Page 76 - City of Fort Worth Budget Book

General Fund Economic Development

DEPARTMENT SUMMARY

Chg from PY Adopted
FY2022 FY2023 FY2023 FY2024
Final Adopted Adjusted Rec. Amount %
Revenues
Charge for Service $ — $ — $ — $ 135,000 $ — 0.0 %
Use of Money & Property 158,284 150,805 150,805 952,920 802,115 531.9 %
Other 4,120 2,000 2,000 6,000 4,000 200.0 %
Transfer In 831,017 985,301 985,301 853,273 (132,028) -13.4 %
Total Revenues 993,421 1,138,106 1,138,106 1,947,193 674,087 59.2 %

Expenses
Salaries & Benefits 1,424,328 1,901,071 1,901,071 2,472,752 571,681 30.1 %
Gen Operating & Maintenance 30,987,095 36,612,250 37,296,147 37,800,468 1,188,218 3.2 %
Transfer Out & Other 4,615,678 5,254,247 5,527,046 9,273,910 4,019,663 76.5 %
Total Expenses 37,027,101 43,767,568 44,724,264 49,547,130 5,779,562 13.2 %
Grand Total $ (36,033,680) $ (42,629,462) $ (43,586,158) $ (47,599,937) $ (5,105,475) 12.0

2023 2024 Change
Fund AP FTE AP FTE AP FTE
General Fund 15.00 15.00 18.00 18.00 3.00 3.00
Grant Funds 4.00 4.00 4.00 4.00 — —
Total 19.00 19.00 22.00 22.00 3.00 3.00

DEPARTMENT PURPOSE AND GOALS
The Economic Development Department pursues high-wage job growth and a more sustainable tax base, driven
less by residential property valuation and more by commercial and industrial investment; and has a commitment
to "quality of place" throughout the community. This effort is to support the vision of competing successfully on the
national and international stage for creative, high-growth businesses and the talented individuals who fuel them.
The Economic Development Department accomplishes this through multiple divisions.

The Administration Division oversees the development and implementation of departmental goals, objectives,
policies, and priorities as well as overall operational activities including budget, payroll, and human resources
functions.

The Strategic Development and Revitalization division is responsible for business recruitment and retention, small
business support, entrepreneurship and innovation initiatives, and targeted area redevelopment. This division is
primarily responsible for the implementation of the Economic Development Strategic Plan Initiative, which was
accepted by City Council in FY2018 and the refresh of which was recently approved in FY2022.

The Operations and Research division is responsible for oversight of the tax increment financing districts (TIFs)
and public improvement districts (PIDs), compliance of Chapter 380 and tax abatement agreements, research of
economic trends and demographics, and administration of component units, including the Local Development
Corporation.

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