Popular Annual Financial Report FY23 / 5
City Manager ’ s Message
Dear Reader ,
I am pleased to present the City of Arlington ’ s Popular Annual Financial Report ( PAFR ) for Fiscal Year 2023 . We consider this the City ’ s annual report to our shareholders - the citizens of Arlington . This report provides our residents with key financial information from Fiscal Year 2023 and specific examples of how we have used our resources in the work we do for you .
We track our performance , like any large corporation , through internal and external benchmarks . The City is committed to transparency , in the way we run our business and our financial reporting . For several years , the Texas Comptroller of Public Accounts has recognized the City ’ s provision of clear and meaningful financial information to the public . Additionally , each quarter , progress on City Council identified priorities is shared in online newsletters , and progress is also tracked in our annual Budget and Business Plan , also available online .
Like every year , Fiscal Year 2023 had substantial , strategic investments .
To track our progress and effectively run our business , we invested in technology , because we understand the importance of using data to make smart decisions . We are the only city in the state to receive the Bloomberg Philanthropies “ What Works Cities ” Gold designation for our exceptional use of data to inform decisions and improve services . We continued our investments in infrastructure , focusing heavily on streets and cityowned buildings . In FY23 , we spent
$ 61.9 million on street construction and maintenance , and $ 7 million on maintaining City buildings . We also maintained and improved our Water Utility system and our Stormwater Utility .
We made a significant investment in our greatest resource – our employees . Increases to base pay and the provision competitive benefits allowed us to attract and retain talented people to carry out the City ’ s mission of quality customer service .
The City invested in a robust Economic Development program with a focus on creating jobs , increasing and diversifying the commercial tax base , fostering innovation , and creating a dynamic environment that encourages creativity and competitiveness . The City has 70 active economic development incentive agreements , that include tax abatements , Chapter 380 agreements , Tax Improvement Reinvestment Zones , Public Improvement Districts , and an Economic Development Corporation .
We continued our commitment to rebuild after the losses we suffered as a result of the COVID pandemic . We are absorbing the positions and services funded by grant dollars into the City ’ s operating budget . By 2026 , the City will have completely replaced the funding provided by COVID grants .
In this vein of financial strength , we have kept our commitment to keeping our reserves strong . The City ’ s adopted Financial Policies call for reserves equivalent to 15 % of General Fund expenditures . For many years , we have surpassed that 15 % minimum , ensuring
Trey Yelverton City Manager Trey . Yelverton @ ArlingtonTX . gov 817-459-6101
that a consistent 20 % be available in the event of an emergency .
Strong tax revenue and careful , considered spending decisions in FY23 allowed us to create multiple opportunities to address our current needs , while making long-term investments in our future , even as we continued to reduce the property tax burden on our residents . Promises made to our community have been kept , demonstrating our enduring commitment to public health and safety , as well as an attractive , clean community for our residents and visitors to enjoy .
I am honored to present this report , and I hope it helps you become more informed about how your local government is working for you .
Trey Yelverton | City Manager City of Arlington