HomeMy WebLinkAboutOrdinance 10153a
= ORDINANCE N O. ~~~~
AN ORDINANCE INCREASING THE ESTIMATED REVENUE IN THE GOLF FUND, FUND 39, IN THE AMOUNT
OF $350,000.00 BY TAKING SAID AMOUNT FROM RETAINED EARNINGS, AND APPROPRIATING SAID
AMOUNT TO THE GOLF FUND 39, ACCOUNT NO 80-40-05, THEREBY INCREASING APPROPRIATIONS IN
THE GOLF FUND 39, BY THE SAME AMOUNT FOR THE PURPOSE OF ENHANCING PLAY THROUGHOUT THE
FOLLOWING YEARS AND TO PREVENT SOME FUTURE EMERGENCY REPAIRS, PROVIDING FOR .A
SEVERABILITY CLAUSE, MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES AND
REPEALING ALL PRIOR ORDINANCES IN CONFLICT HEREWTTH, 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 1987-88 and in the Budget of the City Manager, there shall also be increased
estimated revenues in the Golf Fund, Fund 39, in the amount of $350,000 00 by taking said
amount from Retained Earnings, and appropriating said amount to the Golf Fund 39,
Account No 80-40-05, thereby increasing appropriations in the Golf Fund, Fund 39, by the
same amount for the purpose of enhancing play throughout the following years and to
prevent some future emergency repairs
SECTION 2
Should any portion, section or part of a section of this ordinance be declared invalid,
inoperative or void for any reas on 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 9926 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appropriations are hereby expressly repealed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 AND LEGALITY
_ ____G:`ltt~
~ssf,City Attorney
Date
Adopte
Effecti
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PARKS AND REC
DATE REFERENCE SUBJECT SUPPLEMENTAL APPROPRIATION PAGE
EAf16N 1' NUMBER FOR THE GOLF FUND 2
8/16/88 r-~~R~ ~ of
RECOMMENDATION
That the City Council adopt the attached supplemental appropriations
ordinance appropriating $350,000 from the Retained Earnings (Working Capital
monies) of the Golf Fund to Golf Management 80-40-05.
Ilicruccinn
The $350,000 will be used to enhance play throughout the following years and
to prevent some future emergency repairs The following specific uses have
been identified as most essential at this time
Overseed fairways for winter play,
fertilizer and topdressing
Rebuild and repair the pump and pui
Install drains, tile, and new sand
fertilizer and topdressing
Purchase ball washes, benches, and
Personal services at Pro Shops and
includes fungicide,
$ 60,000
np house foundation at Z Boaz. 6,000
in all the courses
101,000
sand trap rakes for all traps 133,000
Maintenance 50,000
$350,000
As a result of cutbacks during FY 87-88, the Golf Fund audited financial
statements reflected a Net Income of $454,000 for the fiscal year. In amore
conservative approach to establishing available balances for appropriation in
enterprise funds, staff ues the calculation for working capital (current
assets minus current liabilities). For FY 87-88 the audited Working Capital
for the Golf and was $356,000 At June 30, 1988 Working Capital is $705,000.
GAAP Basis As of
Sept 30 June 30
1987 1988
~' Opera'ting Revenues $3,590,000 $2,571,890
~, Operating Expenses 3,145,000 2,448,696
Operating Income $ 445,000 123,194
Noncperating Income _ 9,000 46,516
Net Income $ 454,000 $ 169,710
DATE REFERENCE SUBJECT SUPPLEMENTAL APPROPRIATION PAGE
NUMBER
8/16J88 G-7682 FOR THE GOLF FUND ~__of__2__
Current Assets $679,000 $972,000
Current Liabilities 323,000 267,000
Working Capital $ 356,000 $ 705,000
Another factor considered in the recommendation is the staius of the FY 88-89
budget. The following substatiates that the fund will more than break even
this year, so working capital carried forward from the prior year is
available for appropriation.
Budget (Cash) Basis
Revenues
Expenditures
Excess of Revenues
FY 88
Revised
Budget
$3,539,141
3,582,659
* Commitments rolled forward from FY 87
As of
June 30, 1988
$2,618,400
2,350,312
~ 268L088
Estimated
September 30,
1988
$ 3,645,990
3,582,659
$ 63,331
Financing
Upon adoption of the supplemental appropriation ordinance, sufficient funds
will be available in the Golf Fund 39, Management Account No. 80-40-05.
APPROVED BY
Cf~'Y C~t~t~C1 L
AUG ~~ i9~8
~~tg asoxtar~r +~ the
Katy of ~~st words, T.sa.
SUBMITTED FOR THE
CITY MANAGER'S
OFFICE BY DISPOSITION BY COUNCIL:
^ APPROVED PROCESSED BY
^ OTHER (DESCRIBE)
ORIGINATING
DEPARTMENT HEAD: CITY SECRETARY
FOR ADDITIONAL INFORMATION pdOpted Or~inartce Nad D
TE
CONTACT E 0 A
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