As Fort Worth's population continues to rise, city leaders are doubling down on a cash-centric approach to infrastructure development. The city's Pay-as-you-go (PayGo) financing system has been the linchpin of its capital improvements strategy for a decade, leveraging funds from property taxes and sales tax to avoid the pitfalls of borrowing. A recent report by the City of Fort Worth outlines how the FY25 budget, through PayGo, plans to strategically address service needs by adequately maintaining and expanding infrastructure.
To rapidly meet residents' needs, officials have slated a total of $83.9 million for upgrades across several departments, thus reflecting an increase from the prior fiscal year. Among the proposed upgrades for Fiscal Year 2025 are enhancements to streets, sidewalks, transit facilities, street lighting, and parks. These measures are projected to conveniently shore up infrastructure without needing to wait for voters' approval in the next bond election, scheduled for 2026.
Taxpayers stand to benefit from this financial prudence. The avoidance of interest payments due to a lack of borrowing ultimately translates to lower costs over time. As reported by the City of Fort Worth, using PayGo does more than just pay for maintenance and improvements; it prevents assets from falling into disrepair and extends their usefulness. This operational efficiency offers the city the financial flexibility necessary to tackle larger projects as the community grows and evolves.
The breakdown of the FY25 budget includes significant allocations: $64.2 million earmarked for the Transportation & Public Works Department, with $10 million exceeding what was designated in FY24. The Neighborhood Services Department is set to receive $4.2 million, albeit with a scaled-back Neighborhood Improvement Project. Additional allocations of $5.2 million to the Property Management Department, $3.9 million to cover technology upgrades, $3.5 million for park improvements, $1.8 million for transit projects, and $1 million to assist community partnerships have all been detailed as part of the plan.
