What’s the status of the City’s FY25 budget

What's the status of the City's FY25 budget?

Published on July 16, 2024

Fort Worth staff is inching closer to providing City Council with a recommended Fiscal Year 2025 budget on time in early August.

A recommended property tax rate will be presented at the same time.

Why it matters: Property tax revenue is the main funding source for the General Fund, the portion of the budget that pays for the day-to-day operations of police and fire services, employee salaries, public works and community services.

• At the end of July, the Tarrant, Denton, Parker and Wise appraisal districts send certified property values to the City of Fort Worth, allowing staff to complete the budget.

What's been happening: The FWLab, the team that coordinates data collection, analysis, and budget planning, has been working with estimates to find ways to make the most with taxpayer dollars.

The bigger picture: City services will not change, but adding or expanding some operations in the FY25 General Fund budget could create deficits.

• Inflationary pressures, slower property value growth from previous years, and low growth in sales tax revenue are impacting decision-making.
• City departments have since culled their already submitted budget requests to only a few top priorities.

Going forward: City budget staff will continue to work with different revenue scenarios, while still focusing on council priorities and goals, key components in budget development. Those areas include economic development, community investment, community safety, infrastructure and responsible growth.

• Several council sessions will be held to go over budget recommendations and the property tax rate, which sits at 67.25 cents per $100 assessed valuation for FY24.

The timeline: Fort Worth begins its formal budget process in March.

• That process included a series of public meetings and online gathering of ideas from residents.
• Departments turn in preliminary budgets, along with new budget requests, in May to the FWLab to review. The FWLab also looks for savings from the FY24 budget.
• The City's fiscal year runs Oct. 1 to Sept. 30.

Find additional informationand engage in the budget process.

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• City Council