The city of Fort Worth City Council will review the proposed 2023-24 fiscal budget and tax rate during a meeting on Sept. 19.

The proposed budget is $2.6 billion, while the proposed tax rate will drop to $0.6725 per $100 valuation, a 4-cent decrease from last year’s rate, if it is approved at the 5 p.m. meeting.

The city will generate $65 million more revenue from property taxes than it did in last year’s budget, according to documents.

City documents state the rate will represent an increase in property tax revenue as it is above the no-new-revenue tax rate of $0.635374 per $100 valuation.

The full story


In a letter to council, City Manager David Cooke said the budget consists of $1 billion in the general fund, with additional costs coming from debt service funds and operating funds. He said Fort Worth has more than 8,000 employees in 20 different departments citywide.

Some notable numbers in the budget include:
  • The $2.6 billion budget shows an 11.4% increase from fiscal year 2022-23.
  • The general fund is 39% of the budget—a little more than $1 billion.
  • The operating funds account for 61% of the budget—which is $1.26 billion.
In a nutshell

The city worked with appraisal districts from Tarrant, Denton, Wise and Parker counties to estimate tax revenue projection. City documents showed a 15.6% growth in adjust net taxable property value. Tax revenues are expected to increase by $235 million in FY 2023-24—$37.9 million more than FY 2022-23, according to documents.

The general homestead exemption is 20% for all residential homestead properties. There will be an increase from $40,000 to $60,000 in FY 2023-24 for homestead exemptions granted to senior citizens who are age 65 or older and/or disabled residence homestead owners.


The details

Several departments are slated to see pay increases that are part of the proposed budget. That group includes:
  • Police civil service employees
  • Fire civil service employees
  • General employees will receive an average raise of 4%.
  • Select city employees in "hard-to-fill" positions will get a 2.5% raise.
What they’re saying

“We remain one of the fastest-growing cities in the nation, as well as one of the most livable communities,” Cooke said. “During FY2023, two new districts were added to the governing body as a reflection of the enormous growth that has marked Fort Worth as the 13th largest city in the country. We continue to believe the future is bright in Fort Worth. We anticipate job and population growth to continue as more companies and people move to Fort Worth.”