Mid City Times

The City of Fort Worth recently presented its Fiscal Year 2024 unaudited General Fund performance during a City Council work session. City Manager David Cooke provided insights into the financial outcomes, including an increase in the unassigned fund balance and proposed allocations for available funds.

The city reported an amended budget of approximately $273.7 million for FY24. Surplus interest earnings amounted to about $29.7 million, which are recommended to be used for risk funding to offset deficits and address current capital project shortfalls. The average interest rate has seen a significant rise from 1.15% in FY20 to 5.43% in FY24.

The unassigned fund balance for FY24 stands at approximately $232.6 million, marking an increase of $14.6 million from the previous year, accounting for 22% of the total balance. The projected fund balance is around $332.4 million, with specific allocations planned.

These allocations include recommitting items from FY23 such as sales tax repayment and funding for the Juneteenth Museum, alongside new commitments like department rollovers and library capital projects.

Looking ahead, on February 18th, the Annual Comprehensive Financial Report (ACFR) will be presented to both the Audit Committee and City Council during a work session. This review will aid in developing the FY26 budget by analyzing detailed financial data from FY24.