Page 141 - City of Fort Worth Budget Book

Special Revenue Fund DFW Revenue Sharing

FY2024 DISCUSSION AND SIGNIFICANT CHANGES
Consistent with increases in HOT, as recovered stability continued in the travel and tourism industry, DFW
Revenue Share increases by 36% to $9.8M for FY2024 as compared to the FY2023 adopted budget.

Like the past three fiscal years, this Fund outperformed its budget in FY2023, with collections exceeding budgeted
revenues by 39% ($2.81M), creating a contribution to fund balance in the same amount, bringing the balance to
approximately $7.4M and strengthening the fund’s financial position to incur additional debt payments for the
issuance of new bonds for capital improvement in FY2024.

The Will Rogers Memorial Center (WRMC) legacy debt of approximately $2.5M will be fully covered by revenue
generated from the Fund in FY2024, in addition to $1M for capital improvements and $5.9M proposed as
contribution to fund balance in the budget. However, with the issuance of new debt anticipated in the fall of 2023
for the Sheep & Swine Barn Renovation Partnership with Events Facilities Fort Worth/ Southwestern Exposition
and Livestock Show and other major capital improvements at WRMC, the FY2024 debt payment is expected to
increase by approximately $5.6M. At such time, a budget amendment will be brought before the City Council to
decrease adopted contributions to fund balance and appropriate increased transfers for debt service payments
from the DFW Revenue Share Fund to cover these costs.

The Recommended Budget:

• Decreases by ($875,000) in the capital improvements to meet department needs
• Increases by $2.6M in the DFW sharing revenue collection due the strong performance in previous years

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