Page 338 - FY 2025 Adopted Operating Budget and Business Plan

Appendices Return to Table of Contents

FINANCIAL POLICIES (CONTINUED)

Property Tax Collection

1. The City shall contract with the County for collections and encourage the Tax Assessor-Collector to follow an aggressive
policy of collecting property tax revenues.

In Compliance: Yes Comments: The County continues to collect greater than 94% of all current year collections while
pursuing delinquent collections in FY 2024.

2. The City shall contract with the Tarrant Appraisal District (TAD), as required by state statute, for appraisal services of all
property (real, business, and mineral). The City will also work with TAD on the economic development incentives including,
but not limited to, abatements, Ch 380, TIRZ, PIDs, MMDs, etc.

In Compliance: Yes Comments: The City and TAD continue to work together regarding the appraisals and economic
development incentives.

3. The City shall contract with a third party for the collection of delinquent property tax. The collection fee shall be determined
by the competitive process but will not exceed 20%.

In Compliance: Yes Comments: The City has contracted with Linebarger to continue pursuing delinquent collection
with a 15% collection fee

4. Finance will monitor collection efforts by the County and third party, and report results to Council as part of the Budget
Analysis Report.

In Compliance: Yes Comments: The City monitors collections on a monthly basis. Results are reported to Council as
part of the Budget Analysis report which is available on the City’s website.

Self-Insurance & Retirement Funds

1. All retirement and self-insurance funds will be examined annually to ensure that adequate balances are maintained.
Unfunded actuarial liabilities in a retirement program are to be amortized in accordance with GASB and actuarial
requirements. The self-insurance program for workers’ compensation and self-insurance programs shall be funded at the
Actuarial Central Estimated confidence level.

In Compliance: Yes Comments: Reviewed at least annually as part of most recent financial audit, actuarial reports,
internal management reports, and budget reporting.

2. The funding status of all self-insurance funds will be reported annually.

In Compliance: Yes Comments: Included in most recent Annual Comprehensive Financial Report footnotes.

3. Full-time employee retirement funds will be administered by Texas Municipal Retirement System (TMRS). Contributions
will be made, at a minimum, in the amount determined by TMRS.

In Compliance: Yes Comments: Reviewed at least annually; contributions updated in system for most recent fiscal
year based on TMRS correspondence.

FY 2025 Adopted Budget and Business Plan 329 City of Arlington, Texas