Innovation/Venture Capital
Fund to support the development of “Texas Live” adjacent to Globe Life Field. The ATF corpus will be
recapitalized to the $100 million level through future reimbursements from the gas funds.
The General Gas Fund receives revenues that are not specifically designated for the Parks or Airport
Gas Funds. Within this fund, a total of four accounting units are available from which expenditures
may be authorized, including:
910102 - Neighborhood Grants, with an amount designated for expenditure
910105 - Redevelopment Initiatives
910106 - Land Banking, with an amount designated for expenditure
910107 - Arlington Home Improvement Incentive Program
Periodically, fiscal conditions may necessitate transfersfrom the General Gas Fund to the General
Fund to offset revenue shortfalls or to cover one-time costs. All proposed interfund transfers
involving gas funds will require approval by the City Manager's Office prior to implementation.
Beginning balance, available cash $ 2,904,452
Less: Encumbrances -
Royalty revenues 1,800,000
Support from Parks Gas Fund 3096 1,980,000
Transfer of royalties from Water Utilites Fund 2,000,000
Total available resources $ 8,684,452
Less:
Reserved for increase/decrease in investment value $ 125,513
Designated for Neighborhood Grants 150,000
Designated for Land Banking 285,601
Reserved for Arlington Home Improvement Incentive Program 84,242
Reserved for ATF corpus reimbursement, FY 2024 3,305,704
Reserved for Arlington Small Business Assistance 150,000
Total commitments, reserves and transfers $ 4,101,060
Remaining available balance $ 4,583,392
FY 2024 Adopted Budget and Business Plan 242 City of Arlington, Texas