Fiscal Year Ended September 30, 2024
City of Irving, Texas
Centennial Park
Message from The Mayor
One of the most impressive things about the City of Irving is the people who work for the city and their passion for excellence. From the elected officials and city employees to the Irving Convention Center and Visitors Bureau and the city’s two Chambers of Commerce, everyone works hard to make Irving an outstanding community to live, work and play.
Building relationships with businesses that invest in Irving is also key to our success. Companies like Christus Health and Wells Fargo spend years planning and working with various city teams to make sure their corporate office developments suit both the city and organization’s needs. These partnerships are another example of the commitment people make to better our community.
Maintaining infrastructure and amenities are key to Irving’s quality of life. The city continues to make investments in drainage, roads and recreational opportunities to meet the needs of our community. Over the past five years, the city has improved over 72 miles of roadways and has entered phase two of the Road to the Future program that invests $200 million on road improvements in 10 years. In Fiscal Year 2022-2023, the city also committed to elevating aquatics and recreation in Irving by making improvements to several facilities, including building a new outdoor pool at Lee Park, a new indoor pool at Senter Park and a Multi-generational Community, Recreation and Aquatic Center at Mustang Park.
The city’s Annual Report is full of great information about Irving, and I hope you enjoy learning more about our fantastic city!
Richard H. Stopfer Mayor
Mayor Richard H. Stopfer
Irving City Council
The City of Irving is governed by a council-manager form of government where the City Council sets city policy and the City Manager is responsible for implementing that policy and managing city operations.
The council consists of a mayor and eight council members who are elected for three-year terms. Elected officials are under a mixed system, which includes three at-large districts (Mayor, place 2 and 8), and six singlemember districts (places 1, 3, 4, 5, 6 and 7).
Email Mayor and City Council members ccouncil@IrvingTX.gov
Council Meetings
Irving City Council meetings are held on designated Thursdays at 7 p.m. in the Council Chambers at Irving City Hall, 825 W. Irving Blvd.
Work Sessions are held prior to council meetings and begin at various times depending on the agenda. Work Sessions are open to the public in the first floor Council Conference Room at Irving City Hall, 825 W. Irving Blvd. Check specific meeting agendas to confirm start times.
Governance
Founded in 1903 and Incorporated in 1914
2,499 Full-Time-Equivalent City Employees
21 Appointed Boards, Commissions and Committees with Almost 200 Irving Residents Serving Various Volunteer Functions
City Council District Map
Visit CityofIrving.org/Agendas for meeting dates, agendas and instructions for speaking at council meetings.
Meetings are streamed live at ICTN.tv and on local cable channels. On-demand meeting archives are available at CityofIrving.org/ ICTN-on-Demand or ICTN.tv.
Irving is in the Heart of North Texas & Home to One of the Most Diverse Zip Codes in the Nation – 75038
Irving, TX
SCAN ME
SCAN ME
Left to Right: Kyle Taylor, Al Zapanta, Mark Cronenwett, Mayor Pro Tem Phil Riddle, Mayor Rick Stopfer, Deputy Mayor Pro Tem Dennis Webb, Brad M. LaMorgese, Abdul Khabeer, John Bloch
SCAN ME
The financial data highlighted in the Popular Annual Financial Report (PAFR) is designed to provide a summary view of the city’s financial activities for Fiscal Year 2023-24 (FY24). Information included in this report can be found in greater detail in the FY24 Annual Comprehensive Financial Report (ACFR) located at CityofIrving.org/ACFR
or by contacting the Finance Department by mail at 825 W. Irving Blvd., Irving, TX 75060 or by phone at (972) 721-2401. The financial report was prepared in accordance with Generally Accepted Accounting Principles (GAAP) and was audited by independent certified public accounting firm Weaver and Tidwell, L.L.P.
Message from The City Manager
Strategic thinking, planning and management play a strong role in the City of Irving’s organizational culture. The city’s organizational strategy, Future in Focus, consists of five focus areas and 18 operating strategies. Based on input from city leadership and key stakeholders, the plan works in tandem with the city’s five-year capital plans, City Council priorities and annual budgets.
Future in Focus encompasses key initiatives that allow the city to stay focused on what matters most, which is to deliver exceptional services and promote a high quality of life for residents, businesses and visitors.
Chris Hillman
History of Irving
Settlers came to the area that is now Irving in the 1850s, and communities such as Sowers, Kit, Shady Grove, Union Bower, Finley, Estelle and Bear Creek sprang up in the last half of the 19th century. The new town of Irving, founded in 1903 by J.O. Schulze and Otis Brown, eventually included most of these settlements. Irving was officially incorporated April 14, 1914.
Visit the Irving Archives and Museum, located at the Jack D. Huffman Community Building, 801 W. Irving Blvd., to learn more about Irving's history.
Demographics
Home of DFW International Airport and Adjacent to Dallas Love Field Airport
Trinity Railway Express (TRE) with Two Stations in Irving Connecting Passengers to Destinations Throughout Dallas and Tarrant Counties
Dallas Area Rapid Transit (DART) Commuter Rail Line and Local Buses Four 18-hole Championship Golf Courses
More than 92 Parks, 33+ Miles of Trails, Three Libraries and a Municipal Golf Course Smithsonian-Affiliated Arts Center, Four Museums, Three Symphonies and Award-Winning Theater Productions
of Toyota Music Factory, an Entertainment and Restaurant Complex featuring the 8,000-person capacity The Pavilion at Toyota Music Factory and Texas Lottery® Plaza
A Look Back
Toyota Music Factory
Reinvested in the Toyota Music Factory to support $35 million in new capital improvements
Let's Play Irving - Elevating Aquatics
Began Lee Park Pool reconstruction, as well as design of Senter Park Indoor Aquatics Center and Mustang Park MultiGenerational Community Recreation and Aquatics Center.
A Look Ahead
LEE PARK POOL
OPENING
& SENTER PARK GROUND
BREAKING
Irving Interchange Project
Texas Department of Transportation's (TxDOT) $301 million project to reconstruct the State Highway (SH) 183/SH 114/ Loop 12/Spur 482 interchange was completed in Spring 2024.
MacArthur Boulevard
(Metker Street to Byron Nelson Way)
The $27.9 Million project includes water, wastewater, storm system, sidewalks and roadway pavement. Construction began February 2023 and estimated completion is Fall 2025.
Central Fire Station
Completed construction of Central Fire Station and started design of Fire Station No. 8.
The Lee Park Pool is scheduled to open in May 2025. Construction on the new Senter Park Pool, located at 901 S. Senter Road, began Feb. 10, 2025. The facility’s existing outdoor pool will be demolished and replaced with an indoor aquatics center that Irving residents of all ages can enjoy year-round. The new aquatics facility is expected to open Memorial Day weekend 2026.
NEW WEBSITE + CRM
Be on the lookout for a new website, CRM and mobile app offering a new way to connect with the City of Irving. The site will be user-friendly, making finding precisely what you’re looking for easy.
Financial Highlights
TREND SUMMARY
(in Thousands)
FY24 GENERAL FUND
$278.8 Million Budget
$270.3 Million Actual Expenditure
The General Fund is the city’s main operating fund used to account for day-to-day operations except those required to be reported in other funds. The majority of city departments and personnel are budgeted in this fund. References to General Fund budget include funds aggregated with the General Fund as reported in the Annual Comprehensive Financial Report.
The majority of General Fund revenues are generated from tax revenues. These are primarily comprised of property taxes and sales taxes at city rates of $0.5941 per $100 valuation and 1% of taxable sales, respectively.
Irving City Council Adopted a Balanced $924.5 Million Operating Budget, which Includes the General Fund and Several Dedicated Funds.
Thousands)
29%
Dedicated Funds
10%
Funds 36% Other Funds Include Internal Services, Grants, Solid Waste Services, Hotel/Motel Tax and Municipal Drainage Utility
Financial Highlights
GENERAL FUND REVENUES AND EXPENDITURES
Property tax and sales tax collections represent the largest sources of revenue for the General Fund. When combined with Franchise Fee revenue, tax collections comprise 86% of total General Fund revenues.
FY24 Revenues
Financial Highlights
SALES TAX REVENUES
Sales tax revenues are the second largest source of funding for general fund revenues. For the prior three years the city collected:
FY24 SALES TAX ALLOCATION
Out of every dollar spent on taxable goods and services in Irving, 8.25% in sales tax is generated and allocated to the State of Texas, Dallas Area Rapid Transit (DART) and the City of Irving.
Total Sales Tax Rate 8.25% $892.8 Million
and
Waste Management and Remediation Services
Estate, Rental and Leasing $22,633,763 $16,458,799 $8,954,754 $7,952,583 $5,415,713 $4,895,103 $4,569,567 $4,336,597 $3,778,072 $2,880,330
According to the Dallas Central Appraisal District (DCAD), the Total Estimated Taxable Value for the 2024 Tax Year is $39,008,248,362 an Increase of $3,207,469,575 over the Prior Year.
New Residential Construction Added 697 New Properties with an Average Value of $181,592 and New Commercial
Construction Increased by 40 Properties with an Average Value of $4.6 Million.
The Average Taxable Value for an Irving Home is $279,704 with an Average Market Value of $379,970.
Financial Highlights
PROPERTY TAX
The largest share of property tax collected goes to one of three Independent School Districts (ISDs) serving Irving residents: Irving ISD, Carrollton-Farmers Branch ISD or Coppell ISD. Other taxing authorities include the city, Dallas County, School Equalizations, Parkland Hospital and the Dallas County Community College. FY24 TOTAL PROPERTY TAX BILL BREAKDOWN
Based on Average Single-Family Taxable* Home Value of $279,704 with a 20% Homestead Exemption
*Average taxable value based on tax rate/$100 valuation. Homeowners age 65+ or with proof of disability qualify for a $50,000 exemption off their residence’s taxable value
The City’s Debt Service Reserve Balance was $17.2 Million in FY24
City Reserves
The city has a Fund Balance Policy to target a minimum General Fund balance for operations that is 30% of annual revenues. This financial policy ensures an adequate fund balance in operating funds to maintain liquidity, as well as provide the city with capital in the event of unexpected financial impacts, such as economic downturns and natural disasters. As of September 30, 2024, the city has a general fund reserve rate of 36%
FY24 Net Position
The City’s net position is a key indicator of its financial health, reflecting the extent to which its assets are available to meet obligations. This measure provides a comprehensive view of the City’s overall financial standing, including its ability to fulfill commitments and invest in future projects and services.
$1,509,224,314
Over time, increases or decreases in the city’s net position may be an indication of whether the financial situation of the city is improving or deteriorating.
The City of Irving’s overall net position increased 12% or $144 Million from the prior fiscal year.
NET INVESTMENT IN CAPITAL ASSETS
The most significant portion of net position ($1.1 Billion) is invested in capital assets. Irving uses these capital assets to provide a variety of public goods and services to its residents. For that reason, these assets are not available for future spending. Irving’s investment in capital assets is reported net of related debt.
RESTRICTED NET POSITION
This portion of net position ($139.5 Million) is restricted, representing funds that are limited to construction activities, payment of debt or specific programs by law.
UNRESTRICTED NET POSITION
The remaining portion of net position ($195.4 Million) is unrestricted, representing resources that are available for services.
STATEMENT OF ACTIVITIES
(Changes in Net Position)
Irving’s fiscal year runs Oct. 1 to Sept. 30. The city’s statement of activities for fiscal years ending September 30, 2022-2024 are shown in the chart below.
ACTIVITIES/CHANGES IN NET
As of September 30, 2024
THE FUND BALANCE OF THE GENERAL FUND WAS $106.6 Million
GENERAL FUND BALANCE
General Fund balance represents city reserves and amounts nonspendable, committed assigned or unassigned for special purposes. These are shown for the fiscal years ending September 30, 2022-2024 in the chart below.
*In FY22, $1,595M was restricted for the amount held in escrow for pension contributions to be paid from pension obligation bond proceeds.
CAPITAL ASSETS
Financial Highlights Financial Glossary of Terms
Capital assets represent a significant portion of the city’s financial position used to deliver services and community needs.
Major Capital Asset Additions
Vanco, Cascade, Wildwood Water & Wastewater Improvements Project
DEBT
Long-term debt represents borrowings used to finance the construction and purchase of capital assets used by the city. In FY24, the city issued $204.6 Million in new debt to fund a variety of planned capital projects ranging from building and park facility improvements and renovations to water main replacements and drainage improvements.
Assigned funds: Amounts set aside by the city for specific purposes that are not restricted or committed.
Committed fund balance: Amounts that can only be used for a specific purpose by formal action from City Council.
Dedicated funds: Amounts set aside for a specific purpose.
Deferred outflows of resources: Amounts pending recognition as expenses in future periods.
Deferred inflows of resources: Amounts pending recognition as revenues in future periods.
Franchise fees: Charges to utility companies for the use of public rights-of-way.
General fund: The main operating fund for the city.
Intergovernmental: Revenue recognized from grant awards and reimbursement of operating costs by other funds.
Net investment in capital assets: Capital assets, net of accumulated depreciation, reduced by outstanding capital related debt.
Net position: The net position of the city is equal to city assets and deferred outflows reduced by liabilities and deferred inflows.
Nonspendable funds: Fund balance representing assets not in a spendable form (i.e. inventory).
Reserves: Amounts of fund balance that are not available for appropriation or are set aside for a specific future use.
Restricted fund balance: Amounts that can only be used for a specific purpose set by external entities.
Restricted net position: Restricted assets reduced by liabilities and deferred inflows of resources related to those assets.
Unassigned fund balance: Remaining amount that has not been assigned to other funds or been restricted, committed or assigned to specific purposes.
Unrestricted net position: Remaining net position not included in net investment in capital assets or restricted net position.
Accomplishments AWARDS
City Secretary’s Office received the Excellence Award – Municipal Clerks Office
Irving Convention Center & Visitors Bureau received 11 Adrian Awards – Hospitality Sales & Marketing Association International
20 24 City of Irving YEAR IN REVIEW
Each year, the city releases the Year in Review document to provide residents with an overview of the achievements, highlights and accomplishments from that year.
Approved five economic development incentive agreements to support 294 new jobs, 850 existing jobs and $178 million in new capital investment occupying 1,432,000 square feet of new and existing commercial space
Invested in parks, including Southwest Park, Keeler Park, Fritz Park, Trinity View Park and enhanced cricket field operations
Provided downpayment assistance to eight first- time homebuyers and assisted nine households with emergency home repair projects
Transitioned to a Real- Time Crime Center that allows officers to respond quickly to crimes
Conducted 156,556 property inspections resulting in 10,543 violations being addressed with a 93% voluntary compliance rate
Irving Convention Center & Visitors Bureau received two Silver Davey Awards – Academy of Interactive & Visual Arts
Irving Convention Center & Visitors Bureau recognized as Top 50 List of Meeting Destinations in North America – CVENT Fleet received the Top 50 Leading Fleets Award – Government Fleet
Fleet received the Clean Cities Silver Award for seven consecutive years – Dallas-Fort Worth Clean Cities Coalition
CityofIrving.org/PlayIrving microsite received state and national awards – 3CMA Savvy Award & the Texas Association of Municipal Information Officers’ Best Issue-Specific Website
Popular Annual Financial Report (Annual Report) won the Reporting Award – Government Finance Officers Association
Irving Community Television Network won 44 awards in video/ broadcast production – 3CMA, National Association of Telecommunications Officers and Advisors & Texas Association of Telecommunications Officers and Advisors
Received Certificate of Achievement for Excellence in Financial Reporting for 40 consecutive years – Government Finance Officers Association
Received the Distinguished Budget Presentation Award for 37 consecutive years – Government Finance Officers Association
Reaffirmed the Traditional Finances, Public Pension and Debt Obligations Transparency Stars Award – Texas Comptroller of Public Accounts
Keep Irving Beautiful won the Environmental Excellence Award –Texas Commission on Environmental Quality
Keep Irving Beautiful won the Gold Star Award, Sustained Excellence Award and Beautify Texas Award – Keep Texas Beautiful
Police Homeless Outreach Team received the Civil Servant Award –Keep Irving Beautiful
Planning received the Award of Excellence – Texas American Planning Association
SCAN ME
