HomeMy WebLinkAboutOrdinance 8722
ORDINANCE NO.
AN ORDINANCE AMENDING ORDINANCE NO. 8644 WHICH
PROVIDED FOR THE LEVY AND COLLECTION OF AN ANNUAL
DIRECT AD VALOREM TAX ON ALL PROPERTY, REAL, PER-
SONAL AND MIXED, SITUATED WITHIN THE TERRITORIAL
LIMITS OF THE CITY OF FORT WORTH, TEXAS, ON THE
FIRST DAY OF JANUARY, A.D. 1982, EXCEPT SUCH
PROPERTY AS MAY BE EXEMPT FROM TAXATION BY THE
CONSTITUTION AND LAWS OF THE STATE OF TEXA5.
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BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
SECTION I.
That Ordinance No. 8644, adopted on September 21, 1982, is
hereby amended by changing the third sentence in Section I thereof
to read as follows:
The Controller of Accounts shall pay each week to
the Interest and Redemption Fund thirty-five percent
(350) of the current taxes collected for General Fund
operations and debt service until $21,.370,000 has been
paid to the Interest and Redemption Fund, after which
all of said collections will remain in the General Fund.
SECTION II.
Should any part, portion, section or part of a section of this
ordinance be declared invalid or inoperative or void for any reason
by a court of competent jurisdiction, such decision, opinion or
judgment shall in no way affect the remaining portions, parts, sec-
tions or parts of sections of this ordinance, which provision shall
be, remain and continue to be in full force and effect.
SECTION III.
This ordinance shall take effect and be in full force and effect
from and after the date of its passage as provided by law.
APPROVED AS TO FORM AND LEGALITY:
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D ~G City Attorne ,
Date:
ADOPTED : ~--~ /- ~ 3
EFFECTIVE : ~ - ~- ~3
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CITY MANAGER 1
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DATE REFERENCE SUBJECT General. Fund EXpenditure PAGE
SER\'ICES•.L
2/1/83 NUMBER
G- 5526
Reductions
1
1 os________
Background
In preparation for the January City Council Audit Committee meeting, the staff
revised the 1982-83 General Fund revenue estimates previously provided to the
Commit.t~.e~„ The staff revisions indicated a total General Fund revenue shortfall
--of-appr-oxmately $2 Million. In Light of this projection, all General Fund
-department's were directed to submit plans reducing budgeted expenditures by 2%.
Subsequ`ent'ly, the City was informed by the Tarrant Appraisal District of a
$300,000,,000 "clerical error" in property valuations The net effect of this
error,-and. other TAD adjustments, means that total General Fund revenues may be
under-co-l-lected by as much as $3 3 Million Consequently, departments have
submitted~lans for reducing expenditures by 3% These plans total $3.4 Million
~iTi reductions
The-depa-r-t~nents' expenditure reduction plans, as revised by the City Manager, are
hereby~~s'ubmitted to the City Council for formal adoption. summaries of the depart
a reduction plans are attached to the amended 1982-83 Appropriations Ordin-
en
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_
_
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ance which has been prepared at the direction of the City Council to reflect these
expenditure reductions. Also, a revised 1982-83 Tax Levy Ordinance (attached) has
been prepared to reduce the amount of ad valorem tax revenue to be contributed to
theGeneral Debt Service Fund during the fiscal year This action is recommended
due to the projected under-collection of ad valorem tax revenue for debt service
caused by the Tarrant Appraisal District's mistake The balance of revenue needed
to service general obligation debt will be provided by the reserves in the Debt
Service Fund. This recommended action will leave the fund balance of the General
Debt Service Fund at approximately $9,882,215 on September 30,1983, or roughly
twice the amount required by our bond convenants
The sum total of the reduction reflected in the recommended plans is $3,467,159.
It is recommended that additional efforts be made to increase revenues from the
City's various user fees Specific recommendations for fee increases will be made
in a forthcoming consultant study which will be presented to the Council for for-
mal action within the next few weeks
Recommendation
It is recommended that the City Council
1 Adopt the departmental expenditure reduction plans aspoutlined in the
attachment, and, APPROVED BY
d~ITi COUNCIL
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2 Adopt the attached revised 1982-83 Tax Levy Ordinance, an
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Attachments ~ ecxecar~ .r the
SUBMITTED FOR THE G
CITY MANAGER'S DISPOSITION BY COUNCIL. PROCESSED BY
OFFICE BY ^ APPROVED
ORIGINATING
DEPARTMENT HEAD• Charles BOSWell r OTHER (DESCRIBE)
CITY SECRETARY
FOR ADDITIONAL INFQRMarL 2S BOSWell EXt 851>ADO
1
(~1 TAD ORDINANCE NO«~, DATE
1
CONTACT
~,~) Direct the Manager to present to the Council any proposed expenditures which would
result in a department etceeding its revised budget amount;
~) Request the Council Audit Committee to review status reports on departmental
expenditures each month; and,
<~, ~) Affirm to the City Manager and his staff that the Council considers the management
and control of the Gity's finances to b_e of the highest priority at this time and
that the Council expects that staff at all Levels of organization will be held
accountable for decisions that impact the City's fiscal ,condition.
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