City Manager’ s Message
Popular Annual Financial Report FY 2024
I am pleased to present the City of Arlington’ s Popular Annual Financial Report( PAFR) for Fiscal Year 2024. This report serves as our annual report to you, the citizens of Arlington, providing key financial information and highlighting how we have strategically utilized resources to serve our community.
Arlington remains committed to transparency in both operations and financial reporting. The Texas Comptroller of Public Accounts has been recognized the City with its Trailblazer Award for its dedication to open government. Arlington is one of only 20 jurisdictions statewide to earn all six of the Comptroller’ s Transparency Stars, including the newest category, Open Government & Compliance.
To further enhance public access to information, the City provides regular updates on City Council-identified priorities through online newsletters, the annual Budget and Business Plan, and a comprehensive Open Data Portal that allows residents to explore financial reports, spending data, and performance metrics. Additionally, City Council meetings are livestreamed and archived for public viewing, and residents can track key projects and initiatives through interactive dashboards and quarterly financial reports. These efforts reflect Arlington’ s ongoing mission to ensure accountability and to encourage residents to use these tools to stay informed and engaged.
In recent years, Arlington has experienced significant economic growth, allowing for strategic investments and innovative initiatives that strengthen our ability to serve the community. This progress reflects our commitment to sound fiscal policies and forward-thinking planning, which have laid a solid foundation for the City’ s continued advancement.
In FY24, Arlington made significant strategic investments in technology and infrastructure to enhance efficiency, improve services, and support long-term growth. Recognizing the power of data-driven decision-making, we implemented advanced technology solutions to streamline operations, enhance cybersecurity, and improve public engagement. The first Governance, Risk, and Compliance Manager was hired to lead a city-wide incident response program, establish a Security Steering Committee, and drive AI security governance. GenAI and automation were integrated into security operations, while the city’ s first formal security policies and standards were developed. Additionally, an independent assessment was conducted to roadmap Water Utilities’ security maturity.
On the infrastructure front, Arlington invested over $ 179 million on capital improvements, including $ 80 million for street maintenance projects. Investing in capital improvements in a developed city is essential for maintaining and enhancing infrastructure, including roads, sidewalks, water systems, public facilities, and parks. These investments support safety, efficiency, and quality of life for residents while supporting economic growth and sustainability.
Arlington’ s strong Economic Development program is dedicated to job creation, diversifying the commercial tax base, fostering innovation, and cultivating a dynamic business environment that drives competitiveness and creativity. In FY24, the city continued to attract significant private investment and economic opportunities, reinforcing Arlington’ s reputation as a premier destination for businesses and visitors alike.
Arlington has many active economic development incentive agreements, including tax abatements, Chapter 380 agreements, Tax Increment Reinvestment Zones( TIRZ), Public Improvement Districts( PID), and initiatives supported by the Arlington Economic Development Corporation. The city celebrated the opening of the award-winning Loews Arlington Hotel and Convention Center, enhancing its appeal as a premier destination. Several corporate headquarters relocated to Arlington, and Bell unveiled its Weapon Systems Integration Lab, bolstering the city’ s position in the defense sector. Arlington also garnered accolades, ranking No. 6 as the Best Sports Business City and No. 4 among Top Metros for Entrepreneurial Success.
Financial sustainability remains a top priority for the City of Arlington, and maintaining strong reserves is a key pillar of our long-term fiscal strategy. Our adopted Financial Policies require reserves equal to at least 15 % of General Fund expenditures, but we have consistently exceeded this threshold, maintaining a steady 20 % reserve to safeguard against economic uncertainties and emergencies. This prudent approach ensures the city remains resilient, able to respond to unforeseen challenges, and the continued delivery of high-quality services to our residents and businesses.
I am honored to present this report and hope it provides you with valuable insight into how your local government is working for you.
Trey Yelverton | City Manager City of Arlington, Texas
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