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HomeMy WebLinkAboutOrdinance 9787-.~._ ~~ ORDINANCE N0. -¢~~`_-~` AN ORDINANCE DECREASING THE UNDESIGNATED FUND BALANCE OF THE GENERAL FUND OF THE CITY OF FORT WORTH FOR FISCAL YEAR 1985-1986 BY $67,986 AND APPROPRIATING $67,986 TO GENERAL FUND ACCOUNT NO. 24-80-00, CULTURE AND TOURISM, AND DECREASING THE APPROPRIATION IN ACCOUNT NO. 24-80-00 BY $694,315 AND TRANSFERRING THAT AMOUNT AS AN INITIAL APPRO- PRIATION TO FUND 62, FORT WORTH CONVENTION CENTER, FOR THE PURPOSE OF FUNDING THE OPERATION OF THE FORT WORTH CONVEN- TION CENTER; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES AND REPEALING ALL PRIOR ORDINANCES TN 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 the undesignated fund balance of the General Fund of the City of Fort Worth for fiscal year 1986-1987 is hereby decreased by appropriating $67,986 to Account No. 24-80-00, Culture and Tourism; and further, that the appropriation to Account No. 24-80-00 be decreased in the amount of $694,315, which amount shall be transfer- red as an initial appropriation to Fund 62, Fort Worth Convention Center, for the purpose of funding the operation of the Fort Worth Convention Center. SECTION 2. Should any portion, section or part of a section of this ordi- nance be declared invalid, inoperative or void for any reason by a court of competent jurisdiction, such decision, opinion or judgment 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. This ordinance shall be cumulative of Ordinance No. 9690, 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with such other ordinances and appropriations, in which instances said conflicting provisions are hereby expressly repealed.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 Sections 1 and 5 in the minutes of the City Council and by filing the ordinance in the ordinance records of the city. SECTION 5. That this ordinance shall take effect and be in full force and effect from and after the date of its passage, and it is so or- dained. APPROVED AS TO FORM D LEGALITY: City Attorney Date: ADOPT EFFEC ord4 -2- fdASlER F'FLB i' AC(>0(i1V7IN0.z ~ ~a,ty_ of wort Worth, ~~~~~ TRANSpORTgT10N~PU8L[C ' JOP".3+® ~M1ATER ADMINISTRAT10Cd~~~®~ ~ U (Vu.W ~® ~l/W~~~IV ~/®~~ tL/W~~~~~~®~ PUBLtC EVERT^ GATE REFERENCE SUBJECT Fort Worth Convention Center PAGE 12/2'L/86 NUMBER Budget 2 **G- 6914 ' °f - RECOMMENDATION It is recommended that the City Council 1. Amend the appropriate Ordinance No. 9690 for the 1986-1987 adopted budget., 2. Adopt a supplemental appropriation ordinance in the General Fund O1, Culture and Tourism, Account 24-80-00 i n the amount of $67 ,986. This wi 11 result i n an increase in appropriation and a decrease in'the General Fund's balance, and 3. Transfer~$694,3T5 from the General Fund O1, Culture and Tourism, to the newly created Fort Worth Conventi on Center, Fund 62. DISCUSSION n August 22, 1986 (P1&C C-9831), The City of Fort Worth entered into a lease agreement with the Comissioner's Court of Tarrant County to lease the Tarrant County Convention Center, parking facilities and personal property for the sum of one dollar per year. The City will begin operating this facility effective January 1, 1987. As part of the lease agreement, the City will receive all revenues from and assume responsibility for the payment of operating expenses and losses of the Convention Center during the lease period. In the Informal Report No. 7160 presented t o the City Council on December 9, 1986, staff outlined a multi-year pro-forma financial plan which projected estimated expenditures and revenues for a four year period. Estimated receipts for the Convention Center from January 1, 1987, to September 30, 1987, are as follows REVENUES Building Rentals Concessions Catering Miscellaneous Parking EXPENDITURES Personal Service (Ol) Supplies (02) Contractual Services (03) Estimated Loss {~ d $ 660,000 220,000 60,000 140,000 420,000 $ 1 ,500,000 $ 995,740 104,680 1 ,093,895 2,194,315 $ 694,315 ,. j t s\ DATE REFERENCE NUMBER SUBJECT Fort Worth Convention Center PAGE 12/22/86 **G- .6914 Budget ?'' of _? _.__ , The estimat , ed loss of $694,315 is $67,986 more than the amount budgeted in 1986-87 for the City's subsidy. It is the intent of the Public Events staff t o reduce the loss by achieving additional savings in expenditures and /or by , increasing revenues during the operating period. _ FINANCING A supplemental appropriation will be necessary in General Fund Ol, Cultu,re and Tourism, f-or $67,986 t o finance the resulting difference. This will result in an increase in appropriation and a decrease in the General Fund's balance. A transfer in the amount of $694,315 will then be necessary from General Fund O1, Culture and Tourism, Account 24-80-00 to the newly created Fund 62, Fort Worth Convention Center, t o cover the operating expenses. The General Fund balance wi 11 be $35, 696,894 after the $67,986 transfer. ~ 5 RA~•1/sfgq F 5 (. G. i ~ r + ~ z ~~ r ~~i~0~V~~D BY C1~61' COUNCIL ,. ~ c ~ c ~z `~~ .. I~~y: ~~,~. ~. Ci Y "~t~'~x~.9. ~- ;Worth. Taxafl SUBMITTED FOR T CITY MANAGER'S OFFICE BY L DISPOSITION BY COUNCIL. PROCESSED BY ^ APPROVED ORIGINATING ^ OTHER (DESCRIBE) DEPARTMENT HEAD: B. Don Ma Hess CITY SECRETARY FOR ADDITIONAL INFORMATION CONTACT D Ma Hess 8150 Ado t p ed Ordinance No ~ D . --,~ ATE r . .... .