Page 14 - CityofHaltomFY24Budget
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MAJOR PRIORITIES This new growth has begun to significantly broaden the Ad Valorem Tax base. Retail and restaurants will
increase sales tax revenue by serving as a catalyst for additional retail development. In addition, these
Economic Development
large developments bring jobs and prosperity to Haltom City and the surrounding region. The new growth
will also assist in creating revitalization opportunities throughout the community.
Three major economic development focuses for the city are the Northeast Loop 820 Corridor, 377 and
the Belknap Corridors and Overall Community revitalization / redevelopment.
Compensation
Our three-pronged approach or strategy has been successful because over the past couple of years we
have experienced record growth. Our job-creating industries, our new residential neighborhoods, and To remain competitive in the job market, employee compensation and benefits continue to be a priority.
holding to our development and code standards, are revitalizing our city and will serve as a catalyst to In the past, the city fell behind the market when the city had no pay increases for years. When you fall too
obtain more restaurants, retail, etc. Below is a list of our current developments: far behind the market in employee compensation, it is almost impossible and too costly to catch up. We
all understand that it costs more to constantly hire and train new employees. Retention is very important.
• A 50-acre mixed-use development will start construction in early 2024 and will consist of a large When we become the training ground for others, there is a loss of efficiency and effectiveness in providing
H Mart Grocery Store, approx. 60 retail outlets (to include 35 -40 restaurants, salons, bakeries, quality services. Our employees and our citizens deserve better. Haltom City will continue to strive to,
merchandise outlets, and large logistics centers) not only review compensation, but be creative with retention tools such as alternative work schedules,
relaxed dress code, and increased paid holidays.
• Parmore Fossil Creek Senior Living is currently under construction.
• Jefferson Fossil Creek Apartments are now open.
Through the Strategic Goals, the City has communicated that employee retention and attracting qualified
• The Stream Luxury Multi-family (1100 units) is pending construction. talent is a high priority for each of you that serve on the City Council. Therefore, in the adopted FY 2023-
2024 budget is a salary increase for all employees as the city competes with retaining employees as
• Heritage Place Subdivision (412 homes) are currently under construction with DR Horton joining neighboring municipalities continue to increase their pay scales. This compensation increase combats
the remaining development. the phenomena that all the surrounding cities are facing with the workforce not accepting many critical
• Hibbits will be opening in Haltom Plaza. positions at the old rate of pay.
• Dd’s Discounts clothing store will be moving into Big Lot’s space.
Fiscal Responsibility
• City Trendz is now open in Haltom Plaza.
• JPI’s Baker Blvd Multi-family development will begin next year.
In FY 2001-2002, the City Council adopted a Fund Balance Policy, like many other cities, to achieve and
• Air817 Building on 377 is completed housing the New Journey Dome maintain a 20% minimum fund balance. For FY 2023-2024, the fund balance reserves for General Fund
are projected to be 27%, Water and Sewer Fund 23%, and Drainage Fund is projected to be 24%. Capital
• Our three-Marriot development with multiple restaurants is scheduled to start construction next
year. Projects are directly tied to fund balances since money is transferred from the core funds to cover the
costs of maintaining and updating the City’s infrastructure. The challenge moving forward is to maintain
• Hoffbrau will construct a new restaurant. and replenish all fund reserve balances.
• Alexis Event Center is now open.
• Scannell Distribution Center on 377 is nearing completion.
• Total Point Urgent Care Center will be opening in the old CVS Building and open 24/7. Performance Measurement/Management
• And many more economic development projects are underway.
Measurement and reporting are critical to evaluate progress, effectiveness, determine accountability, and
guide future planning and operations. Therefore, we constantly measure our efforts to the Council’s long-
term strategic goals and communicate the objectives and outcomes per department.
