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HomeMy WebLinkAboutOrdinance 105721R ~1 ~- O RDINANCE N O ~~J ~~ AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS IN THE SPECIAL ASSESSMENT DISTRICT FUND 87, PROJECT NO 100089-00, OF THE CITY OF FORT WORTH FOR THE FISCAL YEAR 1989-90 BY TRANSFERRING THE 5UM OF $71,718.43 FROM THE SPECIAL ASSESSMENT DISTRICT FUND 87, PROJECT NO 100087-00, 1987 IMPROVEMENT DISTRICT NO 1 ($46,395.24) AND PROJECT NO 100088-00, 1988 IMPROVEMENT DISTRICT NO 1 ($25,324 19), AND APPROPRIATING SAID $71,718 43 TO THE SPECIAL ASSESSMENT DISTRICT FUND 87, PROJECT NO 100089-00, 1989 IMPROVEMENT DISTRICT NO 1, PROVIDING FOR A SEVERABILITY CLAUSE, MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES AND REPEALING ALL PRIOR ORDINANCES IN CONFLICT HEREWITH, PROVIDING FOR ENGROSSMENT AND ENROLLMENT, AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS SECTION 1 That in addition to those amounts allocated to the various City departments for the Fiscal Year 1989-90 and in the Budget of the City Manager, there shall also be increased estimated receipts in the Special Assessment District Fund 87, Project No 100089-00, 1989 Improvement District No 1, by transferring the sum of $71,718 43 from the Special Assessment District Fund 87, Project No 100087-00, 1987 Improvement District No 1 ($46,395.24), and Project No 100088-00, 1988 Improvement District No 1 ($25,324 19), and appropriating said $71,718 43 to the Special Assessment District Fund 87, Project No 100089-00, 1989 Improvement District No 1 SECTION 2 Should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void for any reason by a court of competent jurisdiction, such decision, opinion or judgement shall in no way impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall be and remain in full force and effect. SECTION 3 That this ordinance shall be cumulative of Ordinance No 10363 and all other ordinances and appropriations amending the same except in those instances where the provisions of this ordinance are in direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed. SECTION 4 The City Secretary of the City of Fort Worth is hereby directed to engross and enroll this ordinance by copying the caption and effective date into the minutes of the City Council and by filing this ordinance in the ordinance records of the City of Fort Worth SECTION 5 This ordinance shall take effect and be in full force and effect from and after the date of its passage, and it is so ordained APPROVED AS TO FORM ND LEGALITY . ' .... ------------------------------------ City Attorney Date _~-tt~~ O _L Adopted Effective ~~G~1 _ ,~ pity of lt~o~°t ~o~°th, ~~.~~~ DATE REFERENCE SUBJECT CONSOLIDATION OF PUBLIC PACE NuMSER IMPROVEMENT DISTRICT NO. 1 PRIOR YEAR 2 4-2~+-90 ~~G-857+ EXCESS REVENUES INTO FY 1988-89 1of RECOMMENDATION It is recommended that the City Council 1. Approve the transfer of prior year cash balances from Special Assessment District Fund 87, Project Nos. 100087-00, 1987 Improvement District No. 1 ($46,395.24) and 100088-00, 1988 Improvement District No. 1 ($25,324.19) to Project No. 100089-00, 1989 Improvement District No. 1; and 2. Adopt the attached appropriations ordinance increasing estimated receipts by $71,718.43 and appropriations by a like amount in the Special Assessment District Fund 87, Project No. 100089-00, 1989 Improvement District No. 1 from increased revenues. DISCUSSION• In 1986, the City Council established the Downtown Improvement District known as Public Improvement District No. 1. This District was originally created for a three year period from FY 1986-87 through FY 1988-89. In October of 1989, the City Council voted to reestablish Public Improvement District No. 1 for an additional five years. At the end of the original three year period, Fund 87, Special Improvement District No. 1, had accumulated excess revenue over expenses in the amount of $47,984.97. This excess revenue is distributed as follows Project 100087-00 (FY 1986-87) $46,395.24 Project 100088-00 (FY 1987-88) 25,324.19 Project ,100089-00 (FY 1988-89) (23,734.46) ,,, TOTAL ' ~ '~~~"# ' ' ~" $47 , 984.97 The current revenue shortfall in Project 100089-00 is due to the fact that 1) only 98.9% of private property assessments have been collected, and 2) interest earnings were less than anticipated. In order to consolidate Special Improvement District No. 1's excess revenues, Recommendation. (1) closes out the accounts for project years 1986-88 by transferring the remaining balance to project year 1988-89. Recommendation (2) increases appropriations in Project 100089-00 to allow the excess revenue to be expended when approved, this revenue will be designated as Reserves. Expenditure of Reserve funds must be approved by the City Council, and must go towards costs associated with Public Improvement District No. 1. Such proposed expenditures can be addressed at the time the annual budget for the District is adopted by the City Council. DATE REFERENCE NUMBER suB~ECT CONSOLIDATION OF PUBLIC PAGE IMPROVEMENT DISTRICT N0. 1 PRIOR YEAR 2 2 ~+-2~+-90 **G-857+ EXCESS REVENUES INTO FY 1988-89 or _ __ PROJECT ACCOUNT FINANCING: Sufficient funds are available in Special Assessment District fund 87 Project Nos. , 100087-00, 1987 Improvement District No. 1 ($46,395.24), and 100088-00, 1988 Improvement District No. 1 ($25,324.19), to transfer to Project No. 100089-00, 1989 Improvement District No. 1. The funds will be transferred into Revenue Index Code 088948. DAI.k/6 APPROVED 8Y CITY COUNCIL ~~~ ~~ asp Citg Soorotazy of the City of Fozt ViTOSth, T6xae SUBMITTED FOR THE CITY MANAGER'S OFFICE BY _ Mike Groomer 6122 DISPOSITION BY COUNCIL. ^ APPROVED PROCESSED BY ORIGINATING DEPARTMENT HEAD• DaVld IVOry 6116 ^ OTHER (DESCRIBE) CITY SECRETARY FOR ADDITIONAL INFORMATION CONTACT Kirk Bednar 61.02 u• 2IICC NO DATE