HomeMy WebLinkAboutOrdinance 18064-04-2008Ordinance No. 18064-04-2008
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE CAPITAL PROJECTS RESERVE FUND IN THE
AMOUNT OF $2,522,395.94 FROM GAS WELL REVENUES FOR THE
PURPOSE OF TRANSFERRING SAID FUNDS TO THE TPW GAS WELL
REVENUE FUNDS FOR STREET IMPROVEMENTS; PROVIDING FOR A
SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR
ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE
DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
SECTION 1
That in addition to those amounts allocated to the various City departments for Fiscal Year 2007-
2008 in the Budget of the City Manager, there shall also be increased estimated receipts and
appropriations in the Capital Projects Reserve Fund in the amount of $2,522,395.94 from Gas Well
Revenue or the purpose of transferring said funds to the TPW Gas Well Revenue Funds for street
improvements.
SECTION 2.
That should any portion, section or part of a section of this ordinance 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.
That this ordinance shall be cumulative of Ordinance No. 17749 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 instance said
conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
APPROVED AS TO FORM AND LEGALITY:
~~/~- c+C~--
Assistant C' Attorney
ADOPTED AND EFFECTIVE: Apri122, 2008
Cif ®f F®rf ®~th, l`exas
Mayor and Council Communication
COUNCIL ACTION: Approved on 4/22/2008 -Ord. # 18064-04-2008 & Ord. # 18065-04-2008
DATE: Tuesday, April 22, 2008
LOG NAME: 13TPWGASWELLREV REFEREFVCE NO.: G-16117
SUBJECT:
Authorize the Transfer of $3,033,782.75 of Current Unrestricted Gas Well Revenues and Future
Unrestricted Gas Well Revenues into Special Projects Fund up to a total of $15,000,000 for Street
Improvements and Adopt Appropriation Ordinances
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Capital Projects Reserve Fund by $2,522,395.94;
2. Approve the transfer of $2,522,395.94 from Capital Projects Reserve Fund to the Transportation and
Public Works Gas Well Revenue Fund;
3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Special Gifts Fund (Gas Well Bonus Revenues from Library properties) by $8,190.46 from Gas Well
Revenue Fund;
4. Approve the transfer of $8,190.46 from Special Gifts Fund to the Transportation and Public Works Gas
Well Revenue Fund;
5. Approve the transfer of $503,196.35 from the Transportation and Public Works Gas Well Revenues Fund
Unspecified Project Center to the Transportation and Public Works Gas Well Revenues Fund Unrestricted
Revenues Unspecified Center; and
6. Authorize the use of current unrestricted revenues from the Transportation and Public Works Gas Well
Revenues Fund -Unrestricted Revenues Unspecified .Center and the deposit of future unrestricted gas well
revenues into same account over the next few years in a total amount not to exceed $15,000,000 to
earmark for street improvements.
DISCUSSION:
On April 15, 2008, the City Council adopted Council Resolution No. 3614-04-2008, which authorized and
directed the City Manager to earmark current and future unrestricted gas well revenues up to a total of
$15,000,000 for street improvements. The proposed funding strategy for this plan entails the use of
currently available unrestricted revenues in the amount of $3,033,782.75 (revenues as of the end of the
month December 2007) to initiate arterial street improvements immediately. Further, based on the most
recent gas well revenue projections, it is anticipated that additional street improvements can be funded
with projected revenues anticipated in the next few years. By approximately 2011, it is anticipated that
sufficient funds will materialize up to a total of $15,000,000 as follows:
Timeframe Funding Level
Logname: 13TPWGASWELLREV Page 1 of 2
Available $3,034,000.00
2008 $3, 045, 000.00
2009 $3,666,000.00
2010 $3,585,000.00
2011 $1,670,000.00
Total $15,000,000.00
Staff recommends the establishment of a special project center, the Transportation and Public Works
(TPW) Gas Well Revenue Fund -Unrestricted Revenues Unspecified Center, to earmark these revenues
for this specific purpose and at this time to transfer all currently available unrestricted gas well revenues
into the account. Further, over the next few years (projected to be approximately through 2011), staff
recommends the deposit of all unrestricted revenues to this special account as they materialize up to an
amount not to exceed a $15,000,000 threshold.
As lease agreements materialize, the Engineering Department routinely presents each one for Council
consideration and is responsible for the collection and deposit of revenue due the City based on gas well
lease agreement terms. As part of this responsibility, the Engineering Department will also be responsible
for the collection and deposit of all future unrestricted gas well revenues into the Special Projects Fund up
to a total of $15,000,000, in accordance with Council policy to earmark future unrestricted revenues for
street improvements. Council approval will be sought to appropriate funds on a project by project basis as
specific project needs materialize.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that upon approval of the above recommendation and adoption of the
attached appropriation ordinances, funds will be available in the current capital budgets, as appropriated, of
the TPW Gas Well Revenue Fund -Unrestricted Revenues Unspecified Center.
TO Fund/Account/Centers FROM Fund/Account/Centers
GC10 446ZZZ 01301000100 $2.522.395.94 GC10 538070 01301000100 $2,522.395.94
GC10 538070 01301000100 $2,522.395.94 FE88 538070 013841006010 8 190.46
FE88 446ZZZ 013841006010 8 190.46 C223 446ZZZ 201929990100 $503.196.35
FE88 538070 013841006010 8 190.46
C223 472010 20192990200 $2.522.395.94
C223 472088 201929990200 $8.190.46
C223 446ZZZ 201929990200 $503.196.35
Submitted for City Manager's Office b~ Karen Montgomery (6222)
Originating Department Head: Lena Ellis (8517)
Additional Information Contact: Sandy Oliver (7371)
Logname: 13TPWGASWELLR.EV Page 2 of 2