Ft Worth Times

The City of Fort Worth is looking at financial adjustments and potential ways to mitigate its losses due to the economic impact of the novel coronavirus, according to the city's website.

"On the financial side, the COVID-19 pandemic will be impactful, not only to the City of Fort Worth as an organization but to our local businesses as well," City Manager David Cooke said. "Fortunately, we entered this challenge in a strong position – the local economy was extremely strong and the city was in a very strong financial position. Throughout this pandemic, we have been and will be out there providing needed services to our residents."

The city's budget staff is looking at revenues and losses from sales tax, the Crime Control and Preventative District (CCPD), development, fines and public events and how to alleviate those losses.

Currently, sales tax contributes approximately $172.8 million to the city budget. Because of business closures due to COVID-19, that may drop as much as $26 million, according to the site. With CCPD, the city believes that it could take a hit of up to $12 million, and development revenues could see a loss of between $2.2 million and $3.6 million. Losses from public events could be as much as $15 to 25 million.

To help alleviate the losses the city is likely to suffer, it has made a list of strategies, which include instituting a hiring freeze, a discretionary spending freeze, postponing and evaluating capital projects, and focusing on specific programs and services, the city states.

The city also plans to use federal aid to help the community, according to the site. The city may receive as much as $166 million in aid through the CARES Act.