Page 18 - City of Fort Worth Budget Book

Executive Message Budget Message

The FY2024 Recommended Budget is the product of prioritizing expenditures with available revenues while
balancing the burden to the taxpayers. The budget process is centered on a broader, organizationally-focused
decision-making process that supports its financial health, not only for the upcoming year but well into the future.
In addition to the annual operating budget development, the City adopts a five-year Capital Improvement Program
that addresses the growth and infrastructure needs. These philosophies and processes ensure our focus is not a
narrow operational view but rather a forward-looking strategic view.

The local Fort Worth economy has shown strong growth over the last several years, along with the greater Dallas-
Fort Worth metropolitan area; however, the growing demands on the city’s limited financial resources while
minimizing taxpayer burden continue to set the stage in which the City must operate.

OVERVIEW
The FY2024 Recommended Budget totals nearly $2.6 billion, which includes 8,163 authorized positions (AP) and
consists of 20 different operating departments (excluding Non-Departmental) plus four appointed officials’ offices,
across multiple funds, including the General Fund, Special Revenue Funds, Debt Service Funds, Enterprise
Funds, and Internal Service Funds. Of the total budget, 39.0 percent, or $1,013 million, reflects the cost of
General Fund activities such as public safety, parks, neighborhood services, economic development, property
management, transportation and public works, planning, development, public libraries, and general management
of the city. The remaining 61.0 percent, or $1.26 billion, will fund the operations of the other funds noted above.

GENERAL FUND REVENUES
In FY2024, Fort Worth is expecting a positive economic outlook with property tax revenue, along with fee income,
continuing to grow.

General Fund Revenue Budget
FY2023 FY2024 Percent Dollar
Adopted Rec. Change Change
$ 915,340,881 $ 1,012,815,875 10.6 % $ 97,474,994

Property Tax

The City receives the majority of its revenues from property taxes assessed on real and personal property. City
staff works with appraisal districts from Tarrant, Denton, Wise, and Parker Counties to prepare property tax
revenue projections. By State law, each appraisal district is responsible for the valuation of all property within its
jurisdiction. The certified property tax rolls received from all four districts in July 2023 showed an increase in the
City’s property tax base. In comparison to the July 2022 certified property tax roll, the July 2023 certified property
tax roll reflected a 15.6 percent growth in adjusted net taxable property value, mostly due to increases in taxable
value.
When updating the seven-year financial forecast and preparing the budget for City Council consideration, staff
analyzed many of the factors impacting property tax revenue, including anticipated population growth, historical
change in values for residential and commercial properties, current and projected permitting data, the impact of
foreclosures, as well as exemptions and protests. Staff also evaluated the allocation of the levy amount, and
resulting availability of revenue for operations and maintenance (O&M), as compared to the amount available to
repay the city’s debt.

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