HomeMy WebLinkAboutResolution 4642-06-2016 A Resolution
NO. 4642-06-2016
APPROVING AN AMENDED BUDGET FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 14
(TRINITY BLUFF PID)
FOR FISCAL YEAR 2015-2016
WHEREAS, pursuant to Resolution No. 3748-06-2009 the City Council created the Fort Worth
Public Improvement District No. 14 (the "Trinity Bluff PID") on June 16, 2009; and
WHEREAS, in accordance with Chapter 372 of the Texas Local Government Code, on
September 15, 2015 the City Council approved a budget for the 2015-2016 fiscal year and a five-year
service plan for the Trinity Bluff PID pursuant to M&C BH-338; and
WHEREAS, pursuant to City Secretary Contract No. 47109, the City has contracted with
Downtown Fort Worth, Inc., to manage the day-to-day administration of the Trinity Bluff PID for the
2015-2016 fiscal year; and
WHEREAS, in accordance with Section 372.013(a) of the Texas Local Government Code, the
City has assigned to Downtown Fort Worth, Inc., the responsibility for preparing the annual budget and
five-year service plan for the Trinity Bluff PID; and
WHEREAS, in accordance with the City's Policy and Guidelines for Public Improvement
Districts ("PIDs"), adopted by the City Council pursuant to Resolution No. 3711-02-2009, City staff
annually conducts mid-year reviews of all PID budgets to ensure that actual PID expenditures
correspond with budgeted expenses; and
WHEREAS, in consultation with Downtown Fort Worth, Inc., regarding actual PID
expenditures and necessary programs and services required to date, City staff recommends that the City
Council approve an amended budget for the Trinity Bluff PID for the 2015-2016 fiscal year;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS THAT:
1. The following amended budget for the Trinity Bluff PID is hereby approved for the
remainder of the 2015-2016 fiscal year:
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ORT WORT
REVENUES FY15/16
PID Assessments $ 60,850
Use of Fund Balance $ 27,950
Total Revenues 88,800
EXPENSES
Management Fee 2,800
Utilities 2,000
Landscape/Tree Maintenance 25,000
Trash Removal 6,000
Holiday Light/Decorations (Repairs) 2,000
Marketing &Research 1,000
Capital Improvements $ 48,000
City Administration Fee $ 2,000
Total Expenses $ 88,800
2. This Resolution shall take effect immediately following its adoption.
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ORT WORT
City of Fort Worth
Revised-Five Year Service Plan
Public Improvement Distrct No.14-Trinity Bluff
FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20
REVENUES Budget Budget Budget Budget Budget
PID Assessments 60,850 62,067 63,308 64,575 65,866
Use of Fund Balance 27,950 14,933 - - -
Total Revenues $88,800 $77,000 $63,308 $64,575 $65,866
EXPENSES
Management Fee 2,800 8,000 8,000 8,000 8,000
Utilities 2,000 3,000 3,000 3,000 3,000
Landscape/Tree Maintenance 25,000 27,600 28,152 28,715 29,289
Trash Removal/Other Maintenance 6,000 14,400 14,688 14,982 15,281
Holiday Light/Decorations(Repairs) 2,000 0 2,500 5,000 5,000
Marketing&Research 1,000 1,000 1,000 1,000 1,000
Capital Improvements 48,000 21,000 2,500 2,500 2,500
City Administration Fee 2,000 2,000 2,000 2,000 2,000
Total Expenses $88,800 $77,000 $61,840 $65,197 $66,070
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Trinity Bluff Public Improvement District
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LEGEND
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Prepared on:August 19 2014
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COPYRIGHT 2014 CITY OF FORT WORTH. UNAUTHORIZED REPRODUCTION IS A VIOLATION OF APPLICABLE LAWS. THIS
PRODUCT IS FOR INFORMATIONAL PURPOSES AND MAY NOT HAVE BEEN PREPARED FOR OR BE SUITABLE FOR LEGAL,
ENGINEERING, OR SURVEYING PURPOSES.IT DOES NOT REPRESENTAN ON-THE-GROUND SURVEYAND PRESENTS
ONLY THE APPROXIMATE RELATIVE LOCATION OF PROPERTY BOUNDARIES. THE CITY OF FORT WORTH ASSUMES
NO RESPONSIBILITY FOR THE ACCURACY OF SAID DATA.
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 6/28/2016 - Resolution No. 4642-06-2016
DATE: Tuesday, June 28, 2016 REFERENCE NO.: **G-18767
LOG NAME: 13FMS PID14MIDYEARFY16
SUBJECT:
Adopt Resolution Approving the Revised Fiscal Year 2015-2016 Budget and Service Plan for Public
Improvement District No. 14, Trinity Bluff Public Improvement District (COUNCIL DISTRICT 4)
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the use of fund balance in the Fort Worth Public Improvement District No.14 -Trinity Bluff
Fund in the amount of$25,950.00 for additional expenses incurred in the operation of the Public
Improvement District; and
2. Adopt attached resolution approving the revised Fiscal Year 2015-2016 Budget and Five Year Service
Plan for Public Improvement District No.14 - Trinity Bluff, increasing appropriations for Fiscal Year 2016 by
$25,950.00 and decreasing the Fort Worth Public Improvement District No. 14 - Trinity Bluff Fund
unaudited, unassigned fund balance by the same amount.
DISCUSSION:
The City of Fort Worth administers the City's Public Improvement Districts (PIDs), in accordance with
Chapter 372 of the Texas Local Government Code. The City Policy and Guidelines provides for Staff to
conduct a mid-year review of the annual budget of all PIDs and recommend adjustments as needed so the
actual expenditures correspond with budgeted expenses.
The City contracts with Downtown Fort Worth, Inc. (DFWI) to manage the day-to-day operations of the
Trinity Bluff PID. Trinity Bluff recently established a citizens advisory board to provide input and guidance
to DFWI regarding desired improvements in the District. This advisory board has identified the need to
increase beautification efforts throughout the District by increasing Capital Improvements, Landscape/Tree
Maintenance and Holiday Lighting/Decorations budgets. DFWI has also identified unexpected utilities
expenses related to the recently established advisory board that require an increase in appropriations in
order to continue to meet obligations.
According to the City's Policy and Guidelines for Public Improvement Districts, reserves should be
maintained to cover the first three months for the fiscal year, approximately 25 percent of assessments,
until tax receipts are received. Furthermore, reserves should not exceed 75 percent of average yearly
assessments at any time. At the beginning of the fiscal year, prior year unspent assessments for PID 14
were estimated at the amount of$60,604.00, or 133.8 percent of the most recent three-year average
assessment rate. These unspent revenues from prior years will be utilized to fund the additional expenses
in the current fiscal year. Furthermore, the district is projecting that they will have unspent budget at the
end of the fiscal year in the Marketing and Research and Trash Removal line items that will be used to
offset some of these additional expenses. Staff recommends increasing appropriations to bring the district
into compliance with the 75 percent cap, while also funding needed repairs and expenses in the district.
Logname: 13FMS PIDI4MIDYEARFYI6 Page I of 3
Line Items to be Previously Recommended Mid- Amended FY16
Adjusted Approved FY16 Year Adjustment Budget Item
Budget Item
Utilities ^� $ 0.00 1 $ 2,000.00 �F $ -2,000.00
Landscape/Tree $24,889.00 $ 111.00 $25,000.00
Maintenance _ _
Trash Removal $ 8,161.00 F -$ 2,161.00 $ 6,000.00
Holiday
Light/Decorations $ 0.00 $ 2,000.00 $ 2,000.00
(Repairs)
Marketing & Research $10,000.00 -$ 9,000.00 T 1 $ 1,000.00
Capital Improvements $15,000.00 $33,000.00 �® $48,000.00-F otal Budget $62,850.00 25,950.00 $88,800.00
Expenses
Staff recommends an increase of$2,000.00 in the Utilities line item, an increase of$111.00 in the
Landscape/Tree Maintenance line item, an increase of$250.00 in the Holiday Lighting line item, a
decrease of$2,161.00 in the Trash Removal line item, an increase of$2,000.00 in the Holiday
Light/Decorations (Repairs) line item, a decrease of$9,000.00 in the Marketing and Research line item
and an increase of$33,000.00 in the Capital Improvements line item for a total increase of$25,950.00.
Upon approval, the total budgeted expenses for Fiscal Year 2016 will be $88,800.00. This increase in
expenses will be offset by a corresponding decrease in the unaudited, unassigned fund balance for the
Fort Worth PID No.14 - Trinity Bluff Fund. The revised Budget and Five Year Service Plan will take effect
upon approval.
The Trinity Bluff PID is located in COUNCIL DISTRICT 9.
This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that, upon approval of the above recommendations and adoption of the
attached resolution, funds will be available in the Fiscal Year 2016 Operating Budget of the Forth Worth
PID No.14 - Trinity Bluff Fund. The Financial Management Services Department has the responsibility to
validate the availability of funds prior to an expenditure being made.
FUND IDENTIFIERS (FIDs):
TO
Fund Department Accouni Project ProgramActivity Budget Reference # Amount
ID ID Year (Chartfield 2
J2)28514 0190413 5330201 $25,950.00
Logname: 13FMS PID14MIDYEARFY16 Page 2 of 3
FROM
Fund Department Accoun Project ProgramActivity Budget Reference # Amount
ID I I ID Year Chartfield 2
n 285141 0190413 4990000 J$25,950.00
CERTIFICATIONS:
Submitted for City Manager's Office by: Susan Alanis (8180)
Originating Department Head: Aaron Bovos (8517)
Additional Information Contact: David Reitz (7807)
Logname: 13FMS PID14MIDYEARFY16 Page 3 of 3