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Home My WebLink AboutResolution 4666-08-2016 A Resolution NO. 4666-08-2016 APPROVING AN AMENDED BUDGET AND FIVE YEAR SERVICE PLAN FOR FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 11 (STOCKYARDS PID) FOR FISCAL YEAR 2015-2016 WHEREAS, pursuant to Resolution No. 2925 the City Council created the Fort Worth Public Improvement District No. 11 (the "Stockyards PID") on February 25, 2003; 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 Stockyards PID pursuant to M&C BH-336; and WHEREAS, pursuant to City Secretary Contract No. 47115, the City has contracted with the Stockyards Preservation Foundation of Fort Worth, Inc., to manage the day-to-day administration of the Stockyards 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 Stockyards Preservation Foundation of Fort Worth, Inc. (the "Foundation"), the responsibility for preparing the annual budget and five-year service plan for the Stockyards 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 the Foundation 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 Stockyards 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 Budget and Five Year Service Plan for the Stockyards PID is hereby amended and approved for the remainder of the 2015-2016 fiscal year in accordance with Exhibit "A" which is attached hereto. 2. This Resolution shall take effect immediately following its adoption. �, Adopted this 30t�' day of Au ust 2016. q`� afORr6 44 ATTEST: 8 OZO By: L; 0 d Mary J.Wse , C Secretary �0y a6Go 0000 011 ORT WORT City of Fort worth Five Year Service Plan-Revised Public Improvement District No.11 -Stockyards FY15/16 FY16/17 FY17/18 FY18119 FY19/20 REVENUES Assessment Revenues $67,420 $93,093 $100,000 $103,000 $105,000 Use of Cash on Hand 36,560 - - - - Web Site Advertising 9,000 9,000 9,000 9,000 9,000 Total Revenues $112,980 $102,093 $109,000 $112,000 $114,000 EXPENSES Management Fee 13,484 18,619 20,000 20,600 21,000 Insurance 425 1,000 1,000 1,200 1,200 Trash Removal(all other Maintenance) 10,200 10,200 10,200 10,200 10,200 Website&Other Marketing 38,750 55,000 55,000 57,000 62,000 Website Revision and Update 36,560 - - - - Public Events 10,000 15,000 15,000 15,000 15,000 City Administration 2,000 2,000 2,000 2,060 2,100 Contribution to Fund Balance 1,561 274 5,800 5,940 2,500 Budget Expenses 111,419 101,819 103,200 106,060 111,500 Contribution to Fund Balance 1,561 274 5,800 5,940 2,500 Total Expenses $112,980 $102,093 $109,000 $112,000 $114,000 Exhibit "A" AN AMENDED BUDGET FOR FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 11 (STOCKYARDS PID) FOR FISCAL YEAR 2015-2016 REVENUES FY15/16 PID Assessments $ 67,420 Use of Cash on Hand $ 36,560 Website Advertising $ 9,000 Total Revenues $ 112,980 EXPENSES Management Fee $ 13,484 Insurance $ 425 Trash Removal(all other Maintenance) $ 10,200 Website&Other Marketing $ 38,750 Website Revision and Update $ 36,560 Public Events $ 10,000 City Administration $ 2,000 Budget Expenses $ 111,419 Contribution to Fund Balance $ 1,561 Total Expenses $ 112,980 ORT WORT FORTWORTH' Stockyards Public Improvement District WR b Y p 4 joe- 7 18%j - w i7i if., Uj ICS/F + ♦ ;�._ ►' 27TH j AL STOCKYARDS '` �'• 1 � Y - oil y l i lit , . •t,l ,, 25�TH1 � — o r, �:�A l EXCHANGE a d W O') 24T1H Z cn ((( 4'7,911' r si U W4 7 s' 4 i t *4 7wria ps ` Vii:' ` •.`��,t' ` i,l"�,+� -�',, ,, "23RD �; v I ,} UFO . -1i Z G,' 4 w •sI ` �i.:. r x �P` 1'! ..F �,r•;4 LEGEND p PID 11 - STOCKYARDS • + r a• f, , U' �, 0 0.075 0.15 0.3 Miles + 20TH ti- ��`QQ'� Pre ared on:Au ust 19 2014 /Q 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 8/30/2016 - Resolution No. 4666-08-2016 DATE: Tuesday, August 30, 2016 REFERENCE NO.: **G-18799 LOG NAME: 13FMS PID11 MIDYEARFY16 SUBJECT: Adopt Resolution Approving the Revised Fiscal Year 2015-2016 Budget and Five-Year Service Plan for Public Improvement District No. 11, Stockyards (COUNCIL DISTRICT 2) RECOMMENDATION: It is recommended that the City Council adopt the attached resolution approving the revised Fiscal Year 2015-2016 Budget and Five-Year Service Plan for Public Improvement District No. 11 - Stockyards, increasing appropriations for Fiscal Year 2016 in the amount of$33,310.00 from use of cash on hand. 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 the Stockyards Preservation Foundation of Fort Worth Inc. (Foundation), to manage the Stockyards PID. The Foundation has identified the need to increase the marketing and outreach efforts for the District by creating a newly updated website showcasing the various attractions and businesses in the District. This website will help bring additional customers to the Stockyards with additional mobile viewing functionality and information not currently available, thereby increasing the value to business owners within the District. This increase in appropriations will be completely offset by a use of $36,560.00 in funds from the District's cash on hand balance. The Foundation has also identified an unexpected savings in the Website & Other Marketing line item that will be used to eliminate the originally projected use of fund balance and to contribute $1,561.00 to fund balance maintained by the City at the end of the fiscal year. 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. At the beginning of the fiscal year, prior year unspent assessments for PID 11 were estimated at $12,959.00 or 19.2 percent of the most recent three-year average assessment rate. In order to bring the PID's fund balance closer into compliance with the City's Policy and to create a more sustainable budget, the District will utilize savings in the Website & Other Marketing line item to eliminate the projected use of$1,689.00 in fund balance and to contribute to this balance in the amount of $1,561.00. Line Items to be Previously Approved FY16 Recommended Mid-Year mended FY16 Budget Adjusted Budget Item Adjustment Item ebsite&Other $42,000.00 � -$3,250.00 $38,750.00 Marketing ebsite Revision and (� $0.00 $36,560.00 $36,560.00 (Update Logname: 13FMS PID 11MIDYEARFYI6 Page 1 of 2 r otal s Expenses $78,109.00 $33,310.00 [::$:1:11,419.00 Staff recommends an increase of$36,560.00 in the Website Revision and Update line item and a decrease of$3,250.00 in the Website & Other Marketing line item, for a total net increase of $33,310.00. All other previously approved line items not mentioned above will remain the same. Upon approval of the above recommendations, the total budgeted expenses for Fiscal Year 2016 will be in the amount of$111,419.00. This net increase in expenses will be completely offset by a use of cash on hand in the District's internally maintained accounts. The revised Budget and Five-Year Service Plan will take effect upon approval by City Council. This M&C does not request approval of a contract with a business entity. The Stockyards PID is located in COUNCIL DISTRICT 2. 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.11 - Stockyards Fund. FUND IDENTIFIERS (FIDs): TO Fund Department ccoun Project Program ctivity Budget Reference # moun ID ID Year Chartfield 2 FROM Fund Department ccoun Project Program ctivity Budget Reference # tountl ID ID Year Chartfield 2 CERTIFICATIONS: Submitted for City Manager's Office by: Susan Alanis (8180) Originating Department Head: Lynda Johnson (6222) Additional Information Contact: David Reitz (7807) Logname: 13FMS PIDI IMIDYEARFY16 Page 2 of 2