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Home My WebLink AboutResolution 4667-08-2016 A Resolution NO. 4667-08-2016 APPROVING AN AMENDED BUDGET AND FIVE YEAR SERVICE PLAN FOR FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 1 (DOWNTOWN PID) FOR FISCAL YEAR 2015-2016 WHEREAS, pursuant to Resolution No. 3756-06-2009 the City Council reestablished the Fort Worth Public Improvement District No. 1 (the "Downtown PID") on June 23, 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 Downtown PID pursuant to M&C BH-332; and WHEREAS, pursuant to City Secretary Contract No. 47110, the City has contracted with the Downtown Fort Worth Inc. ("DFWI"), to manage the day-to-day administration of the Downtown 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 DFWI the responsibility for preparing the annual budget and five-year service plan for the Downtown 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 DFWI 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 Downtown 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 Downtown 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 30"'day of A- ug sit 2016. � 400 �� ATTEST: - r a b° QO�D OZO 0 By: 00 ° Al Wr J. K r,ey ity Secretary aQ oQOa�QOaQa0p �"Ay ORT WORT Ir- City of Fort Worth Five Year Service Plan-Revised Public Improvement District No.1 -Downtown FY15/16 FY16 117 FY17/18 FY18/19 FY19/20 REVENUES PID Assessments $1,837,000 $1,873,740 $1,911,215 $1,949,439 $1,988,428 COFW Assessment 200,000 204,000 208,080 212,242 216,486 COFW Payment in lieu of Services 141,300 144,126 147,009 149,949 125,948 PID Generated Revenue 124,696 127,190 129,734 132,328 134,975 Budget Revenues $2,302,996 $2,349,056 $2,396,038 $2,443,958 $2,465,837 Use of Fund Balance 42,602 - - - Total Revenues $2,345,598 $2,349,056 $2,396,038 $2,443,958 $2,465,837 EXPENSES Management Fee(Admin.) 292,750 284,288 297,080 306,395 312,523 Water 13,000 13,000 13,000 13,000 13,000 Utilities 10,500 12,500 12,500 12,500 12,500 Landscape/Tree Maintenance 123,986 100,123 100,123 100,123 100,123 Trash Removal(Other Maintenance) 1,144,390 1,180,538 1,215,000 1,236,601 1,253,884 Holiday Light/Decorations(Repairs) 40,000 47,000 59,672 60,840 52,869 Security Enhancement 65,125 79,225 29,225 29,225 29,225 Communications/Newsletters 2,500 5,000 5,000 5,000 5,000 Marketing(&Research) 391,507 352,857 360,000 362,664 369,917 Transportation&Planning 197,038 202,913 202,913 202,913 202,913 Capital Improvements - 5,000 5,000 5,000 5,000 Insurance 5,700 4,794 4,890 4,988 5,087 Annual Review(Audit) 16,500 15,300 15,606 14,750 15,045 City Administrative Fee 42,602 43,454 44,323 45,210 46,114 Budget Expenses 2,345,598 2,345,992 2,364,332 2,399,209 2,423,200 Contribution to Fund Balance - 3,064 31,706 44,749 42,637 Total Expenses $2,345,598 $2,349,056 $2,396,038 $2,443,958 $2,465,837 Exhibit "A" AN AMENDED BUDGET FOR FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 1 (DOWNTOWN PID) FOR FISCAL YEAR 2015-2016 REVENUES FY15/16 PID Assessments $ 1,837,000 COFW Assessment $ 200,000 COFW Payment in lieu of Services $ 141,300 PID Generated Revenue $ 124,696 Budget Revenue $ 2,302,996 Use of Fund Balance $ 42,602 Total Revenues $ 2,345,598 EXPENSES Management Fee(Admin.) $ 292,750 Water $ 13,000 Utilities $ 10,500 Landscape/Tree Maintenance $ 123,986 Trash Removal(Other Maintenance) $ 1,144,390 Holiday Light/Decorations (Repairs) $ 40,000 Security Enhancement $ 65,125 Communications/Newsletters $ 2,500 Marketing(& Research) $ 391,507 Transportation&Planning $ 197,038 Insurance $ 5,700 Annual Review(Audit) $ 16,500 City Administrative Fee $ 42,602 Total Expenses $ 2,345,598 ORT WORT FORT WORTH , Downtown Public Improvement District Lf 377 •h�."h >v'/ _ ab '7'' . I�f .`. 7 Ye 87 �` L`WHITE SETTLEMENTA {�` d )J � 7V ' �q-.' •'' pG�� LSO SQt1� O p np 'I �y }. pip ALP 0 .fit I� 0 { a ,. �W Z yip p2�N ,` °I, t 7TH C� p } 10TH z for{ t � TEXAS p 4 5 lE k 13TH } v> ��(( L" ( II t r s} \�e4O LrANCA8TER —�QCL IH�30 EB+IHr35W,S6-NB �i !z . 7,77 (i' '� - LEGEND ' O� .`: �t �J . PID 1 - DOWNTOWN '4q.1 e !.- _ ,-'- N 0 0.125 0.25 0.5 Miles .ate. .sh, ��' �( 1 ' t �-. �• rl' ,a t2+ Prepared on:August 19 2014 ,,�.�. y`.,a ( zr.:. � `•- I '!` i— vn'."a R4, r' —'I �..Y't.c J.. '..t1 - '..�.r� n:,;_ I ,ii�--•' - 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 813012016 - Resolution No. 4667-08-2016 DATE: Tuesday, August 30, 2016 REFERENCE NO.: **G-18800 LOG NAME: 13FMS PIDIMIDYEARFY16 SUBJECT: Adopt Resolution Approving the Revised Fiscal Year 2015-2016 Budget and Five-Year Service Plan for Public Improvement District No. 1, Downtown (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. 1 - Downtown. 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 Downtown PID. DFWI has identified the need to increase the budgeted Management Fee line item due to the reclassification of administrative expenditures at the City's direction. Additionally, DFWI has requested to shift funds to the Insurance line item due to an unforeseen increase in their insurance rates. Finally, DFWI has identified a potential year end cost overrun in the Annual Review (Audit) line item related to tax documentation preparation for the District. This increase in appropriations will be completely offset by projected end of year savings and a corresponding decrease in budget, in the Trash Removal (Other Maintenance), Marketing (& Research), Communications/Newsletters, Landscape/Tree Maintenance, Utilities and Security Enhancement line items. Line Items to be Adjusted Previously Approved FY16 Recommended Mid- Amended FY16 Budget Item I Year Adjustment Budget Item Management Fee $270,750.00 $22,000.00 $292,750.00 Utilities F- $12,500.00 -$2,000.00 1 $10,500.00 rash Removal(Other $1,157,390.00 -$13,000.00 1,144,390.00 Maintenance) Security Enhancement [_ $67,125.00 -$2,000.00 $65,125.00 Communications/Newsletters _$5,000.00 F-$2300.00 $2,700.00 Marketing(&Research) _[ $396,507.00 7 -$5,200.00 F_$391,307.00 Insurance F $4,700.00 $1,000.00 $5,700.00 [Annual Review(Audit) $15,000.00 $1,500.00 $16,500.00 FTot la Budget Expenses 1 $2,345,598.00 F $0.00 $2,345,598.00 Staff recommends an increase of$22,000.00 in the Management Fee line item, an increase of$1,000.00 in the Insurance line item, an increase of$1,500.00 in the Annual Review (Audit) line item, a decrease of $2,000.00 in the Utilities line item, a decrease of$13,000.00 in the Trash Removal (Other Maintenance) Logname: 13FMS PIDIMIDYEARFYI6 Page 1 of 2 line item, a decrease of$2,000.00 in the Security Enhancement line item, a decrease of$2,300.00 in the Communications/Newsletters line item and a decrease of$5,200.00 in the Marketing (& Research) line item for a total net increase of$0.00. All other previously approved line items not mentioned above remain the same. Upon approval of the above recommendations, the total budgeted expenses for Fiscal Year 2016 will remain $2,345,598.00. 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 Downtown PID is located in COUNCIL DISTRICT 2. FISCAL INFORMATION /CERTIFICATION: The Director of Finance certifies that approval of the above recommendation will have no material effect on the City's funds. 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 # Amounj 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 PIDIMIDYEARFYI6 Page 2 of 2